5 Reasons to Outsource Accounting
Several years ago, outsourcing was thought of as a luxury concept that only large companies could afford. Services such as accounting, bookkeeping and CFO responsibilities are sent off to third parties, often in remote countries, to alleviate some of the costs restraints on these companies. Recently, however, with the upgrade and demand of new cloud based technologies and financial infrastructure, outsourced accounting services for startups and small businesses are much more rampant. These businesses are not only seeing them as a great way to cut costs, but also to ensure quality and gain more knowledge. Let’s take a peek at some of the reasons a small business would outsource their accounting function.
- Saves Money - Outsourcing your accounting department eliminates expenses relating to employee benefits – things like healthcare, training, paid time off, etc.. It also eliminates the need to purchase and maintain accounting software, hardware and other items a typical employee or employees would need. Combine these with the salary plus payroll tax that is negated and you can see the business could be saving quite a bit of money
- Save Time & Improve Efficiency – Any business owner already wishes there was more time in the day to get things accomplished. Wouldn’t it be nice if you could focus all your time on the business and the main product or service and not the books, bills and payroll?
- Professional Advice – If a small business even has an accountant many times they aren’t a CPA or trained accountant, but someone with business knowledge who took on the responsibility. Outsourcing accounting services for means having a team of skilled accountants at your disposal. These people are trained and certified to oversee and manage your money and ensure paperwork is filed the right way at the right time. Your books will always be clean and updated and payroll will flow seamlessly, How nice is that?
- Streamlined Accounting Process - Outsourced accounting companies utilize the most up-to-date accounting procedures allowing you to streamline your finances. They use the latest software and best practices to improve your finances, position, reduce costs and enhance cash flow
- Much Easier to Scale - As mentioned above, outsourcing accounting allows you to redirect more energy into core business functions. As a result, your business will thank you and probably grow faster. Outsourcing this piece also allows you to minimize investments in HR, technology and infrastructure, thus maximizing investments in profit generating production and growth. Your outsourced team can easily handle this growth surge from your business, and scale with you. For this reason your company will not be dragged down or slowed down on the growth trend by the accounting department
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