What Accounting Services Can Your Business Outsource?
Over the past decade, the accounting industry has significantly grown despite global challenges. Market reports have forecasted the industry to reach $734.94 billion by 2025, with an annual growth rate of 6%.
Within the booming industry, outsourced service providers are helping businesses streamline back-office accounting services to sustain growth in the accounting ecosystem and to deliver operational excellence.
Identifying the right business strategy at the right time can help your company keep up with market trends and enhance service quality. Working with an outsourced accounting service means you save on costs, gain expert support, promote business growth, improve business flexibility, and ensure staff satisfaction.
Before you choose the right outsourced accounting service provider, it is crucial to understand what kind of accounting services you can outsource. Here are some accounting services your business can outsource for operational growth and flexibility:
A BPO can offer accounting services like processing and coding payment invoices to your team, management and payment of creditors, and other tasks aligned with paying vendors. An outsourced accounts payable team can check invoicing accuracy, match purchasing and invoicing, follow up with internal payment approvals, monthly reporting, and lots more.
When it comes to outsourcing, the size of your organization doesn’t matter. You can send all transactional tasks with an accounts payable service to allow your business to focus on in-house operations that will add value to your company’s growth.
With accounts receivable, a BPO can manage tasks such as preparing invoices, generating statements, looking over offshore customer accounts, maintaining billing systems, correcting errors, and calculating commission.
By outsourcing your accounts receivable tasks, you can better focus on your company’s core needs and complex issues such as analytics and insights that can be used to improve your daily financial growth.
Bookkeeping is integral to managing accounts and finances within any business as it involves documenting the correct financial records and transactions in your organization. As bookkeeping tasks are often repetitive, working with a BPO will save you time and enables you to focus on other critical operations.
Outsourced bookkeeping services can include payroll processing and maintenance, record keeping, general ledger, journal entries, monthly account management, bank reconciliation and business activity statements.
Back-office accounting services aren’t just limited to finances but also extend to customer service solutions. For example, an outsourced accounting team can enhance your customer experience with chat management and customer engagement strategies that represent your company’s values and services. A task such as managing customers can be outsourced to give your business greater time and resources to focus on its core needs and advance the quality of services offered.
Data Entry & Enrichment
Accounts don’t only mean managing numbers but also working with large amounts of sensitive data. A BPO can manage your data entry by inspecting receipts, invoices, orders, segments, and journal entries to correctly identify and label accounting data.
A BPO team is also skilled in converting data from the printed or visual form into digital information stored in spreadsheets or accounting software.
Outsourcing accounting services is a highly feasible solution that supports business development and growth. As you now understand the types of accounting services that can be outsourced, you can now determine if you would like to work with a BPO to seamlessly manage your back-office accounting requirements.
At Fair Trade Outsourcing, our trained staff provide quality data entry and back-office support to bookkeepers, accountants, and auditors. If you’re looking for a reliable, and dedicated team for back-office or accounting services, our team in the Philippines, Mexico, Ghana and the U.S. can help.