Today’s global business trends demonstrate that outsourcing is increasingly used in various fields – the most popular areas are accounting services, information technology and legal advice. It is immediately clear that a specialist, who is not on site on a daily basis costs the company less, but it also has a number of other significant benefits.
We have summarised several reasons as to why it is worth choosing outsourced accounting services.
- In small and medium-sized companies there is not enough accounting volume to hire a full-time accountant, therefore it is more cost-effective to outsource.
- Outsourcing of specific services helps the company management to devote more time to achieving basic business goals.
- For a new company, outsourcing allows one to initiate business development faster, investing less money, as you do not have to spend resources on creating additional jobs, purchasing accounting software, etc.
- Outsourced accounting companies in Latvia are licensed, thus it is an additional guarantee of quality for the cooperation partners that everything will be executed in the highest possible quality.
- Outsourced accounting services are usually provided to several companies at the same time, thus such accountants face various specific situations every day, and seek solutions to them; therefore, the experience of the accountants is broader and more versatile, and the accountant is able to provide valuable advice to your company.
- It is not necessary to pay annual leave to an outsourced accountant.
- If the company changes its plans – new services appear or the activity decreases – it will be necessary to think about how to attract an additional accountant or reduce the workload of the existing one. When outsourcing, all you have to do is change the terms of the cooperation agreement without any additional inconvenience.
- When working together in the office, the personal qualities of each colleague are important, but when the service is received as an outsourced service, there are no certain conditions that should be taken into account.
- An outsourced accountant only receives information and documents specifically addressed to him/her, therefore the flow of data is even more secure than within the company, where the flow of data on various topics is more intensive.
- Inside the company, when hiring an accountant a full-time position will most likely be required, but outsourcing can be implemented to varying degrees – in a small company, accounting may be done by the company itself, using a consulting firm, while in a large company, accounting would require a large team. You can purchase the amount of outsourced services in the amount you require.
Of course, the providers of outsourced accounting services are also different – both the quality of work and the costs differ, therefore the most important issues must be discussed before concluding the cooperation agreement, so that future cooperation is mutually beneficial.