To outsource or not to outsource? That is the question we’re exploring here today — outsourcing your accounting team specifically.
Many companies in today’s economy will outsource aspects of the business like marketing, social media, and human resources. Outsourcing your accounting team is one of most common of any tasks small- and medium-sized business owners will say they consider outsourcing.
Here are the top five benefits to outsourcing your accounting team:
- You’ll access expert advice (without the overhead). An experienced in-house accounting team is going to cost your business salaries and benefits, whereas outsourcing your accounting team allows you to have the services and experience of professional bookkeepers, accountants, and/or a Virtual CFO as required.
- You’ll reduce your business costs. For startups and small businesses in particular, the opportunity to hire someone with a lot of experience is limited by budget constraints. When you outsource your accounting team to an outside organization, you’ll get the expertise you need with the flexibility to scale up or down as required without the overhead of recruiting, hiring, training, annual salaries, benefits, office equipment, and office space.
- You can streamline your accounting processes and improve efficiency. Keeping accurate and up-to-date accounting records is vital if you want your business to succeed. Transitioning to cloud-based accounting is quick (and painless with an experienced team!) and extremely effective. An expert accounting team will have the knowledge required to manage everything required and to ensure your business is compliant with applicable rules and regulations.
- You can reap the benefits of improved accounting processes and financial reporting. Cash flow improves when accounting is outsourced to accounting professionals who know how to carefully manage accounts payable and receivable. Plus, when your financial transactions are recorded properly in a timely manner, you’ve got access to better financial reporting and analytics that will help you make timely and informed business decisions.
- You can focus on growing your business. By outsourcing your accounting team, you can put your time, effort, and focus into the other aspects of your business. It’s better use of your time to delegate accounting responsibilities to a specialized organization than for you to try to handle accounting, compliance, and risk management as well as everything else.
If you are trying to do more with fewer resources (human and capital!), it might be time to try outsourcing your accounting team.
Contact Finatics Accounting Solutions to learn more about how we help businesses succeed. We offer a free, no obligation consultation.