Whether Accounting Outsourcing is Good Option for Start-Ups or Mid-Sized Companies?

      Running a start-up or a mid-size company is exciting but is equally complex. Various studies have revealed that many such companies do not make it beyond the first few years of starting up due to a variety of reasons. These could range from the adoption of faulty management practices, inadequate knowledge of non-core activities or poor market analysis. While the founder(s) may have expertise in a particular domain, it is often seen that poor cash flow management is one of the biggest reasons of such closures. Hence, for every start-up or a mid-sized company, it is very important to take the help of external resources when it comes to managing non-core functions like accounting.

While hiring an in-house accounting expert is always an option, in today’s world, it may not be the best one. However, outsourcing accounting services in India has emerged as a very attractive and extremely reliable option today. Outsourcing of accounting services for small business in India has become a very popular and preferred option for start-ups and mid- sized companies for the following reasons:

1.  Cost effective and reduced overheads: By outsourcing accounting services in India to expert companies like Finsmart Solutions, organisations can reduce their costs towards employee benefits, training, accounting software and salaries.

2. Fast and Efficient: Companies like Finsmart Solutions provide their accounting services for small business thereby allowing the start-up to focus on its core competencies while they take care of the organisations accounting needs. This makes the job much faster and efficient than the organisation handling it themselves.

3.  Hire the best brains: For start-ups based in India, since accounting is not a core area, the person responsible for accounting is generally not an accounting expert and hence the chances of error are high.  By outsourcing accounting services to India based companies, the possibility of errors is eliminated.

4. Process improvement: Since the companies providing accounting services for small business are adept in understanding the accounting principles, statutory requirements and the company’s business processes, they can assist by suggesting improvements thereby making the accounting process efficient.

5. Peace of mind: As these experts collate, analyse, process and file the accounting information accurately, start-ups can experience peace of mind from one major statutory requirement. By outsourcing this activity, the organisation can thus focus on their core-competencies better.

With the rise in number of start-ups and mid-sized companies, outsourcing of accounting services in India has see a substantial jump in the recent years.   One of the most prominent and trusted name when it comes to outsourcing accounting services to India is Pune based Finsmart Solutions. With a decade long experience in accounting outsourcing and payroll processing services, Finsmart Solutions is a reliable partner for many start-ups, mid-sized companies and even MNC’s in different domains. With its team of 50+ trained and qualified experts, Finsmart Solutions is an excellent choice for organisations wanting to go for accounting outsourcing and wishing to focus on its core-competencies to emerge as a winner in their field.