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