Are you looking for better ways to focus on growing your business? If so, this tip is for you.
Outsourcing the accounting function should be one of the easiest decisions you make. There are many reasons to outsource besides just getting rid of the hassle that comes along with accounting. Let us, together, look at a few:
COST EFFECTIVE | Outsourcing your accounting function generally costs you less than having accounting as an internal function. You save on social security, vacation time, staff bonuses, and on staff training. Outsourcing your accounting function vs. an in-house department could save you up to 40% in monthly costs.
GROW YOUR BUSINESS | Accounting is a time-consuming activity. Pouring over the books on back-end office operations can be a huge hassle that takes away precious Entrepreneurs’ time, who are better off to dedicating their time to grow operations and securing new customers.
LEADING ACCOUNTING SOFTWARE | Accounting software is fast moving to subscription-based models. Why pay for an inhouse software and worry about the cost to maintain when you can use an accounting firm who has already invested into an online accounting portal and is able to deliver to you the extended savings resulting from its volume agreements? A professional accounting firm operates a robust, centralized cloud-based accounting software and will streamline your accounting processes. Because it is in the cloud, you have access to the records 24/7.
ACCOUNTING EXPERTS | Finding top-flight accounting talent is a challenge. Outsourcing allows you to gain access to accounting professionals who are trained, experienced, and knowledgeable. You will have access to a team of experts, not just one or two bookkeepers. Accounting experts will help you better understand your finances, provide guidance, and handle complex situations and tasks. It will grow your peace of mind knowing errors are being reduced, good accounting practices are being performed, and that you have access to a higher level of expertise when you need it. No matter how you look at it, having a team of professional accountants working on your books is going to be better than having an in-house employee manage those books. Outsourcing your accounting operations affords you a team of people, all double-checking each other to ensure that all the right findings are being found, thus maximizing efficient on day 1.
ACCESS TO TRUSTWORTHY DATA | Good financial data should be the backbone of your business decisions. When you outsource your accounting and gain access to a powerful software, you will collect the data you need and care about and which will empower you into making growth-driven decisions with confidence.
INCREASE CONTROLS AND REDUCE FRAUD | If most of the accounting functions are in the hands of one or two people, your business shall be at a greater risk of fraud. Moving your accounting to third-party professionals reduces this risk and allows for greater internal controls. your accounting professionals will identify where there are problems, flagging errors and notifying you of inconsistencies.
OPPORTUNITY TO SCALE FOR INCREASED EFFICIENCY | Outsourcing the accounting function makes it simple to expand and grow your business and find ways to cut down on costs. Accounting firms provide valuable feedback to raise your profits. The accounting service provider can bundle other services such as payroll and tax at reasonable costs and build on greater data and systems efficiencies for better visibility. You gain peace of mind knowing these services are handled by professionals, in one place.
Now that you see how beneficial outsourcing your accounting function really is, the next step is to find the right partner for your business. Baker Tilly is the clear winner of this. We go beyond the normal recording of transactions to providing valuable insight and reporting that benefits management’s decision-making process.
Call Baker Tilly today to make your business more strategically effective and to rest easy knowing that your path to success is based on financial accuracy and backed by professionals. We are your partners.