Is Outsourcing a Good Idea?
Would you like to focus on your core business, concentrate on the client base, and be more productive? Of course, you would! Almost every business owner would love that. Accounting tends to take a lot of your time from actively growing your business but it’s a necessary function.
So, why not outsource your Accounting and focus on your core competencies?
Let’s look at 5 reasons why you should outsource your Accounting ASAP:
- Focus on your core competencies
It goes without saying, if you outsource things like accounting then you have more time to concentrate on more substantive issues like managing and developing staff, sales, and other revenue yielding functions. You know, the things you did to get to where you are today. Outsourcing your accounting will save your time and let you focus more on what is necessary for the business and your core competencies.
- Save money
Usually, a business involves hiring and training your accounting staff whether it be a bookkeeper, staff accountant or controller and it takes at least 2-5 percent of the revenue. This may not seem like a huge difference but you actually reduce your costs by getting rid of the expenditure on employee training, employee benefits, and the infrastructure which you will require to have your accounting department in-house. Generally, outsourcing these functions can save you HALF of your in-house accounting spend.
Not just that, imagine some mishap happens with your financial figures; it might end up costing you a fortune. This is much less likely when working with a professional, outside firm.
- Gain access to accounting experts
If you are running a small business and if you have an in-house bookkeeper, you are more likely to have someone who is not an expert. If you are lucky enough, an existing employee will have some basic knowledge of accounting but that’s all you get as it is not their core competency.
When you outsource, you gain access to a team of experts in accounting who would possess decades of combined knowledge and experience in the field. This would ensure that your books are up to date and there’s much less a chance of facing penalties due to bad books.
- Lessen the risks
Almost one in five small businesses has their hard-earned money stolen by the employees they trust. Plus it gets difficult to probe each employee without enraging the honest employees. By hiring outsourced accounting experts, you do not just save time, money, and improve your operational efficiency but also helps to keep fraud at bay.
- You are STILL in charge
Not only are you still in charge, you now have accurate and timely information to help you make key decisions. You will actually have more control with a team of highly trained professionals providing assistance in understanding and managing cash flow, operations and overall strategic planning. You have the ability to scale up without the added cost of hiring new internal staff. You may not need a Controller or CFO full time. But you will have access to one ON DEMAND!
You built your business using your core competencies. Let us help you grow using ours. Give us a call for a no-cost, no-obligation consultation. We’ll show you how you can save time and money and increase the value of your business today. 813-855-5433 or Click HERE