Why are Companies Outsourcing?
In the 2018 Global Outsourcing Survey, Deloitte found that companies are embracing outsourcing more now than ever before, but for a different reason. Cost savings, once a popular driver, dropped out of the top five reasons.
Company leaders are now realizing that outsourcing can help them “deliver competitive advantage by transforming the way” they “operate, and making them more agile, efficient, and effective.” This realization is seen in that 84% of companies surveyed are either discussing or have implemented some type of outsourced solution.
Top 5 Benefits of Outsourcing
If you’re like most executive leaders you’re looking to improve performance (62% of respondents), reduce errors (53%), streamline existing processes (52%), gain access to new technology ideas and innovation (51%), and lower costs (44%). Outsourced accounting is uniquely able to provide value in all of the above-mentioned areas.
1. Outsourcing Improves Performance
2. Outsourcing Reduces Errors
3. Streamline Processes with Outsourcing
4. Outsourcing Has Access New Innovation
Outside accounting firms have opportunities to test new software and interact with even more software among their various clients. This helps them determine which technology works best, which technologies integrate best together, and allows them to make recommendations that will meet your needs. You now can receive innovative advice from an accountant partner instead of a tech company salesperson who isn’t an accountant or business owner. An accountant can also think ahead to the needs of your business is likely to have in the future, and anticipate how different technologies will meet those future needs.
5. Outsourcing Lowers Costs
Give Outsourced Accounting a Try!
There are many company departments that can be outsourced whole or in part. IT always tops the list, but HR and procurement are other popular areas able to be outsourced, not to mention accounting.
Of the over 500 companies surveyed by Deloitte, of those that had already outsourced back of house functions, 77% were satisfied with outsourcing their tax work and 81% were satisfied with outsourcing the entire finance function. Right now we’re offering FREE consultations to new callers. For help with this or any other accounting matters, reach out to us at (216) 509-1561 for the best consulting and bookkeeping services.