One of the greatest unsubstantiated concerns about outsourced accounting is that business owners and their management team lose access to their all their important financial data. This couldn’t be further from the truth. In fact, outsourcing accounting data offers you more benefits from organized data access than you most likely enjoy with your information right down the hall.
Organization is Key
A disorganized pile of purchase orders, receipts and payroll sheets provides little benefit when you need to make crucial financial decisions. Proximately can actually leave you more frustrated, as you realize what a mess your system is, bogged down by too many, “I’ll get to that later,” or “This will be fine for right now,” excuses. When you outsource your accounting, your data remains entered, organized and up-to-date leaving you with access to an organized system, not a growing pile of papers or email receipts.
Digital Remote Access
Secure digital access gives you access to data 24 hours a day and 7 days a week. This eliminates the frustrating cases of leaving information at the office during the weekend or digging through files for information when an employee is out on vacation. With outsourced accounting data, you can access your data from your office, home or even a conference hotel room miles from your business.
Greater Access to Payroll Reports
Staffing costs typically slip owners’ minds, except during hiring or replacement of employees or possibly bonus time. However, this can be a disadvantage for businesses with complex staffing levels and multiple, varying shift work, such as restaurants or manufacturing. With outsourced accounting data at your fingertips, it’s now easy to see payroll reports and adjust where needed to control cost or manpower efficiencies. Now, payroll is not the signing of checks and records viewed once every few months, it’s an integral part of planning your business success.
Even when you outsource your accounting and your professional team organizes your data, you still maintain control. You keep control over your cash. You approve and sign all checks. You control your business. Your outsourced accounting team enters, appropriates and organizes the data consistent with your agreed upon system, but you approve all invoices for payment and sign all checks, ensuring proper distribution of duties.
If you are in a business where clients can request an audit of their account at any time, such as an advertising or online media agency, you know the fire drill such a request can produce. Suddenly, on-going tasks stop for you to prepare justifications for staff hours and expenses. This is no longer a concern with outsourced accounting, as you can easily access all of your data and fulfill your clients’ audit request easily without pulling your employees from their essential tasks. You leave clients satisfied and impressed by your speed and efficiency, while you and your team don’t feel the exhaustion from previous audits.
Often, people who outsource their business accounting find themselves shocked feeling they have more – not less – access to their data, now presented in a more meaningful, organized format. If you’re interested in moving your accounting data from simply a task to part of your business success plan, contact an outsourced accounting professional today.