For many years, small and medium business owners have been outsourcing their accounting solutions. In fact, payroll has been one of the most outsourced business functions in the world. If you’re an SMB owner and have been considering outsourcing your accountant solutions, you may be wondering if it is a better solution than keeping them in-house. Let’s look at a few ways that outsourcing accounts is a better solution than in-house for your SMB.
- Time savings
Outsourcing payroll solutions allows the SMB owner to have more time to focus on the business itself. Because accounting involves more than just writing a check, you’ll want to put the important tasks in the hands of experts. When you outsource your accounting solutions, you’ll soon come to see the benefits to handing your books over to the professionals. Those professionals do nothing but the books, and can keep your financials in check effectively and efficiently. In the short run, you won’t have to spend time interviewing and hiring someone. In the long run, you won’t have to pay for supplies or an office space. Also, there will be no training required by you. This saves you with hours to do other things that an SMB needs.
- Reliability and Accuracy
When you outsource your accounting solutions, you can relax knowing your data and business information is stored safely. That’s because when you outsource your accounting solutions, your data is being handled by experts whose top priority is to make sure your business accounting solutions are kept in the most proven reliable software. Another benefit to outsourcing your accounting solutions is that you know your records will always be accurate and up-to-date, and it won’t be your responsibility to do it. That’s because when you outsource your accounting solutions, you let the outsourced accountants take care of the technical aspect, the day-to-day, and the big picture items. The best thing is, outsourced accountants will do this fast, reliably, and accurately. If you choose to hire in-house for your accounting solutions, you may find that you constantly have to upgrade software, or risk your data being compromised.
- Cost savings
When you hire an outsourced accountant, you can hire someone who works remotely and will save you money. If your company is small or medium in size, everyday costs will be cut. Payroll, taxes, and other accounting tasks are less expensive when you have an outsourced team working for you. Not to mention your savings when you don’t have to provide a desk, workstation, benefits, and other perks. If you choose to hire in-house you may find yourself spending more than you wanted on such items, as well as any other incidentals that may occur.
When you outsource your accounting solutions, your accounting team will be available all day and all night to help you with any concerns or tasts you may have. That means you’ll have professionals by your side, ready to help you with any of our accounting needs all the time. When you hire in-house, your accountant will probably only be there Monday through Friday, 8 hours a day. Obviously, the benefit of having someone available all the time is a huge benefit over someone who is only there 40 hours a week. So you can see that outsourcing your accounting solutions offers many benefits over in-house. Whichever you choose, be sure to do some research before making your final decision.