Why Outsource
Is outsourcing right for you?
Outsourcing accounting is right for any sized organisation. We have identified some categories of companies that you may fit in to (or wish to fit in to) who should seriously consider outsourcing their accounting needs:
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Save time and resources
Access to a team of professionals Ongoing service provider Trust is important Focus on your core business Grow your business Generate more revenue Get professional advice Human resources considerations |
Save time and resources
Let us look at some of the numbers if an employed bookkeeper was performing the bookkeeping duties as opposed to outsourcing the work. If your bookkeeper was earning between 100,000 and 200,000 per year doing your books, they are actually costing your company between 180,000 and 250,000 per year when you calculate the additional costs of taxes and benefits paid to them.
Using a highly skilled accounting firm may cost between 75,000 to 150,000 per year depending on the services you require and it’s all a tax deductible expense!
Consider some additional costs to you after you have looked at the cost of an in-house bookkeeper. You have to provide office space to house them, furniture, phone costs, computer costs, software updates, software support licensing fees. In addition to these fees, even the most reliable staff members require some degree of management and supervision. Your valuable management time could be directed at doing what you do best for your clients.
We discussed the costs involved with retaining or hiring a new in-house staff member but in addition to all of these costs of retaining or hiring a bookkeeper, outsourcing allows you to only pay for the services that you actually use – with no management overhead cost to your company.
Using a highly skilled accounting firm may cost between 75,000 to 150,000 per year depending on the services you require and it’s all a tax deductible expense!
Consider some additional costs to you after you have looked at the cost of an in-house bookkeeper. You have to provide office space to house them, furniture, phone costs, computer costs, software updates, software support licensing fees. In addition to these fees, even the most reliable staff members require some degree of management and supervision. Your valuable management time could be directed at doing what you do best for your clients.
We discussed the costs involved with retaining or hiring a new in-house staff member but in addition to all of these costs of retaining or hiring a bookkeeper, outsourcing allows you to only pay for the services that you actually use – with no management overhead cost to your company.
- We take care of the resource driven and time consuming accounting and business administration aspects of your business.
- Free up a tremendous amount of time that is normally taken up with your accounting and related activities. This leaves you free to tackle more complex problems that your clients may have and spend more time on what matters – your clients.
- Accounting and bookkeeping tasks are too important to the growth of your business to be treated as a secondary responsibility by members of your office staff. They should be focussing their energies on revenue driven activities ensuring your client base is taken care off.
Access to a team of professionals
We are able to assist you to plan and prepare for your prosperous future by providing you with professional budgeting and forecasting services.
You will have access to a full accounting staff, without the human resource component and the cost attached of keeping such a staff in-house. This means a considerable cost-saving by outsourcing to a professional team such as Watermans East Business Solutions (Pty) Ltd.
We provide an in-depth analysis and full accounting service to our clients where you get a complete understanding of what is going on in the books, and can use this information to help you make better informed business decisions.
You are thus gaining access to high-level accounting skills without having to hire or train up staff members. You are investing in a pool of talented resources and a certified partner who consist of people who are up to speed with accounting services and will get it right.
We are your professional and reliable all-in-one bookkeeper, accountant, tax practitioner and business advisor that can provide you with tax planning, annual returns, payroll, monthly accounting, financial statements and auditing services.
We stand by our commitment to integrate our knowledge and expertise to assist owners and management on a variety of levels and where possible, identify value added opportunities such as valuable, timely and intelligent business support.
You will have access to a full accounting staff, without the human resource component and the cost attached of keeping such a staff in-house. This means a considerable cost-saving by outsourcing to a professional team such as Watermans East Business Solutions (Pty) Ltd.
We provide an in-depth analysis and full accounting service to our clients where you get a complete understanding of what is going on in the books, and can use this information to help you make better informed business decisions.
You are thus gaining access to high-level accounting skills without having to hire or train up staff members. You are investing in a pool of talented resources and a certified partner who consist of people who are up to speed with accounting services and will get it right.
We are your professional and reliable all-in-one bookkeeper, accountant, tax practitioner and business advisor that can provide you with tax planning, annual returns, payroll, monthly accounting, financial statements and auditing services.
We stand by our commitment to integrate our knowledge and expertise to assist owners and management on a variety of levels and where possible, identify value added opportunities such as valuable, timely and intelligent business support.
Ongoing service provider
You will not have to deal with filling gaps when your in-house bookkeeper is ill or on vacation. By outsourcing, you won’t even notice if a member of our team is out or a replacement has been made. You thus have access to a team with a wide range of backgrounds and specialities.
So, rest assured that your books and reports will always have the level of accuracy that you need.
So, rest assured that your books and reports will always have the level of accuracy that you need.
Trust is important
If you have a small business, no one else is probably looking over the shoulder of your bookkeeper, and as much as we would like to think that everyone we hire is trustworthy, the reality is that fraud does happen. Such a person usually knows more about accounting than you do, so finding mistakes and malicious actions can be difficult - and we don’t need to emphasise how costly such a matter can become to your business.
By outsourcing your accounting needs, our team will provide you with multiple levels of review and oversight to avoid any risk of human error. In addition to this, you don’t need to give anyone else access to your bank account numbers or blank cheques.
By outsourcing your accounting needs, our team will provide you with multiple levels of review and oversight to avoid any risk of human error. In addition to this, you don’t need to give anyone else access to your bank account numbers or blank cheques.
Focus on your core business
We do the accounting work so you can focus on running your core business and focus on your clients’ needs. Focusing on your main expertise gives your company the resources to endure successfully in the long term.
Our team is highly skilled and are ready to work with you at any stage of your company’s development and assist you regardless of the field of your business.
Research has shown that being involved with the non-core but essential activities of your business eats into your profit and the productivity of your company. Being constantly busy with managing the accounts and finances of your company qualifies as such a non-core but important activity – therefore outsourcing accounting to specialised accounting company makes good business and bottom line sense.
Outsourcing will not only minimise accounting cost and time, but will also spare your in-house staff from the clutter of maintaining tedious accounting transactions and details and let them focus their time on working on your business critical tasks.
Watermans East Business Solutions will provide you with a solution that will allow your business to get these non-core activities “out of the way”. Our team will get the work done as efficiently as possible with little or no intervention from you.
After our team conducts a thorough analysis of your existing accounting tasks and systems, we will put together a custom-designed accounting solution that will leave you free to focus on the growth of your business, save you money and streamline your processes. The services we offer to you will be scalable and be ready to expand with you as your company grows or during busy times when your workload increases during the year.
Our team is highly skilled and are ready to work with you at any stage of your company’s development and assist you regardless of the field of your business.
Research has shown that being involved with the non-core but essential activities of your business eats into your profit and the productivity of your company. Being constantly busy with managing the accounts and finances of your company qualifies as such a non-core but important activity – therefore outsourcing accounting to specialised accounting company makes good business and bottom line sense.
Outsourcing will not only minimise accounting cost and time, but will also spare your in-house staff from the clutter of maintaining tedious accounting transactions and details and let them focus their time on working on your business critical tasks.
Watermans East Business Solutions will provide you with a solution that will allow your business to get these non-core activities “out of the way”. Our team will get the work done as efficiently as possible with little or no intervention from you.
After our team conducts a thorough analysis of your existing accounting tasks and systems, we will put together a custom-designed accounting solution that will leave you free to focus on the growth of your business, save you money and streamline your processes. The services we offer to you will be scalable and be ready to expand with you as your company grows or during busy times when your workload increases during the year.
Grow your business
When you are spending time on your books, you are not growing your business. We are able to do your books better and more efficiently than you – and we know that no one can grow your business better than you can.
So, while you are focusing on growing, selling, hiring and raising more money for your business, we will focus on your invoicing (A/R), billing (A/P), compile and issue your financial statements and the related functions of the accounting function.
We know that small businesses can grow quickly, but they are often hindered by the accounting and admin issues that hamper their further growth and cementing of their client base. So, as you plan to grow your business or you are already growing your business, your in-house staff members may not be able to scale quickly with you. This is where we are able to scale with you and we will assign new bookkeepers to your account with us as you need it.
Another common challenge is finding staff members that are able to grow with your business’s needs. As your company grows, so will the amount and complexity of the accounting work that will need to be performed. You may find that as your company grows, you are being pulled into several directions and managing all of the functions – often resulting in neglecting financial matters.
Remember, accounting is a statutory requirement that will affect your business in one way or another – if you lack an accurate financial picture or submit your statutory returns late, the consequences of this can end up costing you money and opportunities.
So, while you are focusing on growing, selling, hiring and raising more money for your business, we will focus on your invoicing (A/R), billing (A/P), compile and issue your financial statements and the related functions of the accounting function.
We know that small businesses can grow quickly, but they are often hindered by the accounting and admin issues that hamper their further growth and cementing of their client base. So, as you plan to grow your business or you are already growing your business, your in-house staff members may not be able to scale quickly with you. This is where we are able to scale with you and we will assign new bookkeepers to your account with us as you need it.
Another common challenge is finding staff members that are able to grow with your business’s needs. As your company grows, so will the amount and complexity of the accounting work that will need to be performed. You may find that as your company grows, you are being pulled into several directions and managing all of the functions – often resulting in neglecting financial matters.
Remember, accounting is a statutory requirement that will affect your business in one way or another – if you lack an accurate financial picture or submit your statutory returns late, the consequences of this can end up costing you money and opportunities.
Generate more revenue
When your staff members are spending time on inefficient accounting and bookkeeping processes, it is a time waster which means that not all of your possible available time is spent building revenue for your company.
Our team will set up new efficiencies to reduce the number of contact points with each accounting item (invoice, bill, etc.) and allow your entire team to focus on priority number one – generating revenue and cementing customer relationships.
Our team will set up new efficiencies to reduce the number of contact points with each accounting item (invoice, bill, etc.) and allow your entire team to focus on priority number one – generating revenue and cementing customer relationships.
Human resourcing considerations
We would like to bring a few human resource considerations to your attention:
By outsourcing your accounting needs, you are essentially released from the human resource hassles of dealing with in-house employees.
Consider whether your in-house employee is capable of dealing with your growing and/or changing accounting needs. Our team is up to date with the latest accounting developments – an added benefit to you that will not cost your company money to send employees on courses and dealing with their absence while they are on courses.
Accounting chores are complex and time consuming. And to this end, your in-house staff may only have a certain amount of hours or other resources to perform these critical tasks. Our team takes charge of the accounting chores and because you have a team working on your records, we reduce or eliminate potential errors or omissions. Another reality that business owners and managers deal with is the risk of fraud and other human resource problems such as illness and other issues that may crop up.
Another consideration is whether all of your accounting activities should be processed by one person. By outsourcing your accounting to an accounting team, your company is protected against risks that the bookkeeper may move, resign, go on vacation, become ill, or other “people” related instances.
It is thus an important consideration when looking at the human resources component of your company whether to outsource your accounting needs or whether you are content with dealing with the costs of performing your accounting function in-house bearing in mind other factors that accompany this decision such as recruiting, salaries, taxes, training of employees, paid time-off and benefits.
For many of our client’s and other companies, it is simply cheaper and less risky to turn such important tasks to professionals, like Watermans East Business Solutions (Pty) Ltd, who specialise in accounting tasks.
By outsourcing your accounting needs, you are essentially released from the human resource hassles of dealing with in-house employees.
Consider whether your in-house employee is capable of dealing with your growing and/or changing accounting needs. Our team is up to date with the latest accounting developments – an added benefit to you that will not cost your company money to send employees on courses and dealing with their absence while they are on courses.
Accounting chores are complex and time consuming. And to this end, your in-house staff may only have a certain amount of hours or other resources to perform these critical tasks. Our team takes charge of the accounting chores and because you have a team working on your records, we reduce or eliminate potential errors or omissions. Another reality that business owners and managers deal with is the risk of fraud and other human resource problems such as illness and other issues that may crop up.
Another consideration is whether all of your accounting activities should be processed by one person. By outsourcing your accounting to an accounting team, your company is protected against risks that the bookkeeper may move, resign, go on vacation, become ill, or other “people” related instances.
It is thus an important consideration when looking at the human resources component of your company whether to outsource your accounting needs or whether you are content with dealing with the costs of performing your accounting function in-house bearing in mind other factors that accompany this decision such as recruiting, salaries, taxes, training of employees, paid time-off and benefits.
For many of our client’s and other companies, it is simply cheaper and less risky to turn such important tasks to professionals, like Watermans East Business Solutions (Pty) Ltd, who specialise in accounting tasks.