In order to understand why you should outsource accounting and business advisory services, consider these facts and statistics.
Outsourced accounting is essentially back office support. This includes professional help with accountability, business process optimization, and access to technology. With new eyes and a fresh take, there is less stress, therefore, allowing you to focus more on your business strategy.
With outsourced accounting, you can reduce time and costs associated with entering, managing, documenting, reconciling, and paying travel and operational expenses. Along with that, you can improve the processes and workflow for both employees and your business with real-time report management.
You will improve the experience for vendors and business partners while leveraging mobile technology to enhance digital documentation and workflow. Along with that, you can integrate expense management into the company’s accounting system.
If you decide to bike, you will receive outsourced accounting services that include accounts payable, accounts receivable, account reconciliations, record outside payroll, cash flow management, and sync software.
If you decide to drive, you will receive outsourced accounting services that include budgeting, custom reports, financial dashboards, 1099 preparation, sales and use tax, and progress meetings.
If you decide to fly, you will receive outsourced accounting services that include CFO services, tax consulting, IT consulting, estate planning, succession planning, and strategic planning.
With outsourced accounting operations, you will save money by eliminating costly benefits packages to a full-time or part-time employee. You will also save 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.
Did you know $147,000 is the median fraud amount? The most common victims of fraud are privately owned small businesses with less than 100 employees. Outsourced accounting increases internal controls. Accounting controls and external audits are responsible for detecting and preventing 26 percent of attempted fraud.
Outsourced accounting offers options, valuable feedback, and suggestions to grow your business. It is a means to financial flexibility. Having a team of professional accountants working on your books allows for more reliability than having an in-house employee keeping them. Outsourcing accounting operations affords you a team of people to collaborate on your accounting needs and reporting and to double-check each other to ensure accurate findings.
With just one in-house accountant, it’s too difficult to hold departmental purchasing and spending individually accountable. Outsourcing enables an organization to receive a quality service while meeting deadlines.
A client gets service within the deadline as its outsourcing partner has all requisite resources necessary for streamlining client-specified accounting processes with a faster turnaround time. Outsource your accounting to a full-service accounting firm, which allows for communication amongst the various departments and ensures deadlines are met on a timely basis with limited work required from business owners. Outsourcing saves business owners ample time to actually focus on core competencies.