Outsourcing of financial accounting services have tremendous advantages for all types and size of businesses.
In brief, some of the key benefits of outsourcing include:
“As a Service” Model
More and more, many businesses are starting to book things like IT, accounting, HR, payroll, benefits coordination, etc. as services, this is because it provides financial and planning flexibility.
Think of it like this – rather than allocating certain assets, personnel, etc. to a given project or task, internal assets or an outsourced company exist as a service element. It can then be assigned, booked to costs, or else managed for a given project, job, task, or responsibility as needed. This helps with a number of accounting aspects and provides more accurate visibility to the business as to where expenses and resources are involved. It also provides a number of financial benefits – several Fortune 500s have managed to shave off millions in expenses simply by re-arranging the way they manage, record, assign and track these kinds of departments and business functions.
Headcount and Cost Savings
In many businesses, headcount is a major area of concern. Projecting workload to justify additional employees can be difficult. Further, it can be expensive to hire additional employees, especially in case of inconsistent workload. Health and other benefits, insurance, and the requisite infrastructure, space, IT, and other resources for each individual staff member can add up quickly. Outsourcing of financial accounting eliminates that overhead, as well as the unused employee time/downtime. You only pay for our services, to the extent you consume. For most businesses, this generates big savings compared to having one or more people on staff to handle the workload that otherwise can be outsourced to us.
We deal with financial accounting and related services. We are specialists in what we do, with expertise of both knowledge and experience. In many cases, trying to vet employees to fill technical positions, especially in start-ups or small businesses is extremely difficult. With outsourcing to a specialized company like ours, there exist no need to evaluate employee on any criteria – you can put your worries to rest.
Peace of Mind
We offer a level of peace of mind for managers, owners, and CEOs, allowing you to focus on what you do best – letting us take care of what we do best. We at Erudite Finlop & Lawton serve your needs and handle your financial accounting. If there are issues, audits, government/compliance problems – we’re a trusted ally to stand there with you and get you through the difficulties. And if everything goes smoothly – we’re still a trusted ally to stand there with you, working every day to help you and your business succeed.