As outsourced accounting grows as a highly beneficial and efficient asset to businesses around the globe, some myths remain about the services. Many of these myths stem from outdated information not applicable to today’s highly efficient digitally secure transactions. If you’ve felt the need to outsource accounting but been deterred by the myths, here are the reassuring facts you’ve been seeking.
My Business is Too Small
Outsourced accounting holds benefits for businesses of all sizes, but can be especially essential for small or start-up businesses. In addition to adding all the same organizational, reporting and tax tidiness that large companies receive, it can be completed with great efficiency for smaller budgets. Most often don’t realize that there is an economy of scale benefit to outsourcing accounting work. This often leads to lower costs than small businesses completing complicated accounting work in-house.
My Valued Employees Will Lose Jobs
Most employees with bookkeeping skills have beneficial business applications in more directly profitable work for the company. In fact, many times those performing in-house accounting already do it alongside other valuable work such as forecasting, purchasing, infrastructure management, sales and even human resources. By eliminating tasks of outsourced accounting, these employees often become a greater direct benefit to the company, more productive and also enjoy greater job satisfaction.
My Data Won’t Be Secure
Companies who perform outsourced accounting know how important financial and technology security is for their clients. It’s in their best interest to maintain the highest level of privacy standards and invest in the most secure technology for your data. This often exceeds the data security standards many businesses own or can afford on-site, leaving your data more secure than it’s ever been. Business owners often complain that accounting and security software updates take uncomfortable amounts of time and investment. With outsourced accounting, your extended team takes on these burdens.
My Business Is Too Complicated
Financial experts in outsourced accounting bring together expertise in a variety of fields and businesses. They closely collaborate with you to understand your business cycles and organize your accounting to achieve more convenient and specialized reporting. As an added benefit, you also receive an unbiased reporting of your financial. You benefit from an outsourced accounting team warning you of potential financial hazards or business threats without the discomfort or “sugar coating” of internal employees.
My Finances Will Be Out of My Control
By standardizing your accounting within regulated guidelines, you actually can experience a greater sense of control and real-time knowledge of your financial position. You no longer wait and find surprises regarding cash-flow or taxes. Instead, you have a collaborative team working beside you throughout the process. In addition, where you or your internal team could not afford the time to become tax reporting experts with continuously changing regulations, you now have someone dedicated to staying current on your businesses’ reporting needs.
Don’t let outdated myths keep you from your most robust financial practices. Talk to an outsourced accounting professional today and put these myths in the past where they belong.