All successful businesses have one thing in common—responsible financial management. One of the best ways to practice this is through...
FINANCE AND ACCOUNTING OUTSOURCING POSITIONS YOUR BUSINESS FOR SUCCESS
Sound business decisions are made with the knowledge of a company’s financial standing. Having up-to-date and accurate Finance and Accounting records helps your company’s decision-makers plan for financial resiliency.
Finance and Accounting are essential departments for every organization, making Finance and Accounting services a business’s driving force to scale as needed. With the demanding nature of these roles, it’s crucial to have someone with extensive knowledge, experience, and critical thinking skills to perform their duties well.
MAINTAIN SPOTLESS AND ACCURATE FINANCIAL RECORDS
The Remote Group provides services to accounting firms, small to mid-size businesses, and large enterprises by connecting them with highly qualified and competitive accounting professionals. Building your remote team also means fewer costs without sacrificing the quality of work.
Whether you’re an established business or a startup, it’s essential to keep track of your financial records to maximize revenue and drive growth. That’s exactly what our remote accounting professionals do when clients outsource finance and accounting with us.
OUTSOURCED ACCOUNTING SERVICES
SOFTWARE PROFICIENCIES
WHO CAN OUTSOURCE ACCOUNTING AND FINANCE SERVICES?
The practice of finance and accounting outsourcing was primarily targeted toward big corporations, such as MNCs or Fortune 500 companies. However, due to the progression of technology and the growing acceptance of remote work, outsourced accounting has become more accessible to smaller businesses and organizations. So, who can benefit from outsourced accounting now?
SMES (SMALL AND MEDIUM-SIZED ENTERPRISES)
According to international standards, any organization whose employee count falls between 50 and 250 is considered an SME. Companies in this category are typically better off outsourcing some of their accounting functions, as hiring full-time is costly. These organizations do not also need a Chief Financial Officer (CFO), but are rather focused on hiring staff with bookkeeping, accounting, and payroll skills.
ORGANIZATIONS THAT WANT TO IMPROVE SCALABILITY
Outsourcing is also ideal for growing companies that want to expand their finance and accounting services. It is a smart solution to keep up with business growth. Financial complexity increases the more a company advances, and managing finances may also become more challenging. Through outsourcing, the in-house finance and accounting team will have capable remote experts to help them handle the business’s increased complexity.
COMPANIES DEALING WITH TALENT SHORTAGE
The Great Resignation triggered a global talent shortage in 2021. Until now, some companies are still struggling to hire suitable full-time employees that fit their budget. Outsourcing is the perfect solution for this—it provides clients with access to a larger talent pool, ensuring both quality and affordability.
FOR TEMPORARY
OR SEASONAL HELP
Tax season is very busy for organizations, especially auditing firms. Hiring an extra set of helping hands, such as accountants or tax specialists, can provide support to complete projects and meet deadlines. And doing this on a contract basis is a perk that only outsourcing firms can offer.
HEAR FROM OUR HAPPY CLIENTS
We’ve helped businesses from all parts of the globe with their finance and accounting needs. Let their testimonies vouch for our top-notch services.
PAIN POINTS THAT FINANCE
AND ACCOUNTING OUTSOURCING SOLVES
Finance and accounting can be a headache for businesses. When you outsource finance tasks and activities, it helps reduce many symptoms that companies would otherwise struggle with. Let’s dive into the common problems businesses experience and how outsourcing accounting to the Philippines can be helpful.
TIME-CONSUMING PROCESSES
Financial tasks such as bookkeeping, payroll processing, and tax preparation can be time-consuming and tedious, taking up valuable time that could be spent on other business activities.
When you outsource, you can entrust all the routine, day-to-day tasks to your remote accountants and bookkeepers, freeing up time for your in-house staff. Without their focus on labor-intensive work, they can prioritize more important, income-generating tasks.
MINIMAL ACCESS TO EXPERTISE
Many small to medium-sized businesses may not have ample resources to employ in-house finance and accounting expertise. This limitation might lead to errors, missed opportunities, and compliance issues.
Outsourcing opens new avenues for businesses in terms of talent access. Partnering with an outsourcing firm gives organizations a wider selection of candidates to choose from, no matter where they are in the world.
LACK OF RESOURCES
Many businesses may lack the resources required to efficiently manage their finances, such as advanced accounting software and access to financial data. However, outsourcing firms can offer access to various accounting software options. The remote staff you hire from such firms are likely already skilled and proficient in your chosen software, eliminating the need for training.
INEFFICIENT PROCESSES
Outdated or inefficient financial processes can lead to errors, delays, and missed opportunities. It clogs the work pipeline and may cause frustration in the finance department.
One of the prime goals of outsourcing is to streamline processes, not just for your remote team but for your in-house staff as well. After all, every task your remote staff would be doing is interconnected with your onshore team.
COMPLIANCE CHALLENGES
Financial regulations and tax laws can be complex and constantly changing, making it difficult for businesses to stay compliant.
Fortunately, outsourcing puts organizations in touch with accounting professionals who are well-versed in the tax laws and regulations of different nations, including the USA, UK, and AU. With their knowledge and grasp of these laws, business owners can always be sure that they remain compliant with all relevant regulations.
INACCURATE FINANCIAL REPORTING
Errors in financial reporting can lead to costly mistakes, such as incorrect tax filings or misinterpretation of financial data. Even minor errors can have big ramifications in the long run, but having remote staff gives you an extra pair of eyes to look over your records to ensure accuracy and precision.
CASH FLOW ISSUES
Poor cash flow management can lead to financial instability and difficulty paying bills and employees on time. Delays may also cause additional interest charges that will further affect an organization’s expenses.
Remote accounts payable and receivable clerks take care of every penny that goes in and out—down to the last cent—so you can ensure a smooth cash flow.
INSUFFICIENT FINANCIAL VISIBILITY
Without accurate and up-to-date financial information, your business may struggle to make informed decisions about its strategies and operations.
Fortunately, you can avoid this by turning over your financial reporting to a team of outsourced finance professionals. They do not only provide clear, comprehensive, and accurate financial data, but also build financial transparency within your organization.
Finance and accounting outsourcing services can help address many of these pain points by providing your business with access to financial expertise, advanced software, and streamlined processes. With outsourcing, you can focus on your core competencies and leave the tedious tasks to the experts.
Outsourced Accounting and Finance for
WHY BUSINESSES OUTSOURCE ACCOUNTING AND FINANCE SERVICES WITH THE REMOTE GROUP
WORLD-CLASS ACCOUNTANTS
Work only with the best of the best in your field. Outsourcing offers a broader talent pool of specialists on par with your local standards.
DRIVE EFFICIENCY
Scaling through outsourcing allows your onshore staff to focus more on your core competencies while your remote team takes care of everything else.
STAY COMPETITIVE
Saving up to 70% in costs while having the best accounting professionals on your team gives your business an edge.
WORK WITH THE BEST IN THE INDUSTRY
At The Remote Group, we meet your expectations by hiring the best fit for any accounting role you’re looking for. We do this by conducting an intensive candidate screening and making sure they possess the required qualifications you need.
Here’s what a remote finance and accounting professional from The Remote Group looks like:
- Bachelor’s Degree in Accounting, Finance, or other relevant studies
- Supplementary certifications and credentials (e.g. CPA, CFA, CPP, CMA)
- Every level of experience needed (from fresh graduates to senior accountants)
- Proficiency across multiple accounting software
- MS Excel savvy with mastery of its functions and other key requirements
Learn More About Outsourcing
Want to learn even more about outsourcing? Download our digital brochure to explore the many possibilities of working with The Remote Group.
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OUTSOURCE WITH US!
Grow your remote team and upscale your business for a fraction of the cost through The Remote Group’s outsourced accounting services.
