Outsourcing Accounting

In-house Payroll Processing or Outsourced?

Posted on 14/03/2017

Is outsourcing the right solution to get your payroll sorted?

Payroll is one of the major costs for most of the businesses plus there is no assurance of ROI. Outsourcing is increasingly available for all parts of the business.

There are umpteen off-the-shelf payroll software packages available. Many businesses take the bait and often find that one-size-doesn’t-fit all.  Therefore, it is imperative to look at what values do the outsourcing company deliver.

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Typically, all in-house software is written and maintained by the in-house IT team.  Statutory calls for annual updates and this can be expensive for the company. This is because the systems employed would be often older ones and upgrading they cannot stay within the budget.

Outsourcing is the best choice for a business, if the business has to propel towards achieving the vision and mission rather fritter away time with payroll activities.

Some other reasons why outsourcing has become the go-to place for many businesses are:

  • Increased complexity
  • Ever-changing compliance requirements
  • Accuracy in payroll
  • Reduced risks
  • Latest technology employment

Nowadays, payroll providers also streamline a business’ processes and constantly deliver industry best practices.

As tempting as outsourcing may sound, there are due pros and cons associated with it. Taking this into consideration, we bring to you some important points to ponder on to conclude what’s the best fit for your business

  1. Flexibility- Change is a constant in payroll processing. Do you have enough resources available in your organization to make the eleventh hour amendments?
  1. Confidentiality– payroll is one of the most sensitive areas of the business. So discretion at all times is advised. Indiscretion can cost a fortune for the company.
  1. Time- does your business possess the time and knowledge to shift their focus anything but away from the business? Payroll requires constant updates. Do you have the time and resources to handle payroll in-house?
  1. Cost- cost is one of the major considerations any business may have when they consider payroll outsourcing. On one hand it is thoroughly beneficial to have staff in-house to handle your payroll. On the other hand, the cost involved in employing staff may not be as great. Besides costs will also include the cost of the software, maintenance, and the yearly mandatory updates.
  1. Reliability- needless to say, your employees would like to get paid on time every time. Your payroll has to be accurate and processed on the due date irrespective of the holiday or any other contingent situation.

What now?

If you have seen anything that might be advantageous for your business, contact at +1-860-215-4997 for more details. We’ll be glad to help you out.

Topics: Outsourcing Accounting


Did You Know Why Outsourcing Your Accounting Is Good For You?

Posted on 01/11/2016

Would you like to focus on your core business, concentrate on the client base, and be more productive? Yes? We know right? Everyone running their business would love that. Business owners would at some point in time feel that Accounting is hogging his time and it is not a very productive job but an essential one.

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In this era, with internet in hand the world has shrunk so much that you can contact anyone you want at any time. So, why not use the same technology to outsource your Accounting and focus more on your core competencies? Let’s see some good 5 reasons why you should outsource your Accounting ASAP:

1. More focus on your core competencies

It goes without saying, if you outsource things like accounting then you have nothing to care about but concentrate on what is more important and revenue yielding in your business. Outsourcing accounting will save your time of checking the books time to time and let you focus more on what is necessary for the business and your core competencies. This will obviously grow your business multifold.

2. Save money

Usually, a business involves hiring and training your staff for the accounts department and it takes 2-5 percentage of the revenue. This may not seem like a huge difference but you actually reduce your costs by getting rid of the expenditure on employee training, employee benefits, and the infrastructure which you will require to have your accounting department in house.

Not just that, imagine some mishap happens with your financial figures; it might end up costing you a fortune. You can rather outsource accounting to an expert outsource provider.

3. Gain access to accounting experts

If you are running a small business and if you have your own accountant, you are more likely to have someone who is not an expert. If you are lucky enough, an existing employee will have knowledge in accounting but that’s all you get as it is not their core competency.

When you outsource, you gain access to a team of experts in accounting who would possess a lot of experience in the field. This would ensure that your papers are up to date and there’s no chance of facing penalties due to bad bookkeeping.

4. Lessen the risks

Almost one in five small businesses has their hard-earned money stolen by the employees they trust. Plus it gets difficult to probe each employee without enraging the honest employees. By hiring an outsourced accounting expert, you do not just save time, money, and improve your operational efficiency but also keep the internal fraudulent at bay.

5. You are in charge still

You do not have to worry about outsourcing the most crucial part of your business to a third party. There are chances that you may think you do not have control anymore. On the contrary to what you think, you have the entire control in your hands. You get an update of your financial status on a timely fashion and you are well informed of your cash flow. When your business is scaling up and you are occupied with other things, your accounting is still taken care of.

If you are wondering where to look for an outsourcing partner, search no more and contact at +1-860-215-4997

Topics: Outsourcing Accounting