CASE STUDY

Some of the facts which business owners face when accounting and bookkeeping services are not outsourced often go ignored. Have a look at some basic facts stated below.

Problems faced with in house accounting department:

  • Poor selection of candidates for accounting section that results in poor accounting practices at organization
  • In smaller organizations it results in higher accounting errors and omissions because of absence of competent professionals overseeing team which would otherwise add to costs
  • High wages of in house accounting department personnel
  • It takes more cost to go online besides maintaining a full-fledged physical accounting setup in case management wants to review reports remotely/virtually.
  • Routine tasks take more time for processing in absence of sophisticated tools
  • Poor working capital management
  • Employer taxes
  • Disproportionate and varying cost of utilities
  • Cost of accounting department office space
  • Software & hardware for accounting personnel
  • Month end closing is taking more than 1 month
  • Accounts not being reconciled properly
  • Missing payments due to revenue leakages

Solutions to the stated problems:

  • By outsourcing bookkeeping services, you will save most of your accounting costs by reducing/eliminating the followings:
  • Cost of hiring and retaining competent professionals
  • High wages of other accounting staff
  • Additional costs/losses because of errors/omissions
  • Employment related taxes
  • Cost of office space
  • Cost of utilities
  • Software amortization
  • Depreciation of computers
  • Learning curve
  • Employee absentee and turnovers
  • Only chartered accountants close the period within minimum stated time
  • Your accounts are reconciled on weekly basis and with due care using cloud accounting solutions
  • The revenue cycle is also audited to ensure no revenue transaction is omitted

Benefits at Escrow Consulting Group:

  • If not all then most of your costs reduced related to accounting department
  • Satisfaction and peace of mind with accurate reports and financial results
  • Timely monthly closing to review financials
  • Weekly reconciliation of accounts results with weekly financial insights for better decision making by the qualified accountants
  • Complete revenue cycle audit to spot revenue leakages resulting in increased revenue
  • Access to broad range of services including business planning, financial KPI dashboard and financial statements
  • Additional reports/services available at minimum costs