Running a business is a never-ending litany of tasks and problem-solving. As the big boss you can only put out so many fires in a day. Outsourcing accounting work is not only an efficient way to claim a significant chunk of your time back; it can also lead to some healthy savings that can be recycled back into your business.
“How much time will I save?”
This depends on a couple of factors. The first is the size of your business, the second is how much of your accounting (payroll, bookkeeping, taxes, etc.) you ship out, and the third is how many overseas accountants you bring on.
That being said, once you’re outsourcing accounting work your own in-house bookkeeping efforts get slashed down to the bone. Essentially you just have to make sure that you have all of your info set up and accessible to your overseas team, and you will still have to do your direct client and supplier-facing interactions yourself (collecting payments, paying suppliers, etc.)
You can however save even more time by designating someone else to be your in-house liaison to your overseas accountant(s), handing over the task of information funneling to them, leaving you to do more business expansion work.
The other point to remember is that with outsourced accounting you don’t have to remember to set time aside to work the books. Since you’d already be storing your financial files electronically (or scanning them if you’re still an all-paper operation), you’re already doing your part – the actual accounting will happen automatically. It’s fire-and-forget.
“How much does it cost?”
Again, this depends on the factors mentioned above. But one of the huge advantages to outsourcing accounting work is that you only pay for what you need – no paying for an in-house bean-counter who won’t really have enough to do to justify their ongoing costs.
Also, if you ever need to add on some kind of financial specialist, you just have to send us an email and we’ll get you set up, as opposed to paying for an HR head-hunt.
“How do I assure quality when outsourcing accounting work?”
Chances are that if you’re running a small or medium-sized business then you’re not an accountant yourself. Every single member of BOSS’ overseas team is a certified accountant qualified to work with Australian and New Zealand financial procedures. They all underground strict training, and all work goes through a supervisor.
So chances are that the quality of your bookkeeping is actually going to go up once you start outsourcing accounting work.
“Is there any kind of bonding or insurance?”
BOSS is covered by Professional Indemnity Insurance, which means you’ll be covered by PII. BOSS is also a member of the Institute of Chartered Accountants Australia and New Zealand, meaning we (and therefore you) are covered by all of the applicable laws of Australia and New Zealand.
“How long will it take to set up?”
There’s not much point of us bragging about how outsourcing accounting work will save you all of this time and stress if it ends up taking a lot of time to set up, possibly hurting your business in the process.
That’s why we’ve streamlined our on-ramp procedure so that it usually takes only about 3 days from your initial contact for us to have you up and running and back to being fully focused on running your business.