COVID-19 has accelerated many business trends predicted for 2020 and beyond. These include an increased digital focus with more businesses working remotely and outsourcing. Outsourcing is not a new concept, but with businesses pairing down their office footprints and reducing their budgets, it is fast becoming the smart way to work. Here are some sound financial reasons why outsourcing your accounting make good business sense.
1. A better bottom line
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’ll also reduce your employees’ costs including employee benefits, contributions and taxes.
2. Guaranteed 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.
3. Sharper business focus
As businesses increase in size, business owners find their time is better served focusing on building their core business, rather than overseeing day-to-day accounting. When a business owner is no longer able to be involved with their business’s accounts, it’s time to outsource your accounting to a reputable, professional financial services company. This will free up your time, allowing your managers to focus on the long-term strategic growth of your business.
4. The latest technology
Modern accounting software like Xero 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.
5. Specialised expertise
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. The EA Group takes things a step further beyond standard accounting services as we work closely with all our clients, helping them improve on inefficiencies within their financial workflows and assisting them in the identification and evaluation of profitable opportunities.
6. Scalable options
By outsourcing your accounting, you have immediate access to scalable financial options which allow you to access the financial services that you need and expand them as your business grows.
7. Reduced fraud
Business fraud is an increasing problem in South Africa and many businesses don’t 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.