When you hear the word, “trend”, what usually comes to your mind? Well, if you are to look at it from a business context, that means that something is going upward but would eventually trend downward to obscurity.
Although for a while, outsourced accounting services in Malaysia have been deemed as a trend before, but it is actually here to stay. If we were to take that definition I mentioned earlier in this article, then that would mean that it is no longer a trend simply because it has become ubiquitous in this day and age. If anything, business owners outsource their accounting needs nowadays.
Today, I am going to cite some reasons why outsourced accounting is not a common trend but is, well, common these days.
- Accounting Services that Are Outsourced Shows Steady Market Growth
According to a report that was published by the Everest Research Group, the Global Multi-Process Finance and Accounting Outsourcing Market or FAO grew by a whopping 10% to reach the number, $4.3 billion Annualized Contract Value back in 2012.
Even though some would argue that a 10% increase is not at all that great; it still reflects how outsourced accounting services may play a key role in the business sector for many years to come.
- Results Consistently Show that Business Owners Are Happy with Such Services
Of the same research, about 65% of clients that were the participants of the study revealed that they have started using outsourced accounting services in the previous year (2011) and would likely to continue their contracts with their chosen accounting firms.
What does this tell you? Well, it basically tells you that outsourced accounting is not at all a trend, but it can now be considered as a way of life by today’s business owners.
- Business Owners Take into Account the Value Proposition Plus the Cost When Selecting Their Outsourced Accounting Services
Back then, business owners would rely on accountants that have to work in-house to provide some much-needed accounting services. However, the business sector has evolved in a way that favors virtual accounting more than traditional means.
This means that online accounting firms provide a much better value and it is pretty cost-effective than in-house accountants, at least, for the most part.
Although it is already established that business owners can save a lot of money by outsourcing some accounting services; it is actually the value proposition of doing so that brings the greatest benefit.
For instance, small business owners do not need up to date accounting information at all times, which means that they can just hire an online accountant whenever their business requires it.
Bookkeeping, Financial Controllership services, among others, are being offered by numerous virtual accounting firms online.
The business industry no longer deems outsourced accounting services as part of a growing trend- it is basically integrated inti the industry as we know it.
If you want a more cost-effective approach that brings results, you can never go wrong with such services.