Outsourced Accounting 101: A Refresher Overview

Is getting your business’ financial matters among your New Year’s resolutions this year? Outsourced accounting is a viable solution if you want to get your financial statements, tax returns, and other bookkeeping requirements organized fast and at a low cost. In this blog post, we’ll give you a refresher on this popular outsourcing solution for small businesses.

outsourced accounting, Outsourced Accounting 101: A Refresher Overview

What is Outsourced Accounting and Bookkeeping?

Outsourced accounting and bookkeeping is a service wherein a business or individual pays a third-party outsourcing services provider to perform accounting and bookkeeping tasks without hiring the designated accountant as a full-time, in-house employee. Outsourcing companies in the Philippines such as MCVO provide businesses with access to trained and licensed accountants. The outsourced accountants and bookkeepers can work on the client’s orders on an hourly basis. Moreover, businesses can also hire outsourced accountants on a project basis.

Some of the functions you can outsource to an accountant in the Philippines are:

  • Payroll processing
  • Tax returns electronic calculation and filing
  • Management of accounts payable and receivables
  • Financial statement drafting and organization
  • Ledger balancing
  • Bookkeeping

What Are the Benefits of Outsourcing Accounting?

Outsourcing itself offers a long list of benefits. Outsourced accounting also extends those advantages. We have previously published a blog on the benefits of hiring offshore bookkeepers, but here’s a quick summary:

  • Outsourcing your accounting requirements help improve efficiency and productivity within your business. You and your team can get more things done when you don’t have to worry about accounting documentation and organization.
  • When you hire an outsourced accountant, you benefit from their professional training, experience, and knowledge. As a result, you don’t run the risk of having your accounting matters handled by someone not well versed in it.
  • Outsourcing agencies that offer accounting services use the latest technology and systems. So, when you hire an offshore accountant, you no longer need to purchase or rent such systems.
  • An outsourced accountant can take care of your accounts and books even when you’re busy.
  • Most importantly, you save money. Hiring an offshore accountant in the Philippines is way cheaper than hiring one in your country (U.S., UK, Canada, or Australia).

Hire Reliable Outsourced Accountants and Bookkeepers From MCVO

As one of the continuously growing outsourcing companies in the Philippines, MCVO offers accounting services trusted by many clients. Book a call now and let’s talk about your outsource staffing needs!

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