Case Study
Some of the facts which business owners face when accounting and bookkeeping services are not outsourced often go ignored.
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
Client Review
We support clients across multiple industries with secure, transparent, and compliance focused accounting. From feasibility studies to management reporting, our work is built on accuracy, documentation, and trust.
"We have been working with Escrow for the past two years. They are professional, efficient and able to assist with all our questions and queries. I would highly recommend them to anyone needing financial services."