Deloitte’s 2021 Global Shared Services and Outsourcing Survey Report showed that companies continue to outsource critical business functions like finance, Human Resources, and IT. If you’re considering outsourced services, you should consider the pros and cons of online accounting services. Many software companies are offering online accounting services to small and mid-sized businesses, which offer yet another affordable alternative to an in-house accounting department.
To serve the demand for outsourced accounting services, tech companies are building proprietary software and hiring people with financial knowledge and skills to deliver affordable accounting services. In other words, online accounting services put the software first and the service second. This is significantly different from the traditional approach of accountants that prioritizes the service and experience, then chooses technologies that enable a superior client experience.
As a variant of outsourced accounting services, online accounting services offer the same benefits with a few differences:
Outsourced Accounting Services: More cost-effective than hiring staff due to no hiring expenses, training costs, or management
Online Accounting Services: Cost-effective due to emphasis on using software to perform defined services
Outsourced Accounting Services: Outsourced accountants use technology and automation to create a client experience that’s focused.
Online Accounting Service: Accountants use a proprietary software platform to automate routine and monotonous tasks so they can focus on reporting and analysis.
Outsourced Accounting Services: Can be based locally or online. Reachable through phone, email, chat, video calls, or in-person meetings
Online Accounting Services: Rarely offers local or in-person meetings. Reachable through phone, email, video calls, and chat.
At MBS Accountancy, we believe accounting software should support, not replace, our service quality and the client experience. For example, we use cloud accounting software to provide clients with convenient, real-time access to their financial reports. If you’re ready to outsource your accounting to modern, tech-supported accountants, give us a call today!