No matter how long you’ve owned your business, you probably feel comfortable relying on the methods that have served you well in the past, like doing your own bookkeeping. But when it comes to accounting, it pays to outsource.
Keeping your own financial records takes a lot of time, especially if you use Excel or other tools that require tedious hours of manual input. Whether you handle your accounting personally or assign the tasks to an employee, these time-consuming tasks cost your company money.
When you outsource your accounting, you’ll be working with professionals who can help you not only cut costs but also get that time back to spend on managing day-to-day operations and attracting new customers.
The benefits of outsourcing your accounting also include:
Actionable reports on key performance indicators (KPIs): Outsourced accountants can help your company review its data with easy-to-understand reports and gain insight on where changes need to be made, as well as plan strategically for the future.
A trustworthy system of checks and balances: If your company operates without a chief financial officer or controller, it probably doesn’t have anyone who carefully reviews the books to find accidental errors or deliberate discrepancies. By giving your records a closer look, an accounting firm can help your company cut down on careless mistakes and even intentional fraud.
The chance to collaborate with experts: Outsourcing your accounting allows your company to go beyond the capabilities of a minimal in-house accounting staff. You’ll be working with a team with specialized knowledge that can advise your company on any number of issues, as well as provide accurate financial intelligence.
Clear audit trails and regulatory compliance: Outsourced accounts stay informed on the latest industry changes and make sure that your company’s records are up-to-date.
Tax savings: Years of expertise means outsourced accountants are extremely familiar with tax codes and can help you take advantage of tax laws that will benefit your business.