Is your business growing faster than your current accounting capabilities? Some companies have accounting firms of just a few employees. Additionally, these employees are often hired for different roles, inundated with multitasking, and under trained to respond to the full range of accounting and tax needs. Accounting can often be a cumbersome part of any business—but, of course, it’s still essential to success.
That’s why so many companies have begun outsourcing their accounting services to teams of professionals who are expertly trained in a wide range of accounting tasks and responsibilities. Outsourcing your accounting services can save your business time, money, and allow your current employees to focus on their primary duties. Even better, the majority of companies that currently outsource their accounting needs are more than happy. According to Business Wire, nearly 80 percent of companies that outsource their accounting services would refer their accountants.
As modern businesses are forced to become more dynamic, flexible, and scalable in our current economy, outsourcing your accounting services can be both smart and profitable. Here, we take a look into some of the reasons why outsourcing your accounting services may be right for your business.
SAVE TIME AND MONEY
When it comes down to it, time and money are critical factors for your company’s success—there’s simply no way around it. Outsourcing your accounting services is an effective way to save on both. While professional accounting services aren’t free of course, they are considerably cheaper than hiring a full-time employee because you don’t need to cover costly insurance and benefits packages. There is also much more flexibility afforded so you don’t need to hire new employees regularly. The less money you spend on costly employee packages, the more you can save and invest in your company.
Companies are always in a state of flux. Whether you’re growing or shrinking or adapting to a new strategy, things never remain the same for too long. This is true of life and certainly true of the open market. When it comes to staff and resources, the need for flexibility is one reason you should consider outsourcing your accounting services. If you’re growing and need additional accounting services, you don’t always need to hire an entirely new employee. And what happens if you’re shrinking and no longer have the same accounting needs? Professional accounting services afford you the flexibility to shape your business. No matter the size or scale of your needs, they can provide professional accounting services without missing a beat.
EFFICIENT USE OF YOUR CURRENT PERSONNEL
For many companies, especially smaller ones, accounting tasks are shared and taken on by employees who you were hired for entirely different roles. This is common in small companies, especially start-ups, but can often lead to issues. Accounting and financial services, done effectively, are complex and specialized. It’s rare for someone to simply jump into accounting and perform as well as a professional. With outsourced accounting services, you ensure that world-class professionals meet your accounting needs, but you ensure that your employees can focus on what they do best in their own specialized roles. When people are working on roles that they love and do well, it leads to a more productive (and happier) overall work environment.
SAVES ON TAXES
No one likes doing taxes, right? This isn’t always the case. Most of us rue Tax Day each year, but professional accounting services often look forward to this as just another chance to shine. Professional account services are trained in both federal and state tax codes to maximize your savings and benefits. Often, in-house accountants are whizzes at managing the books, but not quite experts in understanding the complex, and constantly changing tax codes. By outsourcing your accounting services to a team of trained professionals, you may even begin looking forward to April 15.
NO NEED FOR ADDITIONAL EMPLOYEE TRAINING
Onboarding a new employee for any part of your company takes time and resources. Not only do you need a dedicated HR personnel for most onboarding services, but training a new employee often takes a substantial amount of time—this is time that your current employees should be focusing on other tasks. Some reports state that it can take up to 1 or 2 years for a new employee to be fully functional. That’s a long time. It’s also not uncommon for some employees to feel dragged down by the need to train other new employees. This is just another reason why outsourcing your accounting services can be so beneficial. Outsourcing your accounting needs requires zero employee training as you’re turning over these tasks to a team of already highly trained professionals.
According to a University of Maryland study, a cyber-attack occurs every 39 seconds. In the digital era, countless businesses fall prey to the increasingly complex and sophisticated cyber criminals’ methods, intent on stealing data and funds. While there may be loose and varied security measures for your in-house accounting teams, professional accounting services lock in the highest security measures and accountability. Additionally, they can protect your accounting data from physical threats, such as fire or theft.
ONE LESS THING TO WORRY ABOUT
Operating a business is many things, but relaxing—that’s not one of them. While juggling strategies, supplies, employees, and countless other factors to ensure that your company runs as effectively as possible, accounting doesn’t need to be another ball you’re juggling. In addition to all the previously stated advantages, simply having the peace of mind that your accounting needs are being met by a responsible, professional, and highly trained team of experts is priceless. Focus on the growth and development of your business and employees. Leave the accounting to the experts who love it.
The most successful businesses are those that can adapt to their circumstances. Agility, flexibility, adaptability—these are the types of words that describe the most successful companies in our modern economy. By outsourcing your accounting services, you can adapt more quickly and efficiently to your changing business needs. Additionally, you can allow your current employees to focus solely on what they do best. Given the opportunity to save both time and money, the only question that remains is why not? Reach out to any professional outsourced accounting service to see if this could be a smart opportunity for you and your business.