Small business owners in Australia are often overwhelmed with the many things critical to growing their business. Managing marketing strategies, employees and social media accounts is proof enough that there are not enough hours in a day. Accounting is often an overlooked task that is taking away more time than realized from managing the important things that directly lead to gaining an edge on the competition in Australia. With that being said, there are multiple benefits for using outsourced accounting services that specialize in handling companies based out of Australia.
Increased Energy and Focus
By outsourcing accounting services, businesses will be able to dedicate more of their employees and resources to their core mission. Small businesses in Australia especially benefit from this since they are often limited on resources compared to the bigger companies. Back office functions like bookkeeping and accounting can become a distraction to the in-house staff. Outsourcing these financial tasks will allow entrepreneurs to maintain energy and focus on developing new ideas and better ways to do business.
Proven Expertise & Quality Assured
Accounting services are handled by trained professionals hired by outsourcing companies in Australia to only focus on financial functions. It is not uncommon for small to midsize companies to assign the bookkeeping and accounting tasks to employees that have other primary duties. This lack of proper training and focus leads to errors and miscalculations in companies finances. Outsourced accounting providers use teams of professionals to ensure double checking of all accounting work accomplished. Outsourcing accounting services in Australia increases the quality and accuracy of the work.
Businesses are able to cut the costs of their accounting services up to 50% by using an outsource service provider compared to hiring in-house accountants. Here is a quick breakdown on where the savings come from:
- Operational Costs – Training for the employees, purchases of hardware and software, software licenses, system administration, HR services and management.
- Employee Costs – Not only does this include salary, social assistance contributions and recruitment but also the costs of compensated vacations and absences.
- Infrastructure Costs – The most obvious is the space provided for the accountants and bookkeepers to work but also includes office supplies, equipment and storage space for documents rather it be paper or virtual.
Outsourcing these financial functions allows Australian companies to pay on monthly flat rate without worrying about the additional costs. In addition, the flat rate streamlines budgeting and simplifies cost control procedures.
Small to midsize businesses are continuously changing, ramping up at times while throttling back at other times depending on business flow. Accounting services must be able to adjust to these changes which could be quite difficult with in-house accountants. Companies using a third party accounting provider simply get in touch with them and explain their new requirements. No need of recruiting or laying off staff. Outsourcing gives Australian business owners the ability to leverage financial professionals when they’re needed and only for how long they are needed without paying any additional time.