The size of your accounting team is directly proportional to the growth of your business
The flexibility principle states that an accounting team should be able to adapt to changes in the company based on its needs and operations
Outsourcing will assign specific accounting tasks of your accounting work to the outside specialists and your internal team will be liberated to focus on their work and also expedite urgent projects with rapidly approaching deadlines
The scalability is about creating a team that can excel your business into growth. Scalability is about capacity, capability, and equipping your teams with the means to handle company growth
If you outsource part of your accounting team, you can scale-up anytime wihout any issue as AF-Mada can employ more talented accountants depending on the need
Outsourcing accounting work and other projects to outside groups is not only about saving money but this is certainly one of the benefits of outsourced accounting services, from the employee payroll to the admistrative management cost
Other costs include materials and stationery supplies, gadgets and software expenses, hiring, employee allowances for overtime, training, and other payables
Basically, outsourcing accounting is more cost effective for small and medium-sized businesses
All of the costs must be considered, salaries, benefits, taxes, and unemployment and even the Hidden costs. Expenses can quickly add up, especially when ressources are limited
According to the International Organization for Standardization (ISO),"outsourcing can help companies reduce an average of 15 percent of their costs". But the actual savings depend on how many business operations you plan to outsource and other changes you want to implement in-house
Accounting outsourcing significantly reduces fraud as well as the likelihood of any security breaches, data theft or other risks is lower
The separation of tasks and functions by outsourcing certain services does not allow the conspiratorial temptation to exist
Although it has full access to your financial stack, income, loan statements, liabilities, and assets, AF-Mada, accounting branch of Madeinmada cannot do anything negative that can damage its reputation
The systems in place, clouds, crms, and secure software greatly help data protection
In addition, in the presence of a conflict of interest, it is possible to outsource the service to an external service provider. Such a solution is very obvious when the service provider is offshore