Hiring an outsourced specialist team to take on a critical business function like accounting and saving money in the process, almost sounds too good to be true. However, the rise of modern technology and cloud computing has streamlined accounting processes to such an extent, that it makes good business sense to make the move to outsourcing.
Business Process Outsourcing – a growing trend
Business Process Outsourcing is the practice of transferring some or most business operations to an external service provider. Accounting is one of the most popular business processes outsourced as many businesses don’t have the in-house expertise necessary to keep up with accounting duties like payroll management.
Expertise you can count on
With an outsourced accounting company, you have immediate access to the knowledge and financial advice you need to grow your business. You are also guaranteed that your financial statements, monthly reports and everything you need to make crucial financial decisions are accurate and up to date.
A better bottom line
Permanent staff are often a business’s biggest overhead. The cost of paying a retainer with an outsourced firm generally adds up to a lot less than employing an in-house accountant, or team of accountants. Not only will you not have to pay monthly salaries, you also reduce your employee costs including employee benefits and contributions and employee taxes.
Complete compliance
The South African Revenue Services are increasing their penalties for non-compliant submission and high administrative penalties for each incorrect line item in an EMP501 reconciliation. With a reputable outsourced accounting company like the EA Group, you are guaranteed compliance with all SARS’s current and future regulatory requirements.
The latest cloud-based technology
Modern cloud-based accounting software gives businesses access to their records at any time, instilling a high level of transparency between your business and the outsourced accounting company you choose. In addition, by outsourcing your accounting you have immediate access to the latest technology with technical systems that ensure your finances are optimised and functioning seamlessly.
Scalable options
By outsourcing your accounting, you have immediate access to scalable financial options allowing you to access the financial services you need and expand them as your business grows.
Reduced fraud
Business fraud is an increasing problem in South Africa and many businesses do not have a dedicated CFO who can analyse the metrics to detect abnormal activity in their transactional or billing data. By outsourcing your accounting, you have access to a team of specialists who can look for fraud signals and implement the proper fraud protection controls to protect your business.
Access world-class accounting services today
The EA Group provides comprehensive and scalable accounting services that give your business the agility it needs in today’s changing times. Our solutions are built on the latest technology and ensure efficiency, transparency and compliance. Our team of financial professionals have years of experience, which our clients all benefit from through continued knowledge sharing and interaction with our team. For more information about our outsourced accounting services, contact us today.