Optimising Your In-house Accounting Team Through Outsourcing Services
Accounting and Financial Planning are critical components that contribute well towards running a successful business. However, the past decade has witnessed many organisations outsourcing these functions to take the burden off their business. Why is this happening?
The answer is straightforward – many businesses have internal finance teams that are struggling to maintain error-free bookkeeping. There has also been issues with payroll management and compliance, hitting the organisation’s ability to measure growth and strategize for the future.
Issued faced by internal accounting teams
At KServe, we have analysed several internal Accounting teams to help improve their processes. Here are some of the drawbacks we noticed with these teams:
- They have a traditional Mindset: Many of these teams weren’t willing to embrace new ideas or skills that would help them spend lesser time on certain tasks. They prefer doing things the old way and this results in a lot of error-ridden account books. Many organisations prefer outsourcing rather than getting traditional teams upskilled on the latest accounting software, processes and techniques.
- They lack documented procedures and workflows: Many organisations don’t have documented procedures or workflows for the Accounting department. Documented workflows and procedures can help save time, energy and money for training new staff. As a result, the new staff has to figure out existing procedures on their own rather than through documentation.
- They lack collaborative spirit: Dynamic teams form the core of Accounting/Finance departments. Unfortunately, many accounting teams lack the collaborative spirit that helps to drive financial strategies for the organisation.
A company that provides financial outsourcing services is adept at taking care of the issues above at a pricing that fits your budget. It can do the financial worries on your behalf to ensure that you focus on your core business.
What does a BPO service provider offer?
A vendor that offers financial and accounting outsourcing will take care of the A to Z of your Accounting needs. Let’s look at some of their services:
Payroll Services
They provide a wide range of payroll services, such as tax calculations, payroll preparations, and the issuing of cheques. Organisations can also outsource the filing of payroll taxes, deduction calculations and other employee benefits.
Account Processing
They can process payments and create feedback in the form reports. All this is done faster and timely information is rendered to those responsible for costs handling, procurement and inventory.
One more area that can be managed well by an outsourcing firm is accounts receivables. This consists of
- Crediting accounts
- Monitoring payments
- Addressing past due accounts
Expense Reporting
Financial and accounting outsourcing firms manage accounts payable entries on your behalf, ensuring that suppliers and vendors are paid on time. They will make sure that your balance sheet remains on track and up-to-date.
Tracking of bills
They provide timely and accurate payments for recurring and non-recurring bills. They provide approval and verification of supplier bills, ensuring that they are reconciled with good/services receipts and purchase orders.
Choosing KServe as your trusted accounting partner
KServe brings a high level of trust to all partnerships and this provides organisations with a sense of financial security. Through our finance and accounting services, we can become an integral part of your business, sharing in your success and watching you grow in the right direction.
To learn more about our accounting solution, contact us through email (enquiry@kserve.co.in) or phone (+91 9731115425). We look forward to being a part of your journey towards financial success.
