If you’re working hard to scale your small business, you know how challenging it is to find and hire an experienced accountant that will take care of your business’s finances.
While many business owners believe that accounting and bookkeeping need to be done inside their company, if you want to take proper care of your business’s financial health, it’s time to get familiar with the benefits of outsourced accounting.
Implementing a business strategy of outsourcing accounting services is often the missing step towards a company’s growth.
This article brings seven benefits of outsourced accounting services that will help you keep your company on the right path by getting the best of both worlds — an experienced account team at a price that fits into your company’s budget.
1. It’s cost-saving
Many owners of small businesses tend to make the same mistake – they think that running their accounting in-house rather than outsourcing it will reduce their costs. Instead, your chosen accounting professional does the work. You only send them your financial information and pay for the service you need when needed.
You’re not paying benefits, taxes, salaries, training, providing office space or the needed equipment, and are not dealing with other expenses with having a full-time or part-time employee.
- Key point: You benefit from a professional without the payroll by outsourcing your accounting and bookkeeping.
2. It’s time-saving
As a small business owner, you’re undoubtedly facing the problem of not having enough hours in a day to get everything done to keep your business thriving.
If you want to take your company to the next level, there comes a time when you must focus on the most significant revenue-generating activities, outsourcing or hiring for everything else. But unfortunately, not doing so is a common mistake entrepreneurs make.
- Key point: Outsourcing your accounting will free up your schedule to focus on creating business strategies, building relationships with your customers, and scaling up your brand.
3. You get access to a specialized team of experts
When you outsource, you hire experts focused solely on your financial needs. Just as you are an expert in your field of business, taking care of your financial-related questions is what accounting companies do best. They’re not doing sales, marketing, or customer service along with running your finances but are strictly focused on following the best practices in the industry that benefit their clients.
Suppose you’re not finding the time to keep up with the changes in laws and regulations by choosing a reliable and credible accounting service company.
- Key point: Reputable accounting firms work to recognize regulations that impact your business nexus.
4. Outsourcing solves the problem of suddenly losing staff
One of the challenges small businesses face is losing teams suddenly. While large companies can afford to employ many people, losing a staff member doesn’t drastically affect their employee structure, this is not the case in small companies.
Who you hire requires management. Poor management leads to turnover. Turnover leads to missed deadlines and opportunities. By outsourcing your accounting, you don’t have to stress losing staff members responsible for taking care of your finances.
- Key point: The accounting firm you use has processes in place and doesn’t require training or management. Their job is to make sure your financial statements, outgoing invoices, and financial data are on time.
5. You’re making an upgrade to automated technology
You’re likely using software, like Quickbooks, to manage your bookkeeping. And you probably understand it does a whole range of things but don’t have the time to implement them.
Accounting firms, especially one you’re considering, are experts in their chosen accounting tools and bring that benefit to you. The right solution helps you use the features you know about but never use like:
- Accounts receivable
- Key point: Accountants don’t need training but often bring expertise that helps you gain full advantage of financial software.
6. Easy scalability options
With an increase in business volume in general or during a specific time of year, your financial needs change. Accounting firms who work to understand your business model and growth trajectory inherently can scale with you.
- Key point: An experienced accountant has plans that allow your business to choose the best financial options fluidly.
7. A skilled accountant can help you grow your business
An experienced accounting firm has the needed skills to understand your numbers and recognize what financial areas of your business need to be improved.
Accounting experts use their knowledge to help you; understand your numbers, identify what changes to make, and advise you through your options.
Implementing the advice of financial experts into your business strategy can make significant changes in your business growth.
- Key point: An experienced accountant helps you protect and grow profit, let alone help you manage your growing finances.
Ready to get the benefits of accounting?
When successfully running a business, the ultimate goal is to work smarter, not harder. The benefits of outsourced accounting come down to the freedom they give you to focus on other aspects of your business.
See how the professionals at Phillips Business Group can help you improve your business through our accounting services.