As a business owner, you know better than anyone, that time is money. And your time is always in short supply. Sometimes money can be too. But there is one way to save your business time, money, and headache: outsourcing your accounting services. Though it may seem counterintuitive to hire someone to do your work for you to save money, here is a list of why this is often a really good idea.
- A better use of your time. Unless you started an accounting firm, you didn’t start your business to pour over books and receipts. Your time is better spent building your business and focusing on the activities that will help you grow and succeed.
- It’s a better use of your money. (And less of it.) When you outsource accounting operations, you are eliminating the expensive burden that comes with full time employees. You free yourself from the payroll, benefits, and taxes that accompany an employed member of your team.
- They are better at it than you. Hiring an outsourced firm means you are hiring experts. Accountants know accounting better than you do, so let them work for you and get it right the first time. Imagine, not having to go back over the books again and again because you couldn’t get those books to balance!
- Better tools for a better result. A firm that specializes in accounting and financial services will have access to the latest, top of the line software and tools that are too pricey for you to afford on your own.
- You’ll be better protected against fraud. A 2012 study by the Association of Certified Fraud Examiners stated that the highest incidence of business fraud is perpetrated against privately owned businesses with less than 100 employees. The median amount of fraud is a staggering $147,000. Most small businesses don’t have a controller or CFO to review KPIs and metrics that could show signs of fraudulent activity. With an outsourced accounting firm, businesses have affordable access to just such experts to look out for their best financial interests.
Now that you know just some of the myriad reasons you should consider outsourcing your accounting services, start researching which firm might be the right fit for your company. Just don’t put it off until it’s too late—you don’t want to be one of those companies that loses $147,000!