There are various reasons why firms should shifting financial operations to outside providers.
- For a new firm just start up, to employ a full-time accountant or bookkeeper is not necessary or not affordable.
- An international company with mobile workers in Australia, it is not sensible to incur too much cost on office premises and on in-house accounting staff.
- Some companies might outsource particular functions, such as bookkeeping, payroll and management report, so that they would develop more on their core functions.
Apart from the ones mentioned above, there are a number of other financial tasks that companies can outsource according to individual circumstances. For instance, processing accounts, budgeting, cash flow, financial reporting, tax return, etc.
The main benefit of outsourcing for businesses and companies is to focus on their competitive advantage, reduce labour cost and boost productivity. But there are risks need to be aware of. One would be the security of confidential data. It suggests that companies that are outsourcing should make sure their computer system is secured and their data is maintained by technicians with strong security knowledge base and high level of skills and experience. Another essential point need to be addressed is the quality of the outsourcing work. By paying less, some firms ended up receiving poor-quality work. Hence, companies are highly recommended to seek professional outsourcing advice to identify the best option when they consider to deliver the work.
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