Finance and Accounting Tasks You Need to Outsource

Posted by Cedric Joshua Martinez

May 24, 2018 10:00:00 AM

finance and accountingIn a previous article, we discussed the five signs that your team is ready for outsourcing. Once you have determined that you are in the right position to begin your outsourcing journey, it may confuse you as to which finance and accounting tasks you should begin to outsource. Here are some ideas to get you started.

1. Bookkeeping Services

Bookkeeping is one of the basic tasks in the accounting team. This includes maintaining the books, looking after the cash flow, compiling invoices, and generating basic financial reports.As a continuous and repetitive activity, bookkeeping can consume much of your team’s time. With the advent of cloud bookkeeping software, outsourcing your bookkeeping functions is much easier to do now. Doing so will free up more time that your team can use for more complex tasks.

2. Financial Controller Roles

Financial controllers help your organisation make sure that the processes in your finance and accounting team and parts of your operation are running optimally. They help you improve processes, remove bottlenecks, and implement these changes. Their tasks include the review and preparation of performance indicators, review of services or product line efficiency and overseeing the overhead expenses and implementation of cost-reduction methods.Today’s technology enables us to transfer data and communicate faster than ever before. Key performance indicators, process maps and logs, and other data can be shared or mined with the help of remote servers, enterprise resource planning (ERP) software, and other cloud applications. Outsourcing controller functions can help you lower costs in your organization and even make it easier for you to find talents that are difficult to recruit in your area.

3. Payroll Processing

Just like bookkeeping, payroll is a repetitive and time-consuming activity that can take much of the resources of your accounting team. Accounting software providers have now integrated payroll processing applications in the latest software versions.These software are now able to automatically process your payroll after you have input the necessary information. However, you might be taking too much of your people’s time by assigning them in preparing payroll information. Fortunately, there are specialised outsourcing firms that are now offering payroll services to help you prepare and input the necessary payroll information to augment your operations.

4. Compliance Preparation

Preparing compliance requirements is hard work. You need to track transactions, review statements, and update yourself in compliance requirements to avoid penalties. These documents can include transactions from the past weeks, months, and even the past year. Going through all these documents can take up a lot of time and may even result in costly errors.

Accounting outsourcing firms offering tax services can help you save both time and money from unnecessary costs and penalties. They can help you sort out the files needed, prepare documents for compliance, and even assist you in lodging the payments and requirements. 

Outsourcing finance and accounting tasks should be done in no rush. You can start off with basic tasks and aim first to get your time back from doing time-consuming work. Doing so will give you time to be more familiar with your new work process with your outsourcing partner. Once you’re comfortable with them, you can move up and work with your outsourcing team on more complex and meaningful activities.

Looking for an specialised finance and accounting outsourcing partner? Check out our Solutions for CFOs white paper and discover how our customisable and scalable solutions can help add to your processes! Download your copy below and contact us for more information

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Topics: Financial and Accounting Services

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