As your organization grows, you'll find yourself spending more time than you'd like on managing its finances. While doing so, you'll likely sacrifice time that should be spent on planning, strategy, execution, etc. The obvious solution is to hire a bookkeeper or accountant to manage your company's finances. However, expenses can add up quickly when looking to build out this function of your business. Outsourced Accounting Services is the solution to supplementing what business owners can no longer do themselves. 5 Benefits of Outsourced Accounting include:
Significant Cost and Time Savings
Besides the time it takes to interview and hire employees for your accounting function, you also have to take into consideration the time it takes to onboard and train them as well. Not to mention, hiring employees come at a greater cost vs. hiring an outsourced provider. Outsourcing allows you to focus on running your business while delivering immense value and handling your financial needs. Small businesses pay $80,000 to $127,000 for an in-house controller (Head of Accounting). Outsourced accounting services start at about $2,500 - $3,500 per month. As you can see, there's a significant cost savings.
Leverage The Latest Technology
The Accounting industry has come a long way in regards to cloud-based solutions and artificial intelligence that helps us do our jobs efficiently. Tech-enabled firms stay ahead of the curve by testing and implementing the latest in technology as it relates to bookkeeping, accounting, and back office solutions. As a result, you benefit from having the best tech resources without the cost of inadequacies.
Focus On Your Business
As the head of your company, you often get pulled in multiple directions. By hiring a premium outsourced provider, you have access to financial advice and solutions that will assist in making strategic business decisions. You can focus more on running your business with data provided by your outsourced accountant. Furthermore, your turnover rate will be reduced and won't have to worry about continuity, as you'll have a dedicated team assigned to your account.
Small businesses are obligated to remain compliant with tax codes, and regulations. In most cases, you won't be well versed in your industry's knowledge as well as all you need to know about the codes and regulations. By outsourcing your accounting, the risk shifts to the provider. It becomes the responsibility of the provider to educate you and to ensure that your business is operating within code. They will also see to it that your internal controls are tightened and your company is safeguarded from internal fraud.
Being able to produce quality work is dependent on your ability to work "ON" your business and not "IN" your business. This is only possible with the right partner. By controlling all aspects of your business, you do yourself and your business a grave disservice. Your outsourced accountant helps to free up your time by taking over tasks that you previously performed. As a result, you can then shift your time and attention to tasks that help you to run your business.
Partnering with the right outsourced accountant will afford you these benefits and more. At Visionary Accounting Group, we help you implement a strong financial foundation and transform your back office operations. If you want to learn more about our outsourced accounting services, book a call here.