Why Outsource Your Consolidation Needs?

In today's world of ever-expanding accounting complexity and growth in competitive global markets, deciding whether to outsource your company's consolidation needs can be a difficult but important decision.

Factors that may impact your decision include amongst others your company's size, the need for information to aid your business decision making processes, the legal requirements of your local jurisdiction, the technical accounting expertise required to prepare consolidated financial statements and the cost of meeting your consolidation requirement needs.

As with all business decisions, there are many considerations when making the choice to outsource your consolidation needs.

Cost efficient

It's more cost effective than having in-house staff as you avoid overhead employee costs such as insurance, paid time-off, payroll taxes, retirement costs and similar expenses. You also save on office space costs.

Cost saving becomes even more prominent when you factor in years of experience. Outsourced accounting solutions offer decades of collective accounting experience for less than the cost of a single staff hire.

Employing consolidation specialists may also require investing in specialised tools and such tools don't come cheap. Outsourced specialists typically roll the cost of these tools into their own operating expenses.

Time saving

Managing an in-house consolidation department takes time. Outsourcing gives you the time back to focus on your business and the tasks generating the income for your company.

Minimising risks

Preparing consolidation reports in line with financial reporting standards and legal requirements includes an element of risk.

Having the expertise of an entire accounting team to hand can help reduce the risk of non-compliance and unreliable financial reporting. With their wealth of experience they can identify errors and provide foresight into potential future implications. Technical expertise and quality of work

Your objective is to provide high-quality products or services to your customers. Consolidation service providers have the same objective - to provide you with high quality services, complying with relevant business and tax laws.

Outsourcing provides you with the benefits of full-time knowledge on your team without incurring the round-the-clock cost for it and you can be at ease knowing you're benefiting from specialists in their field.

Not to mention that by outsourcing you're effectively buying the required...