Outsourced accounting work entails outsourcing finance and accounting functions to third-party experts. The goal is to streamline the accounting and finance departments without overwhelming the in-house team or investing in hiring or extensive training. Organizations outsource to overcome internal capacity challenges and achieve benefits like reduced operation costs and improved focus on core business operations.
While outsourcing could solve certain internal problems, like everything else, there are certain pros and cons of outsourced accounting and bookkeeping. One of the main concerns for businesses is the risk of errors. Businesses need to understand that people are not perfect, and mistakes are unavoidable – whether the work is done in-house or by contractors.
Even one incorrect figure can cause a whole host of problems, including late or missed payments, duplicated expenses, strained vendor-customer relationships, and late fees and penalties.
Fortunately, it is possible to minimize human error and communication issues by choosing a financial services outsourcing company that uses automated solutions requiring minimum human participation and do not rely on manual data entry or processing. Outsourced accounting work powered by automation can help you increase productivity and generate more value for your business.
Breaking the Chains of Manual Processing with Automated Alternatives
Consider a firm with an in-house finance and accounting team that spends most of the day manually inputting information from documents into a spreadsheet or processing invoices. These highly educated individuals are paid astronomically high wages for a job that does not require their skill level.
This is an excellent illustration of how outsourcing can add value to a firm: it allows finance and accounting specialists to focus on higher-value duties, allowing the company to generate more value. However, to ensure high effectiveness and fewer errors, it is essential to break the shackles of manual processing with automated invoice processing.
Opting for automation-driven outsourced accounting services can bring much greater value to your business. For example, an automated invoice data capture solution is six times faster than a human manually entering the same information, allowing teams to focus on higher-value, revenue-generating work.
Benefits of Automated Outsourced Accounting Work
Outsourcing works when the benefits outweigh the risks. Determine which processes must be kept in-house and which can be outsourced and to whom when looking at your company’s internal workflow. Your organization can gain numerous advantages, such as reduced risks, high-value creation, and improved business insights.
Opt for a company that uses automated processing solutions to make the most of the outsourced financial services. Here are some of the top advantages of choosing automated processing.
Cost-effectiveness is an excellent argument and a high priority for choosing an outsourcing firm that uses an automated invoice processing system. Recruiting, employing, and training professional accountants can be costly. By lowering overhead and operational costs, your organization can avoid these charges. Instead, these people may be briefed in a matter of minutes and begin managing an automated invoice processing solution in no time.
People will always make mistakes. Even small errors can snowball into disasters when learning a new technique or working on a task for the thousandth time. This risk is avoided with an automated invoice processing solution because artificial intelligence is in charge, and specialists ensure that the software is up to date.
Improved Focus on Core Operations
When your team spends less time doing manual duties, they have more time to focus on vital work. Employees can focus on relationship management, supplier contract negotiations, stress testing, procurement, and logistics assistance. If process delivery becomes more efficient, humans can be freed up to perform jobs that need more critical thinking.
Improved Security & Accessibility
Security is one of the main concerns with outsourced accounting services. The good news is that outsourcing firms with an automated, cloud-based invoice processing solution can ensure high-level security.
Leading cloud platforms like Amazon Web Services, Microsoft Azure, and the Google Cloud Platform meet all of the industry’s security and compliance standards. This implies that your data is securely stored in the cloud and is instantly accessible. That is the beauty of the cloud – it evolves continually, ensuring that your data is always secure while being compliant with privacy and security requirements.
Cloud-based solution providers have their own security procedures in place to always keep your company’s data safe. At the same time, you will have complete control over your data, and functionality can be tailored to your specific business requirements.
Automated outsourced accounting work allows for easy integration with existing systems that your business may be using. They know how to export the retrieved data to their own platform when contemplating an invoice processing solution. This is made simple via APIs in an automated solution. You can integrate the services with your ERP system, accounting software, and any other business tools.
Switch to High-Value Automation-Driven Outsourced Accounting Services with Windes
You must stay one step ahead of your competitors in business to ensure growth and success. This entails cutting costs and making proactive decisions, all while keeping your company’s best interests in mind. One of the most important business decisions you can make is moving from manual services to automated outsourced accounting solutions for business.
Windes can help. We are a financial services outsourcing company that acts as third-party subcontractors to manage end-to-end finance and accounting operations. Our next-gen, automated solutions can help you achieve your business goals. Contact us today to learn more about our outsourced accounting services.