The business landscape today is a highly competitive one and companies are constantly seeking ways to enhance efficiency, reduce operational costs, and focus on their core competencies. One strategic move that has gained immense popularity is outsourcing accounting services. Accounting is an integral part of any organization’s finance function, and research reveals that 71% of financial executives get at least one or more services outsourced.
Outsourcing eliminates the need for businesses to invest in hiring and training in-house accounting staff, purchase software, and maintain office infrastructure. This translates into substantial cost savings. Many outsourcing firms offer customized services to meet specific business needs. Additionally, accounting outsourcing firms bring a depth of financial knowledge and expertise to the table. They stay updated with industry trends, best practices, and changing regulations, providing businesses with valuable insights.
In fact, along with IT, accounting is the most outsourced service with 37% of small businesses outsourcing at least one of them [2]. By entrusting financial tasks to expert professionals, businesses can ensure accuracy, compliance, and financial stability. In this article, we present the top 5 accounting outsourcing firms that are making waves in the industry, including Outbooks, GI Outsourcing, Axon Outsourcing, Sandmartin, and Samera.
1. Outbooks: Pioneers of Online Accounting Solutions
Company Timeline: Outbooks, founded in 2008, has established itself as a pioneer in providing online accounting solutions. Over the years, they have evolved to meet the ever-changing needs of businesses, continuously enhancing their technology and expertise.
Range of Services: Outbooks offers a comprehensive range of services, including bookkeeping, accounts payable and receivable management, payroll processing, tax preparation, and financial reporting. Their user-friendly software and dedicated team of accountants ensure that clients have real-time access to their financial data, helping them make informed decisions.
Key Differentiators: Outbooks stands out in the accounting outsourcing arena due to their commitment to technology-driven solutions. They leverage cutting-edge software to streamline processes, reducing the risk of errors and improving efficiency. Their 24/7 client support, data security measures, and cost-effective pricing make them a preferred choice for businesses of all sizes.
Click here to read our article on Zoho Books vs Quickbooks: A Samera Review.
2. GI Outsourcing: A Global Accounting Partner
Company Timeline: GI Outsourcing, established in 2002, has emerged as a global leader in accounting and finance outsourcing. With a strong emphasis on quality and client satisfaction, they have built a reputation for excellence.
Range of Services: GI Outsourcing offers a wide spectrum of services, encompassing accounting, financial planning and analysis, tax compliance, and advisory services. Their dedicated teams serve a diverse range of industries, guaranteeing customized solutions that align with precise business requirements.
Key Differentiators: One of GI Outsourcing’s distinguishing features is its international reach and expertise. They have a presence in multiple countries, allowing them to serve clients with global operations seamlessly. Their robust data security protocols, proactive risk management, and commitment to continuous improvement set them apart as a trusted partner for businesses expanding across borders.
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3. Axon Outsourcing: Customized Accounting Solutions
Company Timeline: Axon Outsourcing, founded in 2010, has quickly gained recognition for its commitment to delivering personalized accounting solutions. They have steadily expanded their clientele by adapting to the evolving demands of the market.
Range of Services: Axon Outsourcing offers a tailored approach to accounting, including services such as financial analysis, tax optimization, audit support, and CFO advisory. They work closely with clients to understand their unique financial goals and challenges, ensuring customized solutions.
Key Differentiators: Axon Outsourcing’s strength lies in its ability to adapt to the specific needs of each client. They take a proactive approach to identify opportunities for financial improvement and offer strategic guidance. With a team of experienced financial experts, they provide valuable insights that go beyond traditional accounting services.
Did You Know?
- Offshore staffing and remote working is emerging as a new norm for accounting outsourcing firms and their clients. [Source: Research And Markets]
- Cost reduction is the main priority for leveraging outsourcing services, with nearly 59% businesses doing so. [Source: Teamstage]
- 78% of businesses achieved process efficiency and standardization partnering with RPA-driven accounting outsourcing service providers. [Source: Deloitte]
4. Sandmartin: Your Financial Outsourcing Partner
Company Timeline: Sandmartin, founded in 2005, has steadily grown its presence in the outsourcing industry. They have honed their skills in providing financial outsourcing solutions that empower businesses to thrive.
Range of Services: Sandmartin offers a wide array of services, including accounts payable and receivable management, payroll processing, financial reporting, and tax compliance. They cater to businesses of all sizes, from startups to established corporations.
Key Differentiators: Sandmartin’s commitment to client satisfaction sets them apart. They prioritize building strong relationships with clients, ensuring clear communication and timely delivery of services. Their dedication to accuracy and compliance, along with cost-effective pricing, makes them an attractive choice for businesses looking for reliable financial outsourcing partners.
5. Samera: Global Accounting Experts
Company Timeline: Samera, founded in 2002, has established itself as a niche player in the accounting outsourcing industry, focusing exclusively on dental practices. With years of experience, they have become experts in addressing the unique financial challenges faced by dental professionals.
Range of Services: Samera offers specialized accounting and advisory services tailored to the dental industry. Their services include practice acquisitions, financial planning, tax management, and regulatory compliance. They understand the intricacies of dental practices and provide valuable insights to help dentists succeed.
Key Differentiators: Samera’s niche specialization in dental accounting makes them stand out. They possess an in-depth understanding of the dental profession’s financial nuances, allowing them to offer targeted solutions. Their commitment to staying up-to-date with industry trends and regulations ensures that dental practices remain compliant and financially sound.
Click here to read our article on Why should accountants outsource their accounts.
Conclusion
A recent trend uncovered by a report by Research And Markets suggests that business owners and top finance execs are looking for digital finance and accounting providers to reimagine their financial operations [3]. And now, with these best 5 accounting outsourcing service providers at your fingertips, your business can unlock savings, access expertise, achieve efficiency and high productivity, and enable scalability and adaptability.
Clearly, these top 5 accounting outsourcing firms—Outbooks, GI Outsourcing, Axon Outsourcing, Sandmartin, and Samera—have made significant contributions to helping businesses achieve financial success. By outsourcing their accounting needs to these reputable firms, businesses can streamline their financial processes, slash overhead expenses, and further develop their core functionalities. Whether you’re a startup or a large corporation, these firms offer a wide range of services to meet your specific financial requirements. Make the smart choice and partner with one of these top accounting outsourcing firms to drive your business toward greater financial success.
Bibliography
https://www.auxis.com/blog/finance-and-accounting-outsourcing-trends
https://www.zippia.com/advice/outsourcing-statistics/
https://www.researchandmarkets.com/reports/1227749/finance_and_accounting_outsourcing_global
