Businesses have recently discovered an array of advantages when they outsource critical accounting functions to an external team. This change makes perfect sense, especially when one considers the advanced software and technological assets that make it possible.
However, the transition hasn’t been easy for everyone. In fact, several complications can come up, particularly for the accounting firms providing these outsourced functions. Thankfully, the release of a new feature is helping to streamline this process, making the shift to outsourced accounting more efficient and successful.
Growing Demands for Outsourced Accounting
Outsourced accounting is no longer a trend. It’s a fact on the ground. For years, the enterprise community has demanded that external experts take on bookkeeping responsibilities.
Currently, the global bookkeeping market generates $74 billion in annual revenues, and is experiencing more than 5 percent annual growth. As more businesses continue to outsource their accounting needs, this market will only continue to expand.
What’s Driving This Transition?
It isn’t difficult to understand the advantages of outsourced accounting. When companies shift this responsibility to a team of external experts, staff members have more time to focus on other mission-critical tasks. But time saving isn’t the only motivation for businesses to outsource accounting services:
– Capital Savings: This type of service can bring a pay-as-you-go nature to a company’s accounting needs, enabling an organization to lean on the knowledge of outsourced accountants when they need it most. This helps reduce overall accounting costs, saving considerable financial capital.
Even organizations with full-time outsourced accountant partnerships save significantly. More often than not, the price of outsourced services is notably less than what it would cost to recruit and hire an internal accounting team.
– Impartial, Expert Advice: An outsourced team can also provide unbiased guidance to business leaders when they need it most. This type of advice can prove particularly valuable as a company expands.
“Experienced accountants have seen many businesses grow and scale,” inDinero contributor Jonathan Grabis wrote. “This means they can provide comparative and critical analysis and are familiar with what you should prepare for, how to make smarter spending choices, and which financial solutions will be the best fit for your business model.”
– Access to Advanced Technology: Leveraging the services of an outsourced accounting firm also means companies have access to the latest financial tech without having to invest in purchasing these systems themselves.
Streamlining the Onboarding Process
Technology represents a cornerstone of today’s accounting industry, but these systems can also create sticking points that complicate a company’s transition to outsourced accounting.
This is especially true during the onboarding process. In the past, accounting firms have had to manually tailor their software solutions to align capabilities with each client’s specific needs. This was a complex activity that required an experienced hand, and also increased the time it took to onboard clients and begin accounting work.
Thankfully, this critical pain point is now being addressed. Tallie’s newest release includes a feature that streamlines the software customization process, enabling accounting firms to more quickly onboard new clients transitioning from older systems to firm-managed, standardized platforms.
Tallie’s Affiliate Templates allow accounting firms to create special standardized versions for client processes and workflows. In this way, client needs can be organized into specific tiers, and when a new client comes on board, the firm is able to auto-provision an account that aligns with a selected template. This makes the onboarding process much more efficient, and significantly reduces the time it takes to set up a new client. Thanks to Affiliate Templates, it now takes only minutes to transition new clients to the accounting firms’ standardized system.
To find out more about this feature and how it can streamline the transition to outsourced accounting for your clients, contact us today.