Finance and Accounting
Ready to build your finance team by outsourcing accounting to the Jamaica? Here’s what you need to know…
Your finance and bookkeeping team manage your day-to-day operations such as your incoming and outgoing payments, cash-flow management, payroll processing, data entry, financial reports, and many more tasks related to your company’s finances.
Traditionally, the function has had more of a data-entry and reporting-driven focus, which is why outsourcing accounting to Jamaica is an ideal solution. According to Deloitte’s 2016 Global Outsourcing and Insourcing Survey, finance and accounting services (including bookkeeping services in Jamaica) presented the highest future opportunities for outsourcing growth.
What are the benefits of hiring a finance team with accountants outsourced to Jamaica?
The most immediate and obvious benefit will be the difference in cost. Outsourcing your bookkeeping services to the Jamaica, along with other finance and accounting roles, can offer savings of up to 50% on wages and occupancy costs. But the greatest benefit to your business will be related to your improved capacity to access and interpret high-quality data and reporting.
By outsourcing the transaction monitoring and reporting tasks to your offshore team in Jamaica you can generate accurate, real-time financial data on each business unit, giving you a sharper view of the organization. Additionally, its large and ever-developing talent pool allows you to build your own team with specialist members for each segment of your business. Just as importantly, the proven methodology and leading technology let you have complete control and full visibility to your business: industrial trends, profit margins, seasonal adjustments and more, giving you a far more nuanced evidence base for decision making.
So really, finance and accounting outsourcing in Jamaica just makes good business sense.
Many US based companies prefer to have to offshore specialists report to an onshore Chief Financial Officer , Finance Director or Accountant to oversee their work and ensure your finger remains on your financial pulse.
The usual financial processes being outsourced by businesses are accounts payable, accounts receivable, bookkeeping, payroll and accounting. These roles are more data entry-focused and manage the day-to-day financial transactions in your business.
With this in mind, a smaller start-up team could be comprised of:
Let’s take a look at how a well-established start-up finance and accounting team could work together, reporting to an onshore Chief Financial Officer or Accountant. Even in a small team, a collection of specialist skills can ensure that your company’s basic day-to-day financial management, compliance and reporting is competently managed so you can spend more investing in strategic planning capabilities.
The accounts payable specialist keeps on top of all the bills, like office rent, electricity, and utilities, ensuring all company vendors are paid in full on time. They process invoices and manage relationships with creditors.
The accounts receivable specialist collects payments from customers and clients for the goods and services provided. This also requires a level of relationship management, as they are tasked with following up overdue invoices to ensure payment is made within the terms outlined.
It is best practice to separate these duties to prevent opportunities for financial fraud. However, both roles will likely work together to ensure that enough funds are being collected from customers to meet expenses/liabilities.
The payroll processor manages the administration and payment of all salaries, wages, bonuses and deductions, like tax and superannuation. Depending how your team is structured, they may have a direct relationship with HR for when new appointments, promotions, or employee departures need to be processed
A clean, clear, and current general ledger ensures all business transactions (sales and expenses) are accurately recorded and managed. It’s important that all transactions are up to date as the general ledger is the main source for the company’s financial reports. Bookkeepers interact with the AR and AP specialists to ensure that all inputs and outputs are accounted for. You’ll soon find that your bookkeeping service in Jamaica is essential for the day-to-day running of your business and finance team.