It’s not easy running a small business, especially in the earliest stages of growth. You’re going to undoubtedly have your hands full with management responsibilities: overseeing the people who are working for you, keeping your bills paid, keeping your customers happy, and probably too many more to count. And somewhere in this busy schedule, you need to find the time to continue to develop your products and services and get more clients. It’s tempting to try to do everything yourself, both to “get it done right” and to save money. At some point though, this stops being a viable solution.
Though you’re trying to save money, attempting to manage everything on your own can actually interfere with your efforts to grow and increase your revenue. So more and more business owners are turning to outsourcing business functions like accounting that are outside of the scope of their core competencies.
I can guess what you may be thinking now, because I, too, cringe at the sound of the word “outsourcing”. Historically, it makes us think of another example of the corporate world trying to get cheap overseas labor, at the expense of quality and service. But outsourcing doesn’t necessarily mean shipping jobs offshore. It simply means using the services of a third party with the specialized expertise you need. Outsourcing the right tasks wisely can be an excellent choice, especially for a small company whose resources are already taxed. So it’s no surprise that not too long ago, Entrepreneur listed accounting as #1 on its list of the “5 Time-Consuming Tasks Small Business Owners Should Outsource”. Here are a few of the reasons why outsourcing your accountant just makes sense.
Outsourcing your accounting frees up your valuable time.
Accounting is certainly a time-consuming task, and there’s no question about that. We know that you’ve got enough on your plate just trying to get your business off the ground and keeping things running. So why get bogged down with daily bookkeeping routines? A professional accounting service is focused exclusively on those services, and has streamlined the processes. They are likely to get these tasks done in a fraction of the time it would take you handle them, leaving you free to focus on daily operations and business development.
Outsourcing gives you access to top-quality talent at less cost to you.
No matter what your business is, and what responsibilities you need to fulfill, there’s one common goal amongst all business owners: getting the very best talent at the lowest possible cost. Of course, that’s a bit of a Catch-22. Using the services of an outsourced accounting firm gives you access to the talents of a full team of experts, and will typically cost less than hiring even one person to manage your books in-house. An additional benefit here is that you also don’t need to take on the additional overhead of paying for their healthcare, vacation time, office space and equipment, etc.
No one knows accounting like accountants.
At the risk of sounding redundant, if accounting is not one of the core competencies of your business, you’re going to need some professional expertise. If you’re not a graphic design firm, you’re probably going to outsource the design of your logo to a professional designer, and most of us wouldn’t think about doing plumbing work ourselves. Accounting is simply too complex and too vital of a function to risk making costly mistakes on. Outsourcing your accounting to a professional team will ensure accuracy and efficiency, and give you some well-deserved peace of mind.