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Top 10 Benefits of Outsourcing Accounting and Payroll Services

Outsourcing Accounting and Payroll Services

Organizations, these days, not only look for cost-effective solutions to systematically run non-core activities like accounting and payroll services, but also expect to add value in order to achieve better control and understanding of cash flow and thereby make informed decisions. In spite of being considered as non-core, accounting services form an integral part of an organization’s operational capabilities and systematic functioning. Therefore, outsourced accounting and  payroll processing services  definitely help streamline core business operations of an organization.

The top 10 advantages of outsourcing accounting and payroll services can be enumerated as:

  1. Achieving high level of accuracy: 

    Outsourcing accounting services and payroll outsourcing can be quite beneficial when it comes to generating accurate results that can be as high as 99.95%. This, in turn, ensures better management of back office functions. Dedicated staff in BPOs handle accounting and payroll services smoothly and efficiently.

  2. Cost effective services: 

    A major advantage associated with outsourced accounting services is the cost-effectiveness of the services. A huge amount can be saved up on operational costs and channelized towards the funding of core business processes.

  3. Fraud Check:

    Outsourcing payroll processing services to professional payroll outsourcing companies can in fact help control any possible fraud by staff within the organization. The service providers are accountable for every transaction processing as well as quality and accuracy control.

  4. Direct deposit through efficient payroll processing:

    On-time payroll processing enables quick and efficient staff payment through direct deposits. This keeps the staff satisfied and productive leading to business augmentation.

  5. Avoiding penalties during tax processing:

    Inappropriate payroll management could lead to inaccurate tax filing resulting in tax penalties. Outsourcing payroll processing services to professionals can save companies these hassles and ensure accurate payroll processing.

  6. Reaping benefits with up-to-date technology: 

    The market is changing continuously due to technological advancement. Companies can avail such progressive technology through systematic outsourced accounting services.

  7. Saving up on processing time:

    Accounting and payroll processing is time consuming and companies tend to lose focus on core competencies while trying to manage such a process. Therefore, outsourcing frees up time for further value-added revenue-generating tasks.

  8. Gaining from the assistance of experts:

    Outsourced financial services providers hire experienced professionals to perform accounting services and payroll processing services. These consultants can provide apt tips and timely advice pertaining to payroll services as companies expand and processes become more and more sophisticated.

  9. Avoiding reconciliation worries related to financial institutions :

    Bank reconciliations can be quite tedious and an ongoing process consuming a lot of effort and time in terms of keeping track of all the payments through the bank during the rolling out of pay checks. This can be avoided by delegating payroll services to experienced payroll outsourcing companies.

  10. Staying informed with up-to-date accounting status:

    All possible accounting and payroll related information can be obtained regularly from professional service providers handling outsourced accounting services. Advanced software can help companies look at personalized reports that can save a lot of time while making important financial decisions.

Sl.No Article
1 6 Reasons Businesses Must Outsource Finance and Accounting
2 How to Leverage Accounts Payable to Improve Working Capital
3 Benefits of Procure to Pay (P2P) / Accounts Payable Outsourcing
4 6 Ways To Conquer Major Accounts Receivable Challenges

For information on how Invensis Technologies can deliver value to your business through Payroll Processing Outsourcing Services, please contact our team on US +1-302-261-9036; UK +44-203-411-0183; AUS +61-3-8820-5183; IND +91-80-4115-5233; or write to us at sales {at} invensis {dot} net.

Posted in: F&A
senthil.kumaran@Invensis.net'

About the Author:

Senthil brings 11+ years of experience in the outsourcing/off-shoring domain. He has expertise in streamlining the accounting, auditing and financial management processes of companies across verticals. With in-depth knowledge of GAAP, he has efficiently managed the requirements of bookkeeping, invoice processing, bills processing, general ledger reconciliation, subsidiary business accounting, underwriting and MIS reports for diverse clients. For more information on how Invensis’ Finance and Accounting services and solutions can add value to your business, please contact Senthil at sales {at} Invensis {dot} net today.
  • john

    Outstanding article, the benefit of outsourcing accounting and payroll services are
    explained exceptionally well in this article. By reading this article I came to know the pros of outsourcing accounting and payroll.
    Offshore IT outsourcing services

  • I am very happy to get great details about outsourced bookkeeping and payroll services to you blog

  • Pingback: Why Small Businesses Can Benefit From Outsourcing Payroll – Online Day Trading()

  • Alisa Addison

    Thanks for sharing such an informative post. These are really good reasons to outsource payroll and accounting services which benefits business in many different ways. Payroll services even provides much more benefits like avoiding turnover troubles, compliance with government regulations, reduce overheads, optimise your transactional processes, allow you to make the best use of the employees etc.

  • Benny Hinn

    Really nice to read your information which provides clear details about the benefits of payroll services..

  • Sarah kaur

    Nice blog on this topic i am complete agree with your opinion.

  • Ragland Navamani

    Nice blog. For every company a payroll plays an important role because it help to calculate salary and other expenditure of an employee from the starting till he retires. So payroll management services plays an important role in it.

  • Nice and useful information.Payroll is the vital part of an organization and some companies get outsourcing services from another organization,this increases the mutual relationship between 2 companies.

  • Adriene Raynott

    This is really something important for me. As Cogneesol is also a great platform to provide healthcare accounting and bookkeeping services. And here i am getting lot of information.

    Thanks a lot.

  • David

    This is really helpful blog about how outsourcing services like
    Accountingand payroll processing services to the organization.

  • Baxter Harrison

    Very nice and
    informative article. Thank you so much for the brief intro and yes thank you
    for the list, that’s really helping. Hope this is really going to help all and
    then all can sure there experiences.

    http://bookkeepingmonster.co.uk/payroll-services/