Outsource Accounting service have long been an important tool for businesses in Bangladesh. Accounting services have been utilized in various formats and phases of society since the dawn of human civilization. The vast improvement and use of IT knowledge has given this sector a competitive advantage in modern times. We, as an outsource accounting service supplier in Bangladesh, have developed many bookkeeping software packages and tools in collaboration with our in-house IT staff in order to deliver accounting & bookkeeping services more efficiently.
Key Message: Outsource Accounting service play an important role in Bangladesh, helping both internal financial problems and external relations such as the government. Reporting, taxes, audits, bookkeeping, accounting manuals, operations manuals, liquidation, and so on.
Importance: For example, 80% of small firms close their doors due to cash flow issues. According to the Small Business Administration, one of the leading causes of small business failure is poor financial management. In fact, three out of 10 new enterprises fail after 2 years, and about 5 out of 10 fail within five years due to poor Accounting & Bookkeeping management.
Issues With Accounting Outsourcing
1. Breaking Down Barriers in Language
The language barrier is more of an impression than a genuine obstacle in Accounting . Nowadays English-speaking experts are increasing in Bangladesh, which is a valuable asset as a top investment location. Their excellent grasp of the English language provides them with a significant advantage when interacting with international clientele because they can convey and deliver messages without hesitation.
2. Bridging the Cultural Gap
When cultural differences are overlooked, they can lead to miscommunication and even personal confrontations.
To close the gap, you can hold lectures in which your staff learn about your outsourcing Accounting destination while your outsourcing destination learns about your country. You can also perform a great way to bring by transferring one of your workers to your outsource accounting services destination and the other way around.
3. Working with Different Time Zones
If you don’t have adequate time management, working in a team in multiple time zones can be difficult. The key is synchronization and clear communication. Phone conversations or live chats should be used to communicate critical information, while communications can be sent by email. You can also have whatever you need well before the start of the work day in your time zone if you use proper time management with bookkeeping and business process outsourcing.
4. Budget-Friendly Outsourcing
While outsourcing accounting duties is beneficial, it does come at a cost. The cost of outsource accounting services will be determined by your budget and requirements.
You can hire an accountant on an hourly basis, full-time, or solely during your team’s peak seasons. Your outsourcing Accounting & bookkeeping contract can be extended or terminated at any time, depending on the amount of money you have set aside for offshoring services.
5. Loss of Organizational Trust: Bookkeeping and Business Process Outsourcing (BPO) services, can be seen as a breakdown in the employer-employee relationship, posing a considerable but non-quantifiable risk for many businesses. It generates concerns among employees, who will begin to worry which department or function should be the first to be outsourced.
Outsource Accounting Used In Businesses For Various Reasons
1. To Improve The Company Focus: Increasing the company’s focus Outsourcing Accounting & bookkeeping aids in the establishment of a system in which an external expert bears responsibility for certain operational elements. This frees up time for management to concentrate on more critical company challenges such as customer support and market demand.
2. To Acquire Top-Rated Capabilities: To get top-of-the-line capabilities Outsource Accounting service providers offer a more wide and complete skill set to the corporate setting because it is their area of competence.
3. To Share Risk: To Split the Risks Outsourcing accounting & bookkeeping allows management to delegate certain risks, such as investments and demand volatility, to its suppliers.
4. To Free Up Corporate Resources: To Make Corporate Resources Available Outsourcing accounting helps a company to divert resources away from non-core activities and toward operations that have the biggest impact on its bottom line.
5. Controlling Operating Costs: To Keep Operating Costs Low One of most compelling arguments for bookkeeping and business process outsourcing is the ability to use an outside source, which results in a significantly cheaper cost structure.
Our Core Outsource Accounting Service In Bangladesh
1. Accounts receivable: Keeping track of receivables is essential not just for deciding whether or not to extend credit, but also for accurately charging and keeping good customer relations.
2. Account payable: This is the record of receivables that shows what the company owes its suppliers, allows for cash discounts, and allows payment to be made on time.
3. Inventory accounting: This account is necessary for inventory item monitoring and security. The information needed to maintain proper stock levels, make purchases, and calculate turnover ratio is contained in the inventory record.
4. Payroll: This document reflects the total salary received and to be paid to employees, as well as the basis for calculating and filing payroll taxes.
5. Cash book: This book keeps track of all the cash inflow and outflow that are required to keep cash safe. It contains crucial information on financial flows and cash reserves for Accounting.
Bookkeeping and Business Process Outsourcing services are becoming more and more popular around the world. Outsourcing accounting arrangements allow businesses and firms to drastically reduce operating costs, gain access to better technologies and skills, and gain other benefits such as improving organizational focus on core competencies. Companies interested in outsourcing accounting must avoid issues that harm relationships with service providers and reduce the return on their accountancy outsourcing expenditures.