Currently, outsourcing accounting services is a common practice across different industries and companies. It includes not only businesses like startups but also medium and large-scale operations. We want to share with you the 10 advantages that come with outsourcing accounting and financial services.
The decision to outsource has gradually become an important part of corporate and business strategies. Through outsourcing, organizations find an ally, not just for compliance matters but as a consultant that validates the business with a completely different perspective, its improvement opportunities, and challenges.
Below are the strengths of outsourcing:
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Focus on Your Business: By outsourcing accounting services, companies can invest their resources and efforts in the business, relying on an expert company that ensures compliance with obligations.
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Quality Assurance in Information: Outsourcing experts bring best practices to ensure processes that provide reliable, timely, and high-quality information.
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Risk Minimization: Having an expert ally allows better management of risks related to handling accounting and tax information. Different normative and procedural changes will be managed by the third party, allowing the company to unload its concerns in these areas.
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Timely Identification of Changes: In a country like Colombia, where tax and accounting matters are periodically modified, accounting outsourcing provides alerts and guidance on changes.
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Cost Minimization: Synergy with outsourced accounting services generates savings in expenses associated with infrastructure or technological equipment investments, as well as costs related to hiring qualified personnel, their labor risks, and turnover.
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Innovation and Technology: Having technologically differentiated accounting outsourcing allows access to software and tools that aid in improving administrative processes and generating reports for decision-making.
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Contractual Obligation: Responsibility indicators are higher in external providers than in internal staff. This is due to their exclusivity in providing the service with contractual obligations and the ease of managing agreements or contracts with suppliers compared to hiring internal personnel.
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Fixed Costs: Outsourcing allows reducing investments in infrastructure and technology by contracting specific services with an external provider. This contracting leads to establishing fixed prices, allowing for a detailed cost forecast.
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Comprehensive Expert Service: Since accounting outsourcing specializes in many areas, it adds value in non-accounting areas such as international trade, technology, legal, etc.
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Business Competitiveness: By choosing your strategic ally in accounting matters, due to the aforementioned factors, organizations become more efficient and, consequently, achieve a better market positioning more quickly.