Outsourcing the accounting for your business could change your life.
Are you considering going the accounting outsource route for your small business? While many small businesses keep accounting and bookkeeping in-house, almost by default and not by thoughtful consideration, it could be time to take a look at what it could offer you and your company. To make an informed decision, let’s take a look at the benefits and other things you should know before pulling the trigger on outsourcing.
What Are the Benefits of Outsourcing Our Accounting?
Take back your time! Are you juggling running your business, keeping your clients happy, finding work/life balance, and managing the accounting and bookkeeping for your business, all at the same time? You’re not alone. Many small business owners try to wear all the hats when they first get started, and then forget to hand some of them off to others as their business grows. It’s never too late to give the accounting reins to someone else and take a big bundle of work off your overflowing plate.
Give it over to an expert! Are you an accountant? Probably not, nor should you be. You are the subject matter expert of your product or service, and that should be your focus. Instead of bumbling through your accounting, trying to keep up with the daily inflow and outflow of funds, tracking payments, invoicing, taxes, accounts, and inventory, can make your head spin. Not only that, it can take you away from what you do best. Outsourcing your accounting will get you out of the hot seat when it comes to your finances and back to focusing on growing your business.
What about Taxes?
Never do your taxes again! Can that even be true? If you outsource your accounting, it can be. That’s not to say you don’t have to file taxes for your business, but if you outsource your accounting, they can and will do them for you. This is good in so many ways. Did we mention you don’t have to do your taxes? As if that wasn’t enough, you can also put them into the hands of an expert. Keeping up with tax law changes, regulations and deductions can be a full-time job, which is why accountants are the right people for it. They do this anyway, and you can take advantage of it for your own taxes.
What Are Some Considerations Before Hiring an Accounting Team?
Should an accountant be in-house or outsourced? It’s easy to assume that when you hire an accountant, they should have a desk in your office. But is this true? Not necessarily. Unless your business is so large that it warrants someone working on your financial management full-time, it can be a waste of resources to have them on the payroll. You can save money and space by outsourcing, so you only use them when you need them.
What should you look for in an accounting firm? Just like hiring any other employee or contractor, the first thing to consider is qualifications. Can they do what they say they can do? What do other clients say about them? Ask for testimonials. Find out if they have experience supporting companies in your industry. Get a feel for how they do business. Does it jibe with how you do business? Make sure you feel comfortable with the firm you’re hiring.
Is Outsourcing the Accounting Worth the Expense?
It’s not just about the cost. Cost can be a deterrent for some companies when considering outsourcing. However, you might find it’s considerably more cost effective to outsource than it is to hire a full or even part-time in-house accountant. And the value is in what it can do to make your life easier and how it can benefit your business.
Are you ready to look more closely at how you can change the way your business manages its accounting? Call 678-990-0924 or click for a free consultation to learn how outsourcing the accounting tasks you do can help your business.