January 28, 2022
Benefits Of Outsourced Accounting Services
Accounting in SMEs are no less complicated than large corporates as both have same regulations and taxations. But SMEs can’t afford to have highly paid Finance Manager or CFO like large corporates. Solution for this is OUTSOURCING and thereby enjoy the expertise that large companies enjoy. Let us analyze the benefits of outsourced Accounting.
- Peace of mind for business owners/CEOs as they can continue to focus on core business areas for further value-added revenue-generating tasks instead of worrying over reliability of accounting.
- Save money by reduced overhead due to cheaper and more cost effective than in-house staff.
- Fraud is an unfortunate risk for any business. There is risk of manipulation when same employee handling accounts all the time. Since outsourced experts are rotationally changed, it will mitigate the risk.
- Get the service of competent qualified accounting professionals with experience.
- The trained accounts staff leaving or cost of training new staff will no longer bothersome as the outsourced accounting service provider has their responsibilities to perform their duties with adequate knowledge.
- Easy to cut cost by downsizing when business is hit by recession or depression or pandemic as outsourced staff will not be legal liability of the hiring company.
- Easy to ride the business growth or a boom with outsourcing thereby avoid risk of hiring more employees until company gets confidence to hire permanent staff.
- Reduces risk of noncompliance of newly implementing law & regulation, wrong accounting practices & standards and wrong taxation treatment. Upto date knowledge and experience of outsourced experts avoids the risk of getting invoked the penalty provisions in relevant law.
- Proper accounting improves decision making by cash flow planning & management, effective cost control measures and compliance with financial regulations.
- Valuable Monthly, Quarterly or Half- yearly Reports on a Timely Basis to Assist Decision Making.
- Proper reports can spot Red Flags ahead of time and notify you any financial risk.
Kudos PRS operates in UAE since 2009 and Our Chartered accountant services offer Audit & Assurance services, Accounting services, Taxation and Management Consultancy, VAT and TAX Advisory, Financial Audits and book keeping Services, Business and management consultancy Services.