Many fintech service providers are developing and licensing off-the-shelf accounting and financial management systems to startups, thus seeking high-scale growth. They can now tap into a larger pool of customers by rapidly expanding their offerings and building a strong brand image. Even tech giants like Google and Apple seek to gain a bigger foothold in the global fintech industry and rely on white label accounting solutions to outsource their financial applications and enter the market swiftly.

Leveraging white label solutions, small businesses can also create a stronger brand image consistent with their existing positioning while at the same time competing successfully with the bigger players in the market. Most startups lack the necessary expertise, experience, and resources needed to develop such sophisticated and expensive accounting and financial infrastructures on their own.

By acquiring a white label accounting application from a service provider, a startup can lower the costs associated with traditional accounting functions, simplify digital bookkeeping systems, and survive better in a highly competitive market. As the world moves towards big data, better data analysis techniques, deep data mining, AI, and machine learning, and the markets continue to evolve, the need to tap into this approach to business is only expected.

White label accounting services, such as those offered by Monily, embody the perfect solution. The recent surge in white-label fintech software and accounting services is proof of their popularity – a testament to white labeling being a simple solution to an expensive problem otherwise.

While it may be tempting to personally work on the financials after starting a new business, outsourcing your accounting services to a white label accounting service is the key to setting up your startup for success. It allows you to focus on other critical business tasks that can help you expand your business, and deliver top-quality services to your clients or customers.

Find out what exactly are white label accounting solutions and why your business might need them.

What are white label accounting services?

In more general terms, white label services are those that are rebranded by the company purchasing the services and resold to their own clients.

For example, white label accounting solutions offered by Monily to CPAs, CFOs, consulting firms, bookkeeping, and financial companies with limited resources help them gain a competitive edge in the market and expand their client base. At the same time, today’s definition of white label services is even more extensive and also includes services that are not just resold but are a part of the day-to-day operations of the business as well, which includes accounting services that every business needs.

How does outsourcing your accounting needs to a white label accounting service benefit your business? It allows you to focus on enhancing your business’s productivity and improving its operations.

Why do I need a white label accounting service?

Outsourcing your accounting needs to a white label accounting service provider is like having a highly-trained accountant at your service for only a fraction of the cost.

Let’s take a look at the numerous ways white label accounting can support your business and help you expand your services:

1. Reduced costs

Hiring a white label accounting service is much more cost-effective than hiring a full-time accountant to take care of your accounts.

Employing white label accounting services eliminates the costs associated with recruiting and training in-house employees and saves up thousands in office infrastructure, employee benefits, and other maintenance that would eventually reduce your overall revenue.

Ultimately, outsourcing your accounting and bookkeeping needs improve your goal attainment and provide you with top-notch services at a minimal cost without compromising on the quality of service. The funds saved by employing a white label accounting service can then be better invested into enhancing your business and scaling it.

2. Expert accounting services

A good white label accounting team consists of highly trained professionals who are experts in their field and are dedicated to ensuring that every step of your financial cycle is processed as accurately and efficiently as possible. They are equipped with the knowledge of the best practices designed to maximize efficiency and overcome any potential bottlenecks in your financial operations.

The outsourced team will work with you using the extensive experience they have to make sure that your and your clients’ taxes and accounts receivable and payables are up to date and that payroll is processed timely and with complete transparency. Additionally, they are also equipped with advanced accounting software to enhance the quality of their services and to minimize discrepancies and errors in your books.

3. Improved financial reporting

A white label accounting service makes use of cloud-based software that lets you have access to organized financial reports at all times. This means that with such a service by your side, you won’t have to worry about all the required statements needed to file for your clients’ taxes. These up-to-date, audit-ready reports also allow your clients to make better data-driven decisions about their business and will eventually help you build and maintain long-term relations with them.

If your clients include entrepreneurs and startup owners who are thinking about approaching a bank or an investor to raise capital for their business, an expert white label accounting service provider can help you prepare for your clients’ important meetings by putting together all their financial documents so you can serve them better. This will open up more avenues for you to grow the number of entrepreneurs and small businesses you serve.

4. Saves time

Small businesses are riddled with the challenge of having to juggle multiple responsibilities at once and oftentimes this can be so time-consuming that you tend to forget the core operations of your business. We understand that and we want to enable you to extend advanced accounting solutions to them freeing up your time and allowing you to focus on your strategic growth and eventually expand your services.

It makes sense for you to be thinking of ways you can improve client retention and expand your services handled by experts under your brand name. With the help of a white label accounting solution, you free up more time to concentrate on other parts of your business.

5. Strategic business advice

Professional white label accounting services typically consist of highly experienced and qualified professionals with extensive knowledge about the marketplace. As a result, these professionals can help you provide your clients’ businesses with the strategic advice they may need to get ahead of the competition. The insight given by our experienced accountants can help you identify ways to save money for your clients, improve their business performance and eventually build and grow your business relationships with them.

The bottom line

Partnering with a white label accounting service will not only help you save your time and money but also ensure that you provide top-quality services to your clients.

See Also: Top 100 Accounting Abbreviations And Terminologies You Should Know

At Monily, our mission is to take care of the accounting needs of our clients or our clients’ clients so that they can focus on increasing their productivity and revenue. Our cost-efficient, technology-driven processes are designed to maintain customer satisfaction through audit-ready and accurate financial reports. With our low-cost services, you get to offer your clients the quality of service they deserve as you grow your business.

Nida Bohunr

A highly skilled accounting professional at Monily, having extensive and diverse experience of working in US healthcare and agriculture industry. Nida is a CA finalist with expertise in Bookkeeping, Auditing, Bank Liaison, Tax Preparation, Accounts Payable, Accounts Receivable.