A number of companies face the question of whether to outsource their accounting function or to employ a full-time staff member. If the company is looking to focus on growing the business’s bottom-line while reducing costs, then outsourcing of the accounting function has a number of benefits.
Cut down on costs
Outsourced accounting operations save you money by eliminating benefit packages to a full-time or part-time employee. When you outsource accounting, you only pay for the actual accounting, nothing else. This saves in productivity costs as well as payroll costs. The cost benefit analysis of outsourced accounting vs. in-house bookkeeping can save up to 40% in monthly costs.
Better use of time
By outsourcing your accounting operations, you free up valuable time that can be better spent elsewhere. Pouring over the books on back-end office operations can be a huge hassle that takes away precious company time. This time can be better spent on daily operations and bringing in new customers. Get the distractions of in-house accounting out of your office by outsourcing your bookkeeping.
Accountants know accounting
By outsourcing your accounting operations to a professional accounting firm, you’re effectively hiring experts. Professional accountants know tax legislation and company laws backwards. They work around the clock for your business by keeping up with the latest tax information, affording you full-time coverage for only part-time pay. Staffing options are considered and executed per task, so you’ll only have the most experienced and qualified individuals on your side, right where you need them.
Collaborative accounting is better
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 keeping them. Whether it’s you, a part-time accountant or full-time employee who takes on the task of accounting, the job is just not getting the proper attentions. There are tons of loopholes and exemptions out there and one individual is just not enough to find them all for you. 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.
Last, but certainly not least, you have scalable options. When you outsource your accounting operations, it becomes simple to expand and grow your business or find places to cut down on spending. Accounting firms can provide you with lists of options, giving you valuable feedback and suggestions that will raise your profits at the end of the day. Whatever your long-term goals are with your business, earning more money—and keeping more of it—will help you achieve them. Essentially, outsourcing gives you tons of flexibility and options.