Accu blog - accounting services.ppt

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Published on March 14, 2014

Author: accuprosys

Source: authorstream.com

On the Fence: Accounting Services – To Take or Not To Take: On the Fence: Accounting Services – To Take or Not To Take Some benefits and potential risks of accounting services that may benefit those who are at the fence or have already decided whether or not to go for accounting services . 1 Accuprosys.com PowerPoint Presentation: Accuprosys.com 2 While outsourcing of HR and legal functions may not raise eyebrows, accounts outsourcing is surely a sensitive issue. : While outsourcing of HR and legal functions may not raise eyebrows, accounts outsourcing is surely a sensitive issue. But are accounting services really risky? Do their disadvantages outweigh their benefits and vice versa? Most companies are nervous to share insider information on their financial details and thus wince at the thought of taking accounting services. Accuprosys.com 3 A definitive answer to these questions isn’t possible because it all depends on the kind of service provider, the relationship with the client, contractual issues and ethical considerations. : A definitive answer to these questions isn’t possible because it all depends on the kind of service provider, the relationship with the client, contractual issues and ethical considerations. What we tackle here are some benefits and potential risks of accounting services that may benefit those who are at the fence or have already decided whether or not to go for accounting services . Accuprosys.com 4 The Need…: The Need … Accuprosys.com 5 Most often, companies need some form of accounting aid, especially if they are startups or small scale enterprises. : Most often, companies need some form of accounting aid, especially if they are startups or small scale enterprises. That’s because devoting their entire machinery (they have a small workforce and few resources to start with) to matters such as accounts is not an option. And neither can they set up or maintain a separate division for accounting. Therefore , outsourcing their accounting services gives them one less non-core internal function to worry about. Accuprosys.com 6 The Benefits…: The Benefits … Accuprosys.com 7 Steven M. Braggs, author of popular books such as Accounting Best Practices and Bookkeeping Essentials argues that most accounting functions such as payroll and transaction processing are subject to automation and therefore are nonstrategic. : Steven M. Braggs, author of popular books such as Accounting Best Practices and Bookkeeping Essentials argues that most accounting functions such as payroll and transaction processing are subject to automation and therefore are nonstrategic. Because they are of no importance to the strategic direction of a company, these functions should be outsourced so the company can focus on important strategic tasks that directly influence its position and profitability in the marketplace. Accuprosys.com 8 1. Going light on the pocket: 1. Going light on the pocket Accuprosys.com 9 By outsourcing all or some bookkeeping tasks, companies surprisingly save up on costs. They save on manpower requirements and infrastructure such as office space, hardware, and software. Taking accounting services from other providers alleviates the need to train or hire trained workforce. What’s more, the expertise and knowledge of financial professionals helps you find tax deductions, avoid late fees and other such financial liabilities that could have been missed by you or your in-house staff. : What’s more, the expertise and knowledge of financial professionals helps you find tax deductions, avoid late fees and other such financial liabilities that could have been missed by you or your in-house staff. Accuprosys.com 10 2. Chipping off more time: 2. Chipping off more time Taking accounting services helps you and your staff save up on time. Rather than spending hours managing books, you’ll have more time to focus on the strategic goals of the business. Moreover , you will also escape other tasks such as hiring, recruiting and overseeing the work of the accounts staff. Accuprosys.com 11 3. More staffing control: 3. More staffing control In the case of small businesses, one worker may double up as an accountant and an executive or a customer support officer or what not! Sometimes , businesses need more workers and sometimes they need to lay off workers. Accuprosys.com 12 PowerPoint Presentation: Accuprosys.com 13 4. Higher competency and expertise: 4. Higher competency and expertise There’s no doubt that third party service providers have more competency and expertise in the work they do . Moreover, to keep up with the competition, they update their skills constantly. That implies that by taking their services, you are bound to get good quality work and better expertise than what you could expect from your in-house personnel. Accuprosys.com 14 These service providers take the work more responsibly. : These service providers take the work more responsibly. So, you are guaranteed with better workers for whatever service you are seeking. Accounting service providers hire their employees after extensive screening. Accuprosys.com 15 5. Minimizing downtime and maximizing business growth: 5. Minimizing downtime and maximizing business growth Taking accounting services for auditing and bookkeeping helps in avoiding nonproductive downtime. Letting professionals handle these tasks ensures that business owners have more resources at hand to work on the core functions and growth of the business. Accuprosys.com 16 The Risks…: The Risks … Accuprosys.com 17 The financial and confidential nature of company accounts make it only logical to assume that sharing such information is risky. : The financial and confidential nature of company accounts make it only logical to assume that sharing such information is risky. Accuprosys.com 18 And for sure it is. However, making smart choices with regard to service providers and contractual agreements ensures you are insulated from risks. 1. Trust and security issues : 1. Trust and security issues By taking accounting services , you are required to share insider information on valuable aspects of your finances. This kind of data is sensitive. Even if the service provider is trustworthy, other parties may sometimes be inclined to hack into such data. Accuprosys.com 19 2. Lesser managerial control: 2. Lesser managerial control Outsourcing accounting functions to other service providers and contractors gives you lesser control over those aspects of your business. Moreover , as the services are provided by other personnel outside the company, there is lesser managerial control over them. Accuprosys.com 20 3. Increased dependence on others: 3. Increased dependence on others Another disadvantage of taking accounting services is that after a point of time, you may become so dependent on third parties that it may be difficult to withdraw later on. Accuprosys.com 21 The Ultimate Question – To Take or Not To Take: The Ultimate Question – To Take or Not To Take Accuprosys.com 22 Taking accounting services has both pros and cons. : Taking accounting services has both pros and cons. Accuprosys.com 23 While the advantages outweigh the risks, it is always a good idea to be careful. Choose the firm wisely and make sure the contractual agreements signed are clear to you. Because of the sensitivity of financial data, such service providers have sufficient security protocols in place and hijacking by other parties may not be much of a risk. With the right approach, business functions outsourcing could spell tremendous growth for your business.: With the right approach, business functions outsourcing could spell tremendous growth for your business. Accuprosys.com 24 Centre for Innovation and Entrepreneurship C-4, IIT-H Foundation, Gachibowli, Hyderabad 9618402751, 9000600247 : Centre for Innovation and Entrepreneurship C-4, IIT-H Foundation, Gachibowli , Hyderabad 9618402751, 9000600247 Reach us at: prabha@accuprosys.com simplify@accuprosys.com anuradha@accuprosys.com   For more details, please visit: www.accuprosys.com Accuprosys.com 25

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