5 Benefits of Outsourced Accounting Services in the Time of COVID-19

Posted by Janis Mae Narvas

Jun 26, 2020 10:00:00 AM

Many businesses have been handicapped by the hard lockdown and other quarantine measures imposed by governments around the world. In the coming months, businesses may find it difficult to manage their accounting process due to the disruptions in our day-to-day life. Now may be the best time to consider outsourced accounting services.

Woman considering outsourced accounting services
Outsourcing accounting for small businesses has been a good strategy for them to pivot their operations amid the uncertainty brought about by the COVID-19 pandemic.

Here are five reasons why outsourced bookkeeping services can be good for your business.

1. Access to Expert Talent

Even before the pandemic, hiring the right finance and accounting professional who can work on your business financials has not been easy, given the time and cost involved in sourcing, recruiting, onboarding, and developing an accounting talent. These are often expensive efforts that could bog down your in-house resources.

If this is your struggle, you’ll be better off when you team up with a firm offering outsourced accounting for small businesses. You can receive expert and unbiased advice on how to manage your numbers.

Related: Benefits of Online Accounting Services for Startups

 

2. Benchmarking Data

When you outsource your finance and accounting function to a third-party service provider, it’s likely that they will have enterprise-level systems and data from businesses in the same vertical as yours.

You can benefit from your team’s insight into their available benchmarking data to help you assess how your business is performing compared to others in your industry based on various factors, such as revenue, profit margins, and overhead expenses, among others. These data can inform your decision-making.

 

3. Business Continuity

At the start of the COVID-19 outbreak, we saw how outsourcing outfits were able to operate even when there were widespread economic disruptions and lockdowns in many countries. This presents a great opportunity to have flexible finance and accounting support even when your own city is under quarantine.


Read More: D&V Philippines’ Business Continuity Plan


4. Increased Cost-Efficiency

Business owners today have many options when it comes to outsourced accounting services, depending on their budget and organizational structure. You don’t have to pay the full cost of having an average finance team—outsourcing allows you to pay only for the services you need, on demand.

Some professional services firms such as D&V Philippines offer flexible options: whether you decide to fully outsource your accounting function, a fraction of it, or even hire half an FTE to address temporary staff shortages, they can accommodate you.

 

5. Enhanced Productivity

Outsourced accounting services are often tailored to your business’ unique needs. They are usually scalable, allowing you to bring in their expertise right when you need it, allowing for greater flexibility across the board. This allows you to streamline your finance and accounting processes and produce higher quality results.

 

How to Make Outsourcing Work

Finding the right finance and accounting outsourcing partner can be a challenge. If you’re looking for a professional services firm that can help you pivot this year, consider D&V Philippines.

Discover why we are the accounting outsourcing partner of choice of more than 200 clients around the world. Read about the best practices that we follow in our outsourcing engagements through our whitepaper, Outsourcing: How to Make It Work. Click the link below to download.

finance and accounting outsourcing ebook

Topics: Financial and Accounting Services, Finance and Accounting during COVID-19

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