To look at accounting outsource services or not? That’s the question.
Accounting outsource services are becoming more and more common in the world of business, especially with small businesses. While you may want to control every aspect of your company, it’s not practical nor is it profitable. Outsourcing has so many benefits; it’s easy to see why it could also help your small business whether you’re in the planning phases or already well established.
If you are considering accounting outsource, here are the whys and hows to guide you:
Why Outsource Your Accounting? Put Your Talents Where They Belong
If you’re an entrepreneur, you know you’ve got what it takes to bring your vision to life. But you can’t do it all. Your expertise lies in your product or service, and that’s where you should direct your attention and where you should focus your time and energy. You can have more control over the growth of your business if you let someone else handle the day-to-day business tasks that can monopolize your time. Accounting is one of those tasks.
Why Hire a Virtual Accounting Team? You Don’t Need to See the Whites of Their Eyes
In the past, it was necessary to be in the same room or office or building or even the same city or state as the talent to which you outsource. Because technology has created a global marketplace and the ability to connect instantly, it’s no longer beneficial to pay for overhead, vacation and sick pay, and workman’s comp for someone who does something you may not even need full-time. Save money and time with the accessibility of an outsourced accountant.
Why Engage an Accounting Firm? One Word- Taxes
Taxes are a great reason to outsource your accounting. Personal taxes can be overwhelming, and business taxes are even more so. And the laws are complicated and ever-changing. An accountant can help you with your taxes by accurately keeping your financial records throughout the year, so you don’t have to do a last minute scramble for missing information. Not only that but they understand the laws and the changes to the rules and know how best to help you file your taxes accurately and also how to take advantage of any tax benefits that might be available to you.
How to Hire an Outsourced Accounting Firm
Hiring an accounting company to manage your financials isn’t much different than hiring an in-house accountant. Getting referrals and recommendations from trusted friends and colleagues is a great place to start. Doing your research is also important, as is a comprehensive interview. Find a company that fits your needs and that understands your business and your industry. And above all else, find an accountant you can trust and with whom you can feel comfortable. They will be responsible for all of your financial information, including your taxes. You need to know they’re in good hands.
How to Choose an Accountant
Taking steps to avoid certain pitfalls when hiring an accountant is critical to finding one who will work for you. Some specific things to look for include transparency and technology. Transparency is needed so can you see, in real time, everything there is to know about your books, your accounts payable, accounts receivable, taxes, payroll, and everything else associated with your finances. Technology allows for transparency. Online access to all of the information being entered by your accountant is vital. And because of the advances in accounting software, such as Quickbooks, you and your accountant can see everything at the same time, from across the room, across town, or across the country.
When you’re working to make your business as efficient and fruitful as possible, hiring someone to do your accounting for you is an excellent way to free up your time to work your business.
Learn more about how accounting outsource services can help your business, and download a free report on maximizing your use of QuickBooks.