The ongoing COVID-19 pandemic has disrupted business-as-usual scenario for many small and medium sized firms. The ensuing lockdowns, stay at home orders, and economic uncertainty has further complicated things for small business owners.
It has become important for these small businesses to reduce their overhead expenses. They need to cut down on their costs without affecting their operational efficiency. One way to do that would be to consider outsourcing.
Outsourcing the regular accounting, Bookkeeping and other support services can bring in a lot of short-term and long-term benefits for such businesses right now. Here are 7 reasons why a small or medium sized business should outsource financial accounting now.
1. Cost Savings
Managing costs and reducing them has always been a prerogative for any kind of business. Any kind of business is always looking to reduce costs without affecting operational efficiency. However, with the economic uncertainty prevailing around, cost reduction has become a top priority of business owners. It has become a pressing need for small and medium businesses.
Outsourcing has always promised a lot of cost advantage. And now this cost advantage has been
reinforced in the current pandemic.
We at BeJo Solutions work specifically with small and mid-sized enterprises to help them with
their accounting needs. We provide them a wide range of services like:
- Bookkeeping & accounting services
- Payable and receivables processing
- Reconciliation
- Payroll management
- Financial data analysis
- MIS & reporting
- Administrative services
We do this at a cost that is significantly lower than the cost that would incur on getting this done in-house.
2. Focus on Core Business Areas
We have often witnessed that small businesses accounting is done by owner itself. A medium sized business may go ahead and hire a full time or part time accountant to get things done in-house. But what they later realize is that these arrangements require a lot of efforts. They also end up spending a lot of time in these kinds of arrangements – time that could have been better used in core business.
As an accounts outsourcing partner, we help you save all that time and efforts. We take care of end-to-end accounting activities for you so that you can focus on more important things.
3. Financial Stability
In the current pandemic times, financial stability is like an elixir for small and mid-sized businesses. That is exactly what an accounting outsourcing model does.
Operating an in-house accounting department comes with a lot of expenses. While most of them are projectable expenses, there are unexpected or hidden costs that emerge every now and then. These can be hard to manage.
With BeJo Solutions one will have to pay only for the hours worked. No recurring expense or fixed obligation appended! There are also no hidden costs that you need to worry about.
4. On-Demand Resources
When there is so much economic uncertainty around, it is hard to forecast future resource requirements and plan for them. Depending on the state of the economy, government policies, and overall business sentiment, your requirements would vary. If small and mid-sized businesses overestimate their needs, they would end up investing more than needed. And if they underestimate then they may face resource crunch.
BeJo Solutions helps you with on-demand resources for your business needs. Whether you need accountants, payroll managers, virtual administrative assistants etc. We can help you with all of these without causing a huge dent in your pockets. We help you scale up and down your resource needs through a flexible engagement model.
5. 0-Capital Investments
Operating an in-house accounting team involves a lot of overheads. You need to invest in the infrastructure, technology, benefits, etc. Although these are viewed as investments, they can be quite crippling for the small or mid-sized businesses, especially in times like these. These investments can also impact your growth during an economic boom.
BeJo Solutions helps you to experience growth avoiding capital investments wherever possible. You can enjoy the benefits of our highly skilled resources, best-in-class accounting software, etc. at a fixed operating cost. You don’t have to worry about employee sick days, holidays, bonuses, etc.
6. Faster Turnaround Time
If you are someone who wants to get your accounting tasks done faster, then outsourcing them to BeJo Solutions is for you.
We believe that work delivered on time is as good as saving money for our clients who are small and mid-sized businesses. Hence, we make sure that their work is done and delivered within the promised timeframe.
Our clients can just assign work to us and get it done by the next day. It helps them with work planning and streamlining their own deliveries.
7. Continuity of Services
A business always needs to run its back-office irrespective of the economic situation. An outsourcing company like BeJo Solutions can provide the much-needed continuity of back-office to small and mid-sized business owners in case of layoffs or employee attrition.
We provide you that much-needed stability and continuity of services for your back-office.
Conclusion
What the COVID-19 pandemic has done is that it has brought in an unprecedented global economic downturn.
While the previous economic slump was due to reasons we have faced previously, the COVID-19 triggered slump is something that we have not seen in our lifetime. So, preparing for it is also a challenge for small and mid-sized business owners.
It is wise to take help right now if it allows you to have more control over your business and finances. We provide you accounting services support so that you can focus on making the critical decisions that would bring in the cash and keep your business going.
