Outsourcing the financial sector – see some advantages for your company

Outsourcing financial, accounting and tax activities has become increasingly common at companies, both because of the practicality of contracting third parties, as well as for the ever-growing quality and specialization of companies that operate in this sector. With the outsourcing of the financial sector, entrepreneurs don’t have to be concerned with so many bureaucratic procedures that are intrinsic to the CLT contracting system and are able to also see significant gains related to the flexibility and technical abilities of the services provided.

Currently, there are a number of activities within the financial and administrative sector of a company that can be outsourced. Some examples are those related to day-to-day accounting and tax, including the calculation and payment of taxes, completing ancillary obligations (including those related to SPED, such as EFD-ICMS/IPI, EFD-Contributions, ECD, ECF), accounting, accounts payable and receivable reconciliations.

If you are manager or own a large or even medium-sized business, outsourcing finance and accounting and tax activities can be an optimal alternative to increase, qualify and offer productivity to your team. Below, we have broken down the 4 main advantages of outsourcing. Take a look here:

1 – Less bureaucracy and less effort

One of the main advantages of outsourcing is that, when contracting an outsourced team, the business owner will deal with fewer bureaucratic procedures than if opting to hire under the Consolidated Labor Laws (CLT) system. Thus, internal costs linked to organic hiring, such as HR staff time, managing holidays, absences and leaves, as well as all other concerns related to this system, are lower because many of them are passed on to the company that provide services. On top of that, the business owner and their managers can focus on their primary roles without having to worry so much about other departments.

2 – Prepared professionals

The financial, accounting and tax areas are filled with procedures ranging from more simple activities, such as bill payments, to more complex ones, such as calculating and declaring taxes, attending audits and accounting reconciliations. Bearing this in mind, when a business owner chooses to outsource part of this area, specialized and trained professionals from the outsourcing company can be relied on to execute them. In the midst of financial crises or lack of manpower, many owners and managers end up assuming management of the financial department and even reducing the number of professionals, faced with falling productivity and quality of information. This is why prepared professionals are key to a good job.

3 – Focus on performance and market knowledge

Using outsourcing for the financial sector and for accounting and tax activities, the business owner and the manager can rely on the complete or partial execution of routine financial procedures, billing, accounts payable and receivable, accounting, tax, and others. The staff from the outsourcing company also provides know-how and market experience that can add value and greater synergy to routines at your company, such as automating activities (RPA), studies on reducing the tax burden, compliance in the filling out and calculation of taxes.

4 – Quickness and flexibility

The business owner and manager who chooses outsourcing for financial areas will be able to rely on the best results for the department. They will have the ability to increase and decrease staff without all the bureaucracy involved in hiring and layoffs, and they can request, at any time, to switch outsourced professionals who have not adapted to the company culture. Consequently, they’ll be able to alternate professionals with various profiles and seniorities in accordance to their current need, along with other advantages that will streamline their department.