4 Reasons to Hire an Outsourced Accounting & Bookkeeping Provider
By Loic Toullec, Triple i Consulting
With the stress and headaches that your accounting, bookkeeping, payroll and tax compliance are giving you, hiring a professional service firm to execute those tasks will take a substantial weight off of your mind. Here are some reasons why hiring a firm will benefit you and your company more than doing it yourself or dedicating full time employees to execute these:
Time – By hiring a professional firm that provides a full range of accounting, bookkeeping, payroll and tax compliance services, the main benefit will be the gain of time. You won't spend countless hours on non-essential assignments and will be able focus on your business growth and profitability. You won't have to go back and forth between different departments (accounting, legal ...). Instead, you will have one point of contact and that will simplify your processes considerably.
Cost Effectiveness – Hiring a full time accountant can be very expensive, especially if you hire a senior accountant. Imagine the time and money you will spend on training that person about your activities and other business practices just to start with? What about benefits such as vacation leave, sick leave, and in the worst case scenario a surprising resignation letter. How are you going to handle your books and Government submission deadlines when your accountant is not around?
Security – When your bookkeeping is managed by a professional firm, you can be sure that there will always be someone to handle your requests, which means that no sick leave or other unexpected events will put your company at risk or subject to penalties. Moreover, your service provider will always stay up to date with any changes in the tax codes or payroll requirements and you will not need to worry about proper compliance.
Peace of Mind – Accountants are a different breed and this is a good thing because without them how would we possibly go along? When your personal accountant comes to you and raises questions made up with words that make no sense to you at all, it may become really frustrating and you will devote your time and energy in answering those questions taking time and focus from other processes that is essential to your company's growth and well being.
Triple I Consulting, 18th Floor Salcedo Tower. 169 HV Dela Costa, Salcedo Village 1227 Makati City, Philippines
T: +63 2 551 9012, +63 2 551 9013, +63 905 3130064; F: +63 2 551 8052
published: December 2013