Outsourcing refers to paying a third-party service provider to
perform one or multiple different business tasks in order to keep the busy fully operational.
By signing a contract showing the services that will be provided, the company doing the outsourcing
will agree to pay either a fixed or fluctuating fee. While there are blogeral different operations and
functions that can be outsourced today, one of the most common is accounting.
Outsourced accounting is becoming the popular choice among small and medium-sized businesses that want to reduce their overhead expenses without affecting efficiency.
If you are starting your own business or you are simply studying accounting, it is important that you know the difference between outsourced and in-house accounting.
In spite of the changing business environment, the key drivers for compliance outsourcing are a bit similar, i.e., imperatives to control threats, lessen expenses, and thrive consistently.
The way companies are moving towards shared service centres is also contributing to making outsourcing a pleasant alternative for many firms.
BENEFITS OF COMPLIANCE OUTSOURCING
Gains in efficiency and quality through leveraging structured processes.
Access to subject matter specialists.
Seamless execution of end-to-end processes, from compliance assessment through corrective action.
Flexibility to scale deployment of skilled resources as needed.