The rise of modern technology and cloud computing has streamlined and simplified the process of financial outsourcing and more companies are realising it makes sense to partner with an experienced team of accountants for their financial needs. Outsourcing accounting is not a new concept and its many advantages are gradually making it the norm, rather than the exception. Here are some reasons why outsourcing your accounting makes 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 also reduce your employee costs including employee benefits and contributions and employee 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. Better 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 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.
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 with 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.