With the increased costs of doing business, the use of finance and accounting outsourcing (FAO) continues to rise throughout the world. The FAO market has increased steadily since 2000, and by more than 45 percent since 2005. The latest reports suggest further growth by US$16.7 Billion, driven by a compounded growth of 5.8%.
Finance outsourcing is simply passing duties to a third-party provider. Credit control, compliance, payroll, accounting bookkeeping, and VAT tasks can be time-consuming and often detract your attention from the business’s growth and development.
Our experienced FAO team at 3Alpha LLC has been supporting and encouraging prompt growth of our client’s businesses. Here are some of the reasons you should outsource the financial functions of your organization:
1. Cost-Saving Strategy
When you outsource finance functions like payroll or bookkeeping, you’re only required to pay for the work being done. This does not include the days or hours, hence saving the cost of a sick day, holiday pay & medical insurance. This can immediately save a high cost and leaves more cost-effective team members to follow daily procedures. The outcome of a comparatively low-priced solution that beats any traditional option.
2. Expertise Advice
Outsourced financial service providers have more experienced and are specialists in different areas. These experienced professionals look after all financial services promptly. Since finance is their core business, outsourced service providers invest in the latest technology and software to be the most competitive in the marketplace. You won’t have to continually upgrade your software or keep up to date with changes in laws and regulations as all of these tasks are carried out by the outsourced service provider.
3. Undivided Attention
Administrative functions often are significant time and resource consumers. Payroll needs approval, audits need to be reviewed, expenditures need to be initialed, and issues need to be addressed. Outsourcing your financial department lets you step back from issues and complexities of running a financial department. These tasks are completed by your trusted vendor, who makes your work their priority and delivers the correct work on time. Such as timely tax preparations, keeping your account records up to date, quality bookkeeping, etc. Hence, while your finance department receives undivided attention, you can focus your time and energy on increasing revenue, building your business, and planning.
4. High Level of Accuracy
Outsourced service providers are experienced professionals who are highly skilled and trained to meet the financial demands of your business. The work is always checked and re-checked to ensure high levels of accuracy. It’s difficult for business owners to keep up with ever-changing compliance regulations. To avoid breaches such as tax pay invasion, it’s suitable for a professional to handle the business’s finance sector.
3Alpha LLC is experienced in operating metrics and leveraging finance to accelerate the growth of your business. We ensure that our team members understand your business culture and deliver according to your unique needs and requirements. For more information about outsourcing your finance department, contact us today!