Outsourcing Accounting and Finance

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So, what is outsourcing? MLJ Business Solutions LLC definition of outsourcing, "transferring internal responsibilities to a 3rd party, which in turn reducing overall costs”. Employing accounting personnel is expensive Ex: employee insurance, sick pay, vacation, bonus, salary, taxes, worker’s compensation, retirement plans, and other benefits.

 

Whereas, outsourcing is cost effective because companies can dictate the price for accounting functions, as well as, providing superb accounting solutions. Research is critical before moving accounting functions because internal and external customers should not feel the transfer.

 

A company’s reputation will be damaged if payments are late with vendors, and a delay in payments from our customers. I would recommend moving accounts payable responsibly first because of the sheer volume transactions. Not to mention, missed payments will result in delays products and/or services. Remember to run parallel for a couple months to ensure seamless transfer.

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