If you find yourself bogged down with the day to day accounting functions of your business and seldom believe you have the time to oversee all of the departments in your company with the type of efficiency you would like, you may want to consider outsourcing.
Outsourcing is not a new concept, but it is one that is increasingly becoming the best choice for many small to medium sized companies, especially in a specialized industries, such as real estate, medical and dental offices, and law firms. There are a multitude of accountants and accounting firms out there, but the list gets dramatically smaller when you’re seeking out specialized skills and knowledge.
By outsourcing your accounting, you automatically gain a competitive advantage over those who choose to keep the accounting functions in-house. Below are the top 10 reasons to consider when making your decision:
- No more need to recruit, hire, train, manage and maintain accounting staff (this is reason enough for many businesses to choose or make the switch to outsourcing).
- Remove the guessing game when hiring an unknown accountant
- You get experienced, specialized accountants at affordable rates. With access to multiple levels of accountants at multiple pay rates. You don’t pay a premium for lower level accounting work.
- The mitigation of internal compliance issues
- Eliminate the worry of an internal accountant abusing the use of privileged information by providing checks and balances to the cash management piece of your business. Enhanced security allows for safe and secure access to your sensitive financial information.
- Effective accounting processes are already in place, no need to develop or maintain.
- Timely financial reporting to management, investors, bankers, etc.
- Ability to scale your business up or down at a drop of a hat without the worry of excess operational costs, such as paying salaries and benefits.
- Expertise in multiple accounting software platforms
- Can be more cost effective than paying a full-time employee(s) to do a job that may take less than 40+ hrs a week
These are only a handful of reasons why outsourcing your accounting department may be one of the best business decisions you will ever make. If you’re still on the fence with this being a good fit for your company, we highly encourage you to research this option further. Talk to others who are currently using this as their solution to the headache of managing an accounting department. You will be surprised at how many businesses out there are taking advantage of this and turning a larger profit because of it!