outsourced accounting

Six Reasons Why You Should Outsource Your Accounting

Stop trying to do it all! You have worked hard, dreamed big, and invested time, money and sweat into your business. Now, it is time to think about outsourcing your accounting and bookkeeping work to professionals. Whether you are a sole proprietor or have 500 employees, outsourcing your accounting can be a great investment for your company.

In the not-so-distant past, small businesses would usually try and do the work themselves, often filling bags with receipts and spending hours upon hours every month chasing invoices, paying bills, balancing checkbooks, and wanting to pull out their hair. And losing money in the process. Some small businesses were able to hire a full-time bookkeeper to maintain the books, or if they were large enough, they would implement an in-house accounting department of their own. What a headache! 

“According to the entrepreneur mentorship organization SCORE, 40% of small businesses say that accounting and bookkeeping are the things they dread most about running their business.” – Forbes

In today’s digital world, that is no longer necessary. Forget about the image of the accountant of the past, sitting in a room, bathed in fluorescent light, pushing papers around. Today’s accountants are tech savvy and trained to help you save money, build your business, and keep your paperwork in line with all necessary protocols. 

Below are six significant reasons why outsourced accounting might be just what you need!

1. Do What You Are Good At.

You can spend your time doing what you are good at doing. And that is running and growing your business. That is your strong suit. That is your passion. Unless you have had significant training in accounting, you probably do not have stellar accounting skills, and that can cost you a lot of money! Outsourcing your accounting will free up so much of your time and give you significant peace of mind.

2. Outsourcing Accounting Can Save You Money.

Hiring a bookkeeper or accountant can save you up to 40%! That is a lot of moolah. You will not have to pay for benefit packages, training or equipment, and your insurance will be lower. You will not have to pay unemployment, health insurance, social security, sick leave, or vacation pay for an outsourced accountant. 

3. Reduce Fraud.

You will also reduce fraud. It us an ugly reality, but unfortunately, employee fraud is a huge issue in today’s world. Statistics bear out that companies with fewer than 100 employees are the most vulnerable to fraud. Outsourcing your accounting can diminish this problem because accountants are trained to recognize the red flags when they see them.

4. Improve Your Accounting Processes.

Outsourcing your accounting provides for a great way to improve your accounting processes. Improving your accounting process will allow you to get better data faster. Outsourced accountants rely on years of experience to bring you the best processes and instill good practices. As you grow these processes grow with you so you never lose sight of your bottom line. Not to mention you can get all of your year-end documents quicker and in better order so you don’t have to stress come tax time.

5. Flexibility.

Outsourced accounting gives you much more flexibility. If you suddenly grow and need more services, it is easy to add those services if you are outsourcing your accounting. A good outsourced accountant will know and recognize trends in your business and will help keep you up to date on what you need. Hiring people to bring your accounting up to speed can be extremely time consuming and expensive. Wouldn’t it be easier and more time effective to just to pick your phone, call your outsourced accounting firm, tell them what you need, and have it immediately taken care of? 

6. Access to New Software and Technology.

Independent accounting companies must stay up to date on software and new procedures. It is what they do. A good outsourced accountant will help you find the proper software programs you need to use and have intimate knowledge of what works best for your business whether you are a sole proprietor, small business owner, on up to a large corporate entity. Accounting and bookkeeping technology has changed significantly over the past 20 years. Many of the best accounting programs have apps that enable you do communicate with your outsourced accountant 24 hours a day. You can upload receipts, bills, expenses, and these apps will even keep track of your mileage! 

A good qualified outsourced accountant can provide you with peace of mind. This is one of the best investments you can make for your business, no matter what sized business you have. They can offer invaluable advice and guidance as well as help you protect your assets. Outsourced accountants can make sure your bills and vendors are paid on time, as well as following with client invoices. They can easily turn around reports that you might need for your bank or business meetings, and they can help you have day-to-day picture of your business’s financial health. And they can help you breeze through tax season as well as make certain you do not overpay or miss anything. 

Would you like to know more about how outsourced accounting with Accounovation is unique? Contact us today for more information!

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