Accounting Blog for Business
Posted by Cedric Joshua Martinez
Oct 11, 2018 10:00:00 AM
As the number of companies grows, firms offering services necessary to their growth also prosper. Such is the case for audit firms. The small-medium enterprise (SME) boom is still gaining traction and this market is perfect for audit solutions firms. As this trend grows, audit firms face the looming threat of the shortage of capable talents to work on their client’s accounts.
Outsourcing provides an ideal solution to the issues confronting audit firms. However, it is easy to understand for some audit firms to have reservations on outsourcing some of their audit solutions. Outsourced audit solutions come with their fair share of risks and benefits, making the process unpredictable to those who have not tested it before.
Here are the advantages and disadvantages of audit outsourced services for audit firms:
Benefits of Outsourcing
1. More hands, fewer costs
One of the main reasons why companies outsource is to save on costs and get additional people to work on their tasks. Outsourcing presents companies with an opportunity to get additional talents without having to go through the rigors of searching and hiring for talents. Aside from the usual costs associated with getting new people, audit firms are also treated with expert advice on how they can integrate and maximize outsourcing in their audit solutions offerings.
2. Expert Insights
While there are outsourcing firms who provide general services ranging from IT, marketing, human resources, etc., there are also firms that specialize in offering expert solutions and services to their clients. Audit firms can benefit largely from outsourcing firms that specialize in offering finance, accounting, and audit solutions. These outsourcing firms hire globally-competitive professionals to match their client’s expectations. Aside from which, the diversity of talents and their background in finance, accounting, and audit outsourcing firms enable them to solve complex problems through knowledge-sharing and proper mentorship.
1. Communication and coordination
2. Process adjustments
Topics: Audit and Compliance