After the economic adversity caused by COVID-19 to the businesses, many struggle to stay afloat. Companies wonder how to pay employees while work continues such as paying bills, running payroll, creating financial statements, or collecting accounts receivables from a small amount of revenue that streams in?
When companies reopen, how do can we continue to survive? With the loss of sales yet work to be done, how do we balance the need to survive by not spending too much money in operating cost? Continuing to employ workers means that we continue to pay labor plus all their fringe benefits and payroll taxes.
It may be time to look into outsourcing the back office support of any organizations that can be performed remotely. Accounting and Bookkeeping are office functions that just makes perfect sense to transition to an outsourced team. MCVO Talent Resource Services offers highly talented and educated individuals that can perform the accounting duties at the level expected.
There are many benefits to outsourcing your accounting and bookkeeping staff with MCVO. Besides the obvious lower labor costs, our outsource fees are all-inclusive. This means that there are no additional costs for health insurance, Medicare, Social Security benefits, employer taxes such as unemployment, or workman’s compensation, etc.
The work shifts are ideal, too. Many of our clients who outsource their Accounting and Bookkeeping team enjoys the time difference as the work is performed ahead than U.S. time. If necessary, U.S. managers or colleagues can meet with their remote outsourced team via Zoom or any other remote web platform. Communication is not a challenge as Filipinos write and speak in English.
Each day that passes, when businesses continue to get back to its feet, it is important to focus on the financial picture of an organization. We need to save and have as much cash reserves in the bank. Although it may take some time to recover from the economic downfall, outsourcing the back office support such as Accounting and Bookkeeping will allow companies to put money back into the business so that they can reinvest and rebuild. Let us help you! Book an a call today!