Accounting services are essential for all types of business regardless of their size. It assists firms in staying on track with payments, financial development, bookkeeping, and other business expenses. The accounting service professionals provide advice to businesses on the right investment and best structure for their business to ensure financial stability. Hence, it is crucial for business owners to know the best outsourcing accounting services for their business. There are four major categories of accounting present a business; public accounting, government accounting, management accounting, and internal auditing.
A business needs to outsource the following services cater to all four categories of accounting:
- Bookkeeping: Keeping records of the financial accounts of the business.
- Tax accounting: Deals with income tax and other taxes placed on the business.
- Chartered accounting: Specialize in several areas from auditing to management.
- Forensic accounting: Tracking of missing funds that may appear during the financial report.
- Financial controller services: Oversee both external and internal auditing tasks.
- Accounting audit: Validating and ensuring the accuracy of financial statements.
- Bank reconciliation: Ensures accurate bookkeeping of financial records and helps to find any discrepancy
- Payroll processing: It ensures accuracy in tax rates, regulatory information, the maintenance of financial records of employee’s income, deductions, and bonuses.
The accounting services differ depending on experience, business environment, and management status. Hence, businesses need to procure the appropriate accounting services for them.
The global accounting services market is valued at USD 540 billion in 2020 and it is expected to grow at a CAGR of 5% from 2020 to 2025 and reach the value of USD 730 billion in 2025. As multiple companies are rearranging their operations and organizational structure after Covid-19, the demand of outsourcing accounting services has increased. North America is the largest region in the global accounting services market with more than 40% of the market share in 2020 followed by Europe with a 35% share of the global accounting services market.
The salary of accounting professionals is the major cost driver of the accounting services industry. Accounting professional’s salary is very high in North America and Europe. Hence, many companies are outsourcing accounting services to countries like India where the average salary of an accounting professional is half of what it is in North America and Europe.
Read report summary https://www.grandviewresearch.com/pipeline/accounting-services-industry-procurement-intelligence-report
- Should Cost Analysis
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
- Rate Benchmarking
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
- Salary Benchmarking
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
- Supplier Newsletter
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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