5 Finance Tasks You Can Easily Outsource

Outsourcing finance activities has helped numerous companies achieve greater success. This process allows the business owners to hand over their finance functions to a third party and be able to concentrate on the core business functions. The outsourced accountants are adept at delivering high quality work in lesser time and cost. And with the technological advancements in the last decade, communicating with the remote team has become much easier. This might be the reason behind rapidly increasing demand to hire finance and accounting professionals from affordable geographies like India, especially for start-ups.

There are many reputed outsourcing companies that offer 360-degree finance and accounting services. Besides finance, these organisations have been delivering premium quality services in several industries including healthcare, customer service, marketing, and even construction and manufacturing. The remote employees are readily available to take charge of any finance function at any level, but here are the most commonly outsourced services in the domain of finance and accounts:

1. Payroll Processing

The process of payroll processing is usually an expensive affair for business owners. But since the trend of outsourcing finance activities has gained momentum, this process has become quite cost-effective and hassle-free for businesses. Remote finance and accounts professionals are very competitive, farsighted, reliable and knowledgeable. With time, they have honed their skills to be able to handle every task associated with processing payrolls. These duties also involve timely preparation of reports and collaborating with the banks on an everyday basis to calculate salaries, leaves and overtimes of all the employees.

2. Bookkeeping

All the general accounting activities (like verifying the procedure accuracy to record financial transactions, and keeping a track of accounts and financial records) are included under the umbrella of bookkeeping. Outsourcing this particular finance function to the right service provider helps businesses save a lot of operational cost. Also, a large section of remote bookkeepers has proven expertise in addressing the financial objectives of many business. Hence, this is one of the most commonly outsourced services in the world.

3. Accounts Payable

Account payable specialists (the ones looking after your liabilities) are responsible for securing financial information, maintaining ledgers, and prepare diverse financial reports. Virtual employees working in the domain of finance and accounts are well-equipped to spearhead these tasks with a high level of accuracy. Thus, hiring finance and accounting professionals for these back-office functions can be an ideal decision.

4. Accounts Receivable

Accounts receivable specialists possess the right to collect and are thus responsible for multiple transactions almost every day. Filling this role requires people with right knowledge, so that they can process payments in accordance with your organisation’s financial policies. The outsourcing industry offers computing, verifying and posting services of experienced professionals in this domain. This implies that you can focus on your core business functions and increase your business profitability.

5. Financial Administration

Outsourcing finance activities involved in this labour-intensive role implies that you do not have to worry about the hassles of maintaining financial records, and dispensation of income and expenditure. Remote finance administrators are experts in collaborating with the required in-house team members to get the job done.

Summing Up

Due to the confidential nature of finance and accounts functions, outsourcing them seemed like a risky idea. But today, outsourcing has come a long way in taking the load of finance functions off the shoulders of countless organizations from over the globe. It has become a beneficial endeavour in assigning key financial roles to the offshore industry specialists. Hiring locally for these job roles can exhaust your time and monetary budget, but with the right outsourcing service provider, you can get the same quality and more quantity of work at almost 70% reduced costs. Your decision to hire finance and accounting professionals from offshore will not only help you with huge savings, but will also prepare your business for the fast-paced business environment.

So, are you ready to get your custom outsourcing model structured?