10 Benefits of Outsourcing Accounting Services

It's no secret that running a business can consume your life and requires most managers and owners to be a jack of all trades. It is often hard to try and find ways to save time and energy without sacrificing profit. When people hear the word "Outsource" they often think of it in terms of technology, such as outsourcing a web designer or software programmer, but the term goes far beyond that.

Accounting and bookkeeping services are necessary for every single kind of business and often take a lot of manpower. Why not take advantage of outsourced accounting services and let the experts take care of this for you so you can focus more on running and growing your business?

Here are 10 reasons why outsourcing accounting and bookkeeping to professionals can help:

1. Less Salaries to Pay

Hiring full-time accounting staff in the UAE can be quite expensive depending on the size of your business. Believe it or not, in many cases it is less expensive to take advantage of outsourced accounting services.

2. Single Employee & Small Departments Make Mistakes

Studies have shown that when a company has a small team, or even just one person, handling all accounting and bookkeeping, they are likely to make a mistake that can bring negative consequences. An outsourced accounting firm has many checks and balances in place to avoid these costly mistakes.

3. Avoid Costly Software & Equipment

Let the pros handle staying up to date with costly accounting software and pricey hardware to run it on. Divert your company's funds to other necessary resources.

4. Scale! React to Change

When a company begins to get successful and grows quickly, it can often be a nightmare on the accounting and bookkeeping staff. Often human resource administrators will struggle trying to keep up with the growth. By having outsourced accounting services, you can grow and focus on hiring talent instead of accountants.

5. Focus, Focus, Focus!

A small business needs to constantly focus on their core mission to grow and become successful. The less people you are having worrying about accounting, the more people you must focus on the core objective of your business.

6. Less Training Required

Accounting and bookkeeping practices often change as new rules and regulations are added. For example, the new VAT (Value Added Tax) system in the UAE required many businesses to send their in-house accounting staff out for extra training on this matter. These expenses can be avoided with outsourced accounting services.

7. Expertise

Entry-level, junior, and mid-level accountants typically do not have enough experience to provide the same kind of advice as the experts in their field may offer. Outsourcing gives you access to experts for advice and guidance.

8. Easy to Understand Reporting

Despite outsourcing your accounting services, you still would like to be kept up to date with your finances, correct? Outsourced services provide you with reporting on every financial aspect - from sales to salaries and everything in between.

9. Dramatic Paper Reduction

Outsourced accounting services means you will not have cabinets full of papers showing reports, sales, invoices, accounting, and everything else finance related. Your company's usage of paper will drop dramatically and with digital reports your carbon footprint will be reduced.

10. Peace of Mind!

With experts handling the most important aspect of your business, you will have peace of mind and the confidence to make accurate and informed decisions by knowing your finances are properly taken care of.

Legends Accounting offers a variety of outsourced accounting and bookkeeping services to the UAE and around the world. Contact us today to see how we can help your business!