1. Lessen your troubles with expert advice
Accounting outsourcing services work similarly to a BPO. Instead of you doing all your filing and record-keeping or hiring in-house CPAs, an accounting firm independent from your office will do so for you. Instead of frying your brain trying to crunch numbers and organize your finances, all you have to do is compile all receipts, invoices, and transactions, just forward all the paperwork to your retained accounting office. The expert outsourced team will do the work for you. Most accounting firms offer all-in services, including:
- Preparing Financial Statements and Financial Analysis
- Management Accounting
- Tax Accounting
- Payroll services
- Renewal of Business Permits
2. Reduce costs and minimize penalties
If you feel particularly comfortable with your bookkeeping skills, you may opt to pay for management accounting, tax accounting, audit, management accounting, or financial analysis. You can always make arrangements with the accountant depending on your business and financial need. Moreover, you can request only the services you need when you need them. This is less costly than having an in-house CPA. However, if your budget allows for complete, full-scale services, save yourself the headache and go all in. Most of all, hiring an expert assures you do everything correctly. As a result, you won’t miss any deadlines or pay stiff penalties for unintentional miscalculations on your tax dues.
3. Assure BIR, DTI, and Government Guidelines are properly followed
Outsourcing accounting work to professionals helps you manage your business’s finances. Most of all, this collaboration ensures that all your legal and business documents are in compliance with your LGU, the BIR, the DTI, and other government offices. CPAs ensure that there are no discrepancies and miscalculations of the statement, giving you a likelier chance of passing all government audits. Hiring a pro also ensures that your taxes are properly accounted for in relation to your income and expenses. With their help in putting all these records in order, you can also base your projections on data and make educated decisions.
4. Saves you a lot of time
The biggest gain in outsourcing an accountant or accounting office is you save time! In the business world, time is money; and it is hard to focus on the workings of your company when your head is stuck in accounting books that you have no clue how to organize correctly. It is okay to seek help! Though you will have to shell out professional fees, the return on investment is higher as you have more time to grow your brand and improve your products and services.