Accounting may seem strictly regulated and static, but in reality it is a complex, ever-changing, and comprehensive field, which is why more and more companies are opting to outsource accounting services.
The basic requirements by the law generally require simpler basic knowledge in accounting, which can be handled successfully even by accountants with less experience. But even then, many companies find it more cost-effective to outsource the service rather than hiring an employee on payroll, who they would have to be responsible for in terms of working environment and equipment, on-boarding and training, vacations, and other occurring costs.
Outsourcing accounting services often comes to the forefront when a company’s management realizes that simple accounting, such as managing basic documents and tax declarations and performing daily accounting tasks, is not a sufficiently valuable tool for the company to make right financial decisions. Growing companies require, in addition to performing simple tasks, monthly reporting, larger payroll processing, declaration submission, a very good understanding of legislation and up-to-date technology.
When a company is growing and its accounting becomes more complex, it is possible to customize accounting for companies to become more personalized, adding necessary analyses, accounts, and forecasts arising from the business direction and field of activity to mandatory transactions. Adding different supportive services to financial accounting will help company leaders focus on their core business, gathering the information needed for decision-making from these financial accounting services, whether they are sales forecasts, profitability analyses, payroll and personnel accounting, comprehensive management reporting, budgeting or any other field that requires deep dedication.
Outsourcing of financial services that are currently important for the company provides flexibility and a fresh and adequate perspective from outside the company. In addition, consulting on accounting-related tax, legal, and personnel issues creates added value for the company’s leaders, which is often not provided by people working within the company.
An alternative is for the company to hire a chief accountant or financial manager to fill this role, but it is significantly less cost-effective and the knowledge and complex solutions that one accounting firm can offer with its team are significantly greater than what one salaried employee can potentially provide to the company individually.
Up-to-date accounting services are a great accelerator for improving the work of existing teams or restructuring accounting. By outsourcing the service, it is possible to use top specialists in the field as needed. The accounting firm’s team can provide reports that have not been used in the company’s work before and without additional costs.
Complium Accounts is dedicated to staying up-to-date with industry developments and keeping pace with the times and our clients’ needs. Often, companies devote a large amount of their resources, such as time and money, to simple bookkeeping maintenance. However, we believe that by investing these resources in the hands of specialists, company leaders will have significantly more time, money, and energy to focus on managing and growing their business.