Why outsourcing of the accountancy is a the right decision

In today’s business environment, financial and tax reporting becomes increasingly complex, and
the cost of fault has risen significantly. Therefore, it is essential for companies to ensure high-
quality bookkeeping. Rather than hiring an in-house accountant, many companies now choose
accounting outsourcing. This approach not only reduces accounting support costs but also
minimizes risks and optimizes business processes. Let’s explore the advantages of accounting
outsourcing and compare it to traditional approaches—such as hiring an in-house accountant or
delegating these tasks to a freelance accountant.

How does accountancy outsourcing in Ukraine work?

Accounting outsourcing involves transferring bookkeeping and reporting to a specialized
company.
We calculate the cost of accounting services for your business based on the volume and
complexity of transactions and the amount of time required each month to manage your
company or sole proprietorship. We then sign a contract under which we, as the outsourcing
company, are responsible for bookkeeping, report preparation, financial monitoring, and meeting
tax obligations. The client only needs to send us primary documentation and bank statements via
email, as well as approve final payments prepared by our specialists.
Our outsourcing company also provides additional services, such as tax consulting, budgeting
assistance, management reporting, or support during tax audits.
Previously, accounting outsourcing was popular among small and medium-sized businesses that
did not need a full accounting department but still needed continuous financial oversight.
However, in our experience, larger Ukrainian and foreign companies —even those with in-house
accountants — are increasingly outsourcing routine tasks to us.

Risks of Hiring an Individual In-House Accountant

Choosing to hire an in-house accountant comes with its own drawbacks and risks, such as:

1. High Dependence on One Employee. If the accountant is absent due to illness or leaves
   the company, this can create significant problems. Finding a replacement takes time, and
   training a new employee requires additional resources. In contrast, an outsourcing
   company has a team of specialists who can support each other, ensuring that the client’s
   business is unaffected by potential employee absences or turnover.
2. Risk of Errors and Liability for Violations. A single accountant may lack all necessary
   competencies, especially if the company has specific tax or financial requirements.
   Mistakes can lead to fines and other financial losses. In addition, an individual accountant
   may not bear full responsibility for errors. By contrast, our company’s professional
   liability is insured, and our primary motivation to perform accurately and responsibly is
   our market reputation.
3. Costs of Continuous Training. Employers must cover training costs to ensure that their
   accountant stays current with legislative changes, which also requires resources. Our
   team works with various clients across multiple industries, constantly exchanging
   experience within the team, and regularly attending professional courses to remain fully
   prepared for regulatory changes.
4. Additional Investments in Software. Supporting accounting software and regular
   updates can be costly, but we relieve your business of these expenses.

Additional Benefits of Accounting Outsourcing for Business

When a company delegates accounting to a specialized firm, it gains multiple advantages:

1. Cost Savings. Without needing to hire an in-house accountant, the company avoids
   expenses on salary, benefits, paid vacations, and sick days. You pay only for the services
   you truly need, without the need to set up a workspace for an accountant.
2. Reduced Risks. An outsourcing company is responsible for the accuracy and compliance
   of accounting with current legislation and provides quality guarantees. In case of errors,
   we assume responsibility, compensating for potential losses.
3. Flexibility and Speed. Outsourcing services can be adjusted according to business needs.
   If the company grows, the outsourcing provider can quickly supply additional specialists
   or provide new services without the need to hire more employees. You also won’t need to
   spend HR efforts on recruiting and retaining a motivated in-house accountant.
4. Access to Expert Knowledge. Outsourcing companies have a team of highly qualified
   specialists with a variety of competencies, allowing them to provide advice and solutions
   for any financial tasks.
5. Confidentiality and Data Security. For outsourcing companies, the security of financial
   information is a priority. We use secure software, and all employees are obligated to
   adhere to strict confidentiality standards.

Submit a service request through the form on our website or via email at info@tytarenko.pro.
We would be delighted to connect, answer any questions, and help your business grow faster!

Sincerely,
Lead Accounting Specialist
Olha Kuts