Did you know the new start-up businesses in Australia, only 51% are still operating after three years? Fierce competition, high running costs and business owners lacking the resource of time results in business struggling. Outsourcing your back office is a solution which can help your business to grow, and comes with a long list of advantages.
- You get access to the latest technology
Back office service providers that specialise in accounting and bookkeeping functions pride themselves in developing their accounting systems and techniques to ensure that they’re at the forefront of technology. When you outsource your accounting needs to a third-party service provider, you’re not only getting trained staff to handle the job, you also get access to the technology that the back-office is developing and using. If you’re aiming for seamless business operations, it pays to invest in the latest technology. A back-office service provider is a way to do this without having to expend the time and financial resources yourself.
- You have the freedom to choose which services are relevant to your operations
Whether you’re scaling up or scaling down your accounts department, a back-office service provider gives you the freedom to choose the relevant service to your business. You shouldn’t feel obligated to sign up for all services; just the ones that you feel are relevant to your business. In a way, outsourcing allows you to simplify your business so that you can focus on more important things.
- You have more time and energy to focus on your core business
Running a business can be very tricky, especially if you’re trying to oversee multiple departments at the same time. If your main goal is to boost efficiency and improve productivity in your company, then outsourcing specific business operations will help you focus on your core business. For instance, ask yourself this: “Why spend valuable resource in an area that you’re not good at (or just don’t like doing) in the first place when you can delegate your accounting needs to a pool of experts?”
- You can rely on quick and accurate reporting
Most accounting back-offices make use of the cloud to store and retrieve financial data. This not only keeps your company at the forefront of technology, but it also gives you instant access to quick and accurate reporting when, and where you need it. Choosing to go cloud-based (through a back-office service) will help you analyse data faster and more accurately, giving you more time to make crucial business decisions that will improve your day to day process.
- You can maintain operations without reducing quality
During rapid growth periods, the back-office operations of a company will expand. This expansion may start to consume both human and financial resources at the expense of the core activities that have made your company successful. Outsourcing those activities allows you to refocus on the business activities which are important, without sacrificing quality or service in your back office.
- You can regain operational control over departments
Over time departments may have evolved into uncontrolled and poorly managed areas, creating prime motivation for outsourcing. Outsourcing can bring better management skills to your company that would have otherwise not been available.
- Outsourcing reduces costs
At the end of the day, business is all about how much money you’ve made or saved. If you’re spending too much money in keeping your accounting in-house, then it’s time that you start focusing on the long term. Outsourcing your accounting department to a third-party service provider may seem like a daunting move but it’s guaranteed to help you become even more focused on your core skills and profitable in the long run.
Outsourcing your accounting functions may seem a bit complicated, so make sure to weigh all your pros and cons… and talk to experts before you make your move. To discuss more on outsourcing your back-office and it’s benefits, please do not hesitate to contact us at [email protected] or call us on 02 9407 8700