One of the ways that small businesses try to reduce overhead is by handling as many tasks as possible in-house. When it comes to accounting, however, performing the work in-house can be a mistake. Deciding to outsource your accounting work can benefit your business in a number of ways…
Outsourced Accounting Can be More Affordable
You may initially think that, because a professional accountant charges more per hour, the cost of their work outweighs the benefits. In reality, their skill level and education are what command that higher rate. They can quickly perform tasks that would take a less-skilled member of your staff much longer. This efficiency results in less paid work time overall, even though the hourly rate is higher. Moreover, you can trust in the quality of work performed by an outside accountant, while the accounting work of an untrained or under-skilled staff member may be of dubious quality that could cost you significantly in the case of an audit.
Outsourced Accounting Protects You From Fraud
Working with a professional accountant means that an outside party is analyzing your records. This, in turn, reduces the risk of internal theft, embezzlement, and financial fraud. It is hard to catch an employee who is stealing from you if they know how to cover their tracks. A professional accountant is more likely to see discrepancies and inconsistencies in your financial reports and will bring them to your attention if they could be an issue.
You and Your Staff Can Focus On What You Do Best
Instead of having someone on your staff trying to handle accounting work in addition to the primary job they were hired for, and instead of needing to check their accounting work for mistakes, you and your staff can focus on your business instead of its finances. The more time and energy spent by these people on accounting tasks, the less time there is for your actual business. Partnering with an outside accountant ensures that you and your staff can focus on your respective jobs and/or growing your business.
You’re Ready for Growing Your Business
One of the best things about developing a relationship with an outside accountant is the benefit that the services you need can scale up with your demand as you grow. An internal hire squeezing in a few hours per week for bookkeeping and tax filing won’t be able to handle the load when product orders increase or your staff doubles. An outside firm can provide you with the support you need to keep everything moving smoothly while your business grows.
Contact us to schedule a consultation so that we can define the best accounting solutions for your business!