28 May 2020 Ankit Chadha

4 Reasons Why You Need Outsourced Accounting Services

Outsourced Accounting Services | TRC Consulting

Business owners of today face greater expectations when it comes to financial transparency and compliance by governments. All too often, companies juggle daily responsibilities alongside more complicated and time-consuming tasks such as finance, accounting, compliance, internal audit, and risk management.

You own a business; you have put in all your hard work and effort into building your business up from scratch into what you had envisioned. So, we don't have to tell you how essential accounting functions are for business operations.

In simple terms, you must be aware that the accounting function comprises a set of rules and regulations that all businesses must follow and are also known as Generally Accepted Accounting Principles (GAAP). The reason such laws exist is to ensure that all and any business owned and operated in India can be compared against a standard accounting principle, making it easier to keep track and maintain the overall integrity of compliance.

Why You Need Outsourced Accounting Services?

You would want your business to function smoothly, and for the same, you do have an option to hire an expert accountant – who can offer technical and legal expertise. But let's be honest, you know that hiring a full-time accountant, alongside the requisite team at your company, will be super-expensive. So, why spend unnecessarily on hiring someone full time, when you can just opt for outsourced accounting services that offer you the same, or even a higher level of technical and legal expertise for all your accounting needs.

How TRC Helps Your Business with Accounting Services?

With TRC Corporate Consulting, you can be assured that our outsourced accounting services deliver in-depth technical precision for all accounting functions and makes use of the best practices to execute the relevant tasks. Before we deliver any solutions or services, our professionals ask the following questions to gauge a deeper understanding of your requirements:

  1. Who oversees the outsourced accounting services – the point of contact?
  2. What is expected from our outsourced accounting services?
  3. How to decide the completion of priorities?
  4. Which are the issues for which we can regularly check with you?
  5. Would there be a requirement to review and negotiate new business contracts?
  6. How have the accounting functions been handled in the past?

We, at TRC, understand that not all businesses are ready to outsource their accounting functions and that each business, and its requirements are different. But there a few prompting reasons that can ascertain the need of outsourced accounting services for your business. Look below:

  1. Substantial Growth 

Is your company's turnover exponentially increasing or doubling every year? Or is your extensive clientele becoming tough to handle? You must consider outsourced accounting services to manage all such tasks effectively.

For the majority of business owners, 'substantial' growth can be recognized as not being able to manage multi-faceted aspects of a business, which also includes accounting.

  1. 'X' Figures in Sales 

Again, because every company is different, it is difficult to put an exact amount or figure for when outsourced accounting services are needed. So, if you see that your sales have considerably increased over the years, and you need a team of experts to handle the various financial aspects related to sales, outsourced accounting services can be a great option to consider.

If at this point, you are incurring five figures of expenses every month and need help coordinating everything, you can choose to outsource your accounting functions for professional guidance and handling of affairs.

  1. Deciding Investor Capital

When an external investor decides to invest in your company, they would want to ascertain that it a good idea or not – concerning the investment's financial success.

Investors would want to see the business be profitable and succeed, but they want to see these metrics actualize on paper. They want to know that your financials are precise and thorough. Otherwise, any notion of errors can sway them to sell their investments. For the same, hiring outsourced accounting services can help you with effective, data-backed reports that your investors and you can rely on.

  1. Require Accounting Solutions

Perhaps you need a simpler way to bill your customers or collect payments. Maybe the accounting program that you are using is obsolete, and it does not serve your requirements the best anymore. Precisely, this is where outsourced accounting services may be of assistance.

Not only do they know the best technology solutions in the market, but most even provide you with the technology and the knowledge of it at no extra cost. Outsourced accounting services enable you to access the best accounting solutions for streamlining your company and its functions.

Your Next Steps for Outsourced Accounting Services

Outsourcing your accounting functions is a big step towards driving forward your business goals. Either you choose to be more cost-effective by opting to outsource (instead of hiring in-house), or you deliberately choose to free up your internal resources to grow your company. Remember that accounting is a critical function of your business, which is not optional. Legal obligations and mandates revolving around accounting tasks such as maintaining comprehensive and accurate financial records of a company are both compulsory by law and required for strategic decisions.

At TRC Corporate Consulting, we strive to help our clients experience business growth, efficacy and offer our extensive industry knowledge and expertise by providing comprehensive accounting solutions.

What more? Our range of services covers the simplest to the most complex accounting functions of:

  • Bookkeeping
  • Accounts Payable
  • Accounts Receivable
  • Tax Advisory
  • Investment facilities
  • Financial Risk Advisory
  • Valuations
  • Due Diligence
  • Bank/ Vendor/ Customer Reconciliation
  • Audit Support (Overall)
  • Accounting Set up

TRC Corporate Consulting is one of India's leading consulting firms that delivers deep domain experience, strategic insights, a tailor-made methodology, and an unprecedented partnership to help your business face the future with confidence. So, if you are ready to push your business towards financial success, contact us today!

get a call back

If you need to speak to us about a general query fill in the form below and we will call you back within the same working days

How can we help?