Outsourcing to Condo Services Agency

The Wise Decision

Outsourcing condo accounting services in Ontario is a business strategy where all or a portion or all of the company’s accounting and financial operations are outsourced. While the theory of outsourcing might typically be associated with small and medium sized businesses, large corporations like condominium corporations may also outsource their accounting needs to a reliable accounting service.

In today’s competitive business environment, businesses are struggling to balance costs versus benefits in every key decision.  Business leaders are increasingly realizing that keeping all operational functions in house may not be the most efficient business practice in terms of profitability.  One such business is condominium corporations in Ontario.

Outsourcing condo accounting services can be more beneficial than condominium managers might realize. The combined effect of reduced cost and skilled expertise can steer the business towards sustained growth.  The many benefits of outsourcing condo accounting services mentioned below will shed light on the usefulness of the option.

Cost Savings

It comes as no surprise that outsourcing condo accounting services to an external agency, versus having an internal department and employees for the job, saves you money.  Most condominium corporation managers will assume that they are saving money by employing an in-house bookkeeper. However, they fail to recognize that recruiting and maintaining a staff to perform accounting functions can be costly.  They overlook the additional costs that they have to incur for having one or more employees – office equipment, office supplies, utilities, health insurance, insurance, paid leaves and more.

In addition, money is spent during the hiring process, training, supervising, managing and day-to-day operations of the in-house staff. Moreover, due to the specialized nature of accounting and finance and operating, it takes several skilled employees to do certain functions.  Having one less internal department means less staff. When you take into account the elimination of hiring, training, office equipment, benefits, taxes, etc. the cost-effectiveness of outsourcing becomes very lucrative.

Time Savings

Condominium management is a service-oriented business. As your business grows, you might find yourself spending more time crunching numbers than focusing on your business operations. This might adversely affect the quality of the services you provide.Outsourcing your condominium corporations’ bookkeeping operations will supplement valuable time that you can use to spend on growing your business and other relationship-building activities. By outsourcing accounting and financial reporting to an accounting firm, you will be able to devote more time and resources to your business’ core mission. You can save 1-5 hours per week and spend them on managing and building customer relationships and providing them with a better experience. By eliminating time wasters such as hiring, training, managing and supervising accounting staff, you can focus on other tasks that will help your business thrive.

Expertise

An accounting firm offering to take the responsibility of your bookkeeping will be specialized in managing numbers. Through extensive screening process, accounting firms will hire the experts in the field. This expertise is in turn provided as excellent service to their clients. You might have the skills to manage an excellent condominium business but you might not be as good with numbers. By giving your books in the hands of highly qualified staff, you can be assured that they will do their job correctly. Accuracy will be guaranteed in all financial reporting provided by an accounting firm.

Furthermore, accounting firms will constantly strive to hone their skills keep up with the competition. This will further ensure improved quality of their work. If you go out to hire an employee with matching experience and skill, you might not be able to afford them. Outsourcing condo accounting services offers you the opportunity to bring in staff with a higher level of expertise than you would have been able to afford otherwise.

Flexibility

As your condominium business thrives, you might need more staff to manage your accounting and financial operations. This translates into a bigger office setup, further hiring and increased operational costs. On the other hand, an accounting firm will be able to adapt their services to your business according to the current changes, without any infrastructure or hiring costs borne by you.Furthermore, accounting firms that perform outsourced accounting functions of condominium corporations will be flexible in the setup and schedule for their clients. They give the business an opportunity to exercise control over the procedures that are defined up front. You can coordinate with the firm to decide monthly closing dates, payroll dates and other processes.

Access to Better Technology

Outsourcing the accounting operations of your condominium corporation gives you more access to the latest technology tools in the industry, which you might not be able to hire otherwise. Accounting firms will invest heavily in employing latest technological methods and techniques while simultaneously training their employees to use the advance systems. Your condominium business might not be able to afford expensive bookkeeping tools. By outsourcing condo accounting services, your business will be gain access to the advance tools without actually spending money on technology or in-house staff.Staying Up to DateStaying abreast with the consistently and rapidly evolving condominium market, competition, government regulations, laws and technological advancement requires considerable investment of time, effort and money for your condominium business.

The major chunk of time that you can use to focus on your business growth might be stolen away to be spent on staying up to date with those changes. This will hinder your business development. Accounting firms have an innate obligation to keep themselves updated with the market changes and government regulations. In order to serve their clients better and fight competition, every accounting firm will stay on its toes to learn about the changes and advancements in technology. Their constant need for improvement will eliminate the need for you to spend resources on staying updated. By placing responsibility in the hands of the accounting firm, you can do what you are good at – growing your condominium business.

Eliminate Paperwork

Accounting documents can take up a lot of your office space – they will fill files, stack cabinets and crowd desks. Ultimately, you might need a separate room to keep the pile of folders packed with accounting data and additional staff to manage the files. The costs only keep building up. When you outsource the accounting and financial operations, you are spared the hassle of bookkeeping and paperwork processing and management. The firm will gladly take care of all your financial data and manage your documents.

Selected Services

Depending on the size and need of your condominium business, you can choose the outsourced condo accounting services offered by the accounting firm. They offer a broad range of services including accounts payable, accounts receivable, collections, customer billing, check writing, payroll, payroll taxes and others. From these and other services offered by the accounting firm, you can select the specific services that meet the requirement of your business and you will have to pay only for those set of services.

Better Access

All financial information about your condominium business will be securely stored in the cloud. This facilitates instant retrieval from anywhere with a computer on a 24×7 basis. You can view your financial statements and reports from home, from office and even while traveling.

Security

Accounting firms will implement highest standards of security to keep your financial protected. They provide both local and remote data back-up as well as off-site back-up automatically to guarantee data integrity. In the event of a disaster, the financial data can be easily retrieved within hours. To ensure maximum security, only authorized personnel can gain access to the information.

Scalability Options

Outsourcing condo accounting services will give you the flexibility to expand or cutback as needed. Whether you are looking to expand your condominium business or cut down on costs, having a skilled team of experts to guide you and suggest different plans and strategies will help you in easy attainment of your business goal.

Guidance

Apart from basic financial know-how, outsourcing teams will be experts in extended branches of the accounting and finance field. With greater experience and exposure, accounting firms will have an understanding of how to handle complex financial operations. They can offer valuable advice and guidance to run the financial operations of the condominium business such that more revenue is generated.

Full Compliance

Every accounting firm will strive to meet and exceed the all the reporting requirements outlined by the Ontario Condominium Act. This guarantees compliance to all the necessary rules and laws that might be overlooked during in-house financial operations.

Accounting Standards

Many companies can provide bookkeeping services and reporting. But only Condo Services Agency uses professional designated accountants to review all the work and ensure that controls are not weakened and management analysis is maintained. In addition, we discuss trends as soon as we spot them, and in many instances highlight questionable transactions. Most importantly we document all our activities to ensure that you have a full audit trail of anything we have done, or any management decisions you have authorized. All this work is conducted in accordance with Generally Accepted Accounting Principles and the regulations outlined in the Ontario Condominium Act.

Conclusion

The ever increasing number of benefits of outsourcing condo accounting services in Ontario makes it an economical and wise choice for all condominium corporations. Several top notch accounting firms, like Condo Services Agency, provide full service accounting support and financial reporting for condominium boards and property managers at significant savings. In addition to outsourcing condo accounting services, many accounting firms also offer free consultation on expert accounting and financial reporting services. However, there is only one firm, Condo Services Agency, where all this work is offered by professional, designated accountants.

Call us at 1-855-561-4589 NOW for your free consultation and to save 25% off your in-house accounting costs!