Brian Skelly wrote recently on outsourcing the work of accounting practices in Irish monthly journal BusinessPlus (www.bizplus.ie). The piece detailed an Irish firm Online Web Accounting (OWA), who are a small accounting practice based in County Meath. OWA provides normal accounting services, but also provides value-added services such as monthly management accounts – all at minimal cost. In fact, Nigel McAuley OWA founder, says he can deliver such services “without being substantially more expensive than an annual service”. How can OWA do this? Well, the firm have reduced costs by outsourcing back office task like book-keeping to their office in Sri Lanka. Here, salary costs of accountants and book-keepers are approximately 25% of Irish levels. Is this a trend to watch out for? For smaller and growing businesses, this might be just what is needed to provide improved management accounting information, without a corresponding increase in cost.
Outsourcing accounting could be a great option for any company to do because it can help them become more efficient and productive. Plus, it could keep them more protected because a professional is handling the tasks and is helping to reduce errors, etc. Thanks for sharing!