Often real-estate folk find themselves being fettered by having to do their own accounting work. Either they are hassled by maintaining and replacing in-house accountants, bothered by the substantial money that needs to be channelled away towards the task, or browbeaten by both situations.
That is how outsourced accounting becomes the practical and yielding answer to this problem. While many people might be saddling these quandaries, they seem quite wary to this solution owing to concerns of privacy, or generally for a lack of understanding of how this approach could even work, let alone work better.
Here are a few facts to help conciliate those conflicting theories with the actual process.
- Process: The remote accounting company will have a tried-and-tested streamlined process to transition the accounting from you to them, additionally migrating your data online so you can access it any time without having to go through them.
- Adaptation: Since each enterprise is different, the accounting company will study your accounts and accounting practices, and then determine the best way to proceed adapting the aforementioned streamlined processes to a more tailored fit for your company.
- Security: While they need to be able to see your bank accounts and other financial information, they are not authorised to move cash, sign cheques or make any pecuniary moves on your behalf, thus preventing embezzlement. They will be allowed a view-only access.
- Payment: The payment options are normally a flat-out monthly, quarterly or yearly fee, structured to fit different business sizes. Every business experiences ebbs and flows each month, so the payment structure is meant to absorb and balance out these difference with a standard fee. If you opt for only certain accounting tasks to be taken care of a separate bill can be made out, taking this into consideration.
- Efficacy: You are outsourcing your accounting to people who are pros in the trade, who can scale their manpower when necessary, and who have the requisite desideratum to stay abreast of technology and change in the field. So it is quite safe to say that you will be in expert hands.
For some people too wedded to the older principles of in-house accounting, this may seem like taking a leap of faith into the unknown. But having roughly outlined the important and base workings of outsourced accounting, you will find that there really isn’t much to be afraid about. Au contraire, it lightens your load and frees up a good deal of time for you to work on your core business, all the while working out more inexpensively!
What’s that antonym for a white elephant?! In a word, that’s what outsourced accounting is!