Scaling an SME into an MNC and then making it a renowned brand requires every component of the business to work well. This means performing equally well in core tasks like designing, productions, and sales and non-core tasks like accounting and compliance management.
To scale at length, it is advised to outsource some non-core tasks like accounting and compliance management to the experts. This will give you relief from some restless tasks of the day and you can invest that time in brainstorming strategies and visualizing the future of your business.
We, at KGMC, have been providing accounting and compliance services to our partner companies for the last 11 years. We have some well-recognized companies like AirBnB, Emerald Publishing, SKF, ITC Labs as our clients. In this blog, we will discuss:
- Accounting and Compliance Management
- Why is Outsourcing Accounting and Compliance Services preferred?
- Benefits of Outsourcing Accounting and Compliance Services.
- Our Accounting and Compliance Management Services.
Amidst all business operations, accounting and compliance management are often overlooked. This results in legal actions, penalties, and wrong financial decisions which, in the end, harm the company's growth. Corporate accounting is concerned with maintaining a systematic record of companies' financial data and analyzing and interpreting it to make meaningful financial decisions.
Corporate compliance management is related to filing and managing all the legal documents of the business to ensure that the business is working under the set rules and regulations stated by governing bodies.
Why is Outsourcing Accounting and Compliance Services preferred?
Accounting and compliance management is non-core yet important for a business to flourish. Outsourcing accounting and compliance services to experts will help you in various ways. You can get expert assistance in organizing, analyzing, and interpreting your financial data. You can get accurate financial projections of your company and can use your resources where actually required. Outsourcing accounting and compliance services is preferred and is a common practice in various SMEs and MNCs which are doing good in their industry.
Benefits of Outsourcing Accounting and Compliance Services
Outsourcing accounting and compliance services provides a lot of financial, experiential, and evolutionary benefits to you and your company. Let's get into those specific benefits.
Outsourced accounting and compliance management firms have sector-specific professionals working with them who have years of experience in task management. Outsourcing accounting and compliance services allows you to get guidance from industry experts in conducting your business tasks.
Organizing data is not enough. Accurately analyzing the data to make significant financial decisions is what makes a company prosper. We advise our partner companies with the solutions that best suit their business and situation.
Standard outsourced accounting and compliance firms use the latest world-class technology to record, organize and read your financial data. With the latest technology, you can reap the benefits of process automation and enhanced accuracy.
Inexperience in-office accounting and compliance officer work slow and could miss out on important data or documents. Outsourcing business processes to experts who work with hands-on latest technology increases the execution of business processes effectively.
Hiring a team and their monthly salary, maintaining office space and added allowances, spending on the latest technology, and regular upgradations, exhaust a lot of a business's finances. Outsourcing accounting and compliance services is a sure shot way to cut down these costs with a much better output.
Accurate and Timely
With experts working on top-class bookkeeping software, accuracy and timely delivery is assured. No delays in filing taxes and other requirements necessary for internal and external compliances.
Buys you time
Bookkeeping and compliance management includes restless tasks that consume a large part of the day. Outsourcing it to the experts will help you save a lot of your time which you could invest in strategizing your business actions.
With the assurance of experts working on your business processes your worries concerning accounting and compliance management would drop and you could focus more on your particular tasks.
In-office employees sometimes fail to communicate clearly the problems with the senior management. An outsourcing partner will streamline the communication and update the senior management with every ongoing scenario.
Saves much taxes
Financial experts can benefit you by saving much of your taxes that you are currently paying unnecessarily.
With industry experts maintaining all your company’s compliances, penalties are not likely to incur. Most outsourced companies assign professionals who specialize in your industry.
Your win is a win for the outsourced company. By signing a long-term contract for outsourcing accounting and compliance services with the company you can establish a healthy partnership. Long-term partners have a better understanding of each other's business.
Standard outsourced companies sign a legal contract before getting into a partnership where they secure data rights between both parties. Also, well-known accounting and compliance service providers have a reputation in the market and they are never involved in any corrupt activities.
Outsourced accounting and compliance management company will provide you full accessibility of your data which you can access at any time. In the outsourced company, only professionals who are involved in your work have access to your data.
In the long run, you need to take care of a few things for successful Outsourcing of Accounting and Compliance Services engagement:
- Communication gap- It is quite possible that you cannot talk to your outsourced partner regularly and that sometimes creates misunderstanding. But ideally it does not affect any of the deliverables.
- Transparency of work- An in-office employee works all day for you. While your outsourced partner will work according to their schedule they ensure quality results.
Our Accounting and Compliance Management Services
At KGMC, we have industry experts with years of active experience in different sectors. Since our inception in 2010, we have been providing business process management services to our partner companies.
We manage all the finance and compliance work wherein we cover-
- Comprehensive transaction-level accounting
- Finalization of account and financial statements
- Monthly and annual statutory compliances
- Payroll processing and related compliances
- Inventory accounting
- Reporting and MIS
- Reconciliation of bank accounts, debtors, creditors, etc.
- Working with auditors at year-end in closing books of accounts
Outsourcing Accounting and Compliance Services would be very beneficial for your business and for your work-life balance as well. We hope that we have answered your questions that you were searching here. If you still have a question get on a free consultation call with our expert and get it answered right now.