Can accounting processes be outsourced?
A substantial part of accounting processes can be outsourced:
Benefits in outsourcing accounting processes:
Accounting processes should:
- Add to the competitive advantage of a business (delight customers with reliable accurate invoicing, delight vendors with prompt payments, delight employees with accurate/prompt payments, delight management with insightful analysis of performance.
- Leverage on technology to effortlessly convert data into information, information into analysis and help you convert analysis into insight.
Outsourcing accounting processes will ensure you have a scalable accounting system that adds to your competitive advantage (and often at a substantially lower cost).
How it Works
You continue to keep your accounting system in your premises. You scan all paperwork and store them in a document management system in your premises. We access both remotely, process the paperwork and update your accounting system. We leave the documents created by us (invoices reports etc) in your document management system. See “How it works” for more details.
Is there a risk in outsourcing accounting
The risk is understandable and manageable:
- Control over accounting system: Your accounting system stays in your premises. We access your system remotely.
- Control over accounting data: Your accounting data stays in your premises. We do not extract the data. We do handle your confidential data. However, we have ISO 27001 standard information security processes that most in house accounting functions do not have. You are safer with us.
- Discontinuity risk: We have ISO 27001 standard business continuity policies and practices that most in house accounting functions do not have. You are safer with us.
- Abrupt disengagement risk: You can minimize this by choosing the right vendor with good credentials. See “Our Clients”, “Our Credentials” and “Why TaurusQuest” to get more information on why TaurusQuest is a more reliable vendor. We covenant to support you for smooth transition to any alternative arrangement in the remote event of disengagement.
- Abrupt price increase risk: Our contracts are for medium term and secured in a competitive environment.