Posted by Alyanna Tagamolila
Nov 22, 2024
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The business outsourcing industry – especially those that offer outsourced accounting support — has grown from being more than just a way to organize companies’ finances. Throughout the years, it evolved into an effective strategic solution for startup and established companies alike. As companies across various industries realize that financial accuracy, management and proper regulatory compliance is a must, the value of outsourced accounting has become undeniable.
It’s unique capability to give expert finance and accounting support without the need for companies to invest in in-house training and employment makes it an ideal strategy. But, which industries have benefitted from outsourcing their accounting needs the most?
Let’s look into the different industries where using outsourced accounting support as a business strategy has become the norm and how it has benefitted them over the years.
Industries that are Utilizing Outsourced Accounting Support
Healthcare and Medical Services Industry
This industry in itself is one of the most regulated fields as it handles the complexities of providing medical care to individuals. Whether it be hospitals that provide medical services or healthcare manufacturers that produce medical equipment, each step of their processes has to adhere to strict guidelines set by medical boards within their locality and internationally.
Because of its highly regulated nature, healthcare and medical services are turning to outsourcing several aspects of their key tasks such as outsourcing for manpower, medical expertise, medical consultants and their finance and accounting needs.
In a study done by Black Book Market Research LLC with over 500 hospitals, it was found that about 90% have begun to explore outsourcing as a strategy to gain a competitive edge while also reducing their overhead costs.
As a healthcare or medical entity, these are some of the services you can outsource to a trusted finance and accounting provider:
- Navigate intricate billing processes
- Accurate bookkeeping for both employee payroll and patient transactions
- Adjust payroll management needs according to employee demographics such as having part-time, full-time and contractual employees
- Stay compliant with tax regulations and financial updates that the healthcare sector is expected to comply to
- Allocate funds effectively for equipment upgrades and patient care initiatives
Read: Is It Safe to Outsource your Accounting Needs?
Retail and E-Commerce Industry
Technological Innovation – especially in the recent years, has paved the way for not just the retail industry to boom but to give rise to a new industry altogether: E-commerce.
Retail businesses and e-commerce platforms have become the giants of the consumer industries, which makes them the primary industries affected by challenges such as seasonal sales fluctuations, constant change in inventory and managing different revenue streams from several platforms and selling channels.
With the wide consumer reach that these industries have, outsourced accounting support and general outsourcing in sales is one of the best ways for them to streamline their operations and multiple revenue records to make sure that their operations will not face any challenges brought on by its multi-platform nature.
Here are some of the services that would benefit the Retail and E-Commerce Industry the most:
- Track inventory costs and manage stock levels efficiently.
- Reconcile revenue from multiple sales channels.
- Prepare for busy seasons with cash flow forecasting.
- Handle tax compliance for online and brick-and-mortar operations.
Construction and Real Estate
Like the retail and e-commerce industries, construction and real estate’s profits are usually characterized by fluctuations brought on by sales. With most of its profit and revenue being project-based, project-based accounting support and regulatory compliance help make sure that this industry’s finances are always in order regardless of the differences in profit.
Verified Market Reports’ latest data show that because of the unique needs of this industry, outsourcing – including outsourced accounting support, has gained popularity as a business solution, with it steadily increasing from now (2024) to 2030.
With this predicted rise in demand, how exactly does outsourced accounting support help?
Outsourced accounting support offers the following tailored solutions for the Construction and Real Estate Industry:
- Monitor project budgets and costs and create quarterly reports based on fluctuations to budget and profit
- Ensure compliance with tax laws and labor regulations in every project and contract done
- Manage accounts payable and receivable for ongoing projects
- Streamline reporting for investors and stakeholders
Seeing how these 3 industries differ in their operational structure and accounting needs, outsourced accounting is proving to be not just a cost-saving strategy for every business but a way access finance and accounting expertise that is tailored for every industry’s needs. Regardless of nature, companies partnering with their trusted outsourced accounting partner can be assured of scalable services that fit their company’s demands, accurate financial management and compliance and streamline processes to enhance operational efficiency.
Outsourced accounting support is a game-changer for industries who are having a hard time coping with the financial requirements needed of them as they operate within their field. If your industry isn’t on this list, consider evaluating your financial processes. You may find that outsourcing could provide the efficiency and peace of mind your company needs to thrive.
Read Next: Is it Time to Outsource Your Accounting?
Need Reliable Accounting Support?
D&V Philippines has made it our priority to stay on top of all the developments in the finance and accounting and in the regulations of our clients’ industries.
With our readiness to adapt to any changes in the field, we are equipped with the necessary tools to help companies achieve success.
Contact us today and we’ll help you find the right solution for your needs.
You may also download our Outsourcing: How to Make it Work guide today to find out how we provide quality and secure services.
