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.
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If you are considering switching from in-house accounting to an outsourced virtual model, you probably have a lot of questions. Accurate accounting is essential to the financial wellbeing of your business and switching to a new method of bookkeeping should only be done after careful consideration. Access to your information is likely a major concern as you consider outsourced bookkeeping. Do you have immediate access to all of your financial data? What type of access does cloud based outsourced bookkeeping provide? Does the cloud provide secure access to my data? Start your research into outsourced bookkeeping by getting the answers to these important questions.
Improvements in technology have drastically changed the options you have for your business accounting needs. If you have always worked with an in-house bookkeeper, there is another option available that may provide you with a more cost and time efficient way to take care of your accounting needs. Below are some of the advantages and adjustments you can expect to experience when you move from an in-house bookkeeper to an outsourced/cloud based bookkeeping service.
In many industries, the word ‘outsourcing’ has become synonymous with the term ‘offshoring’. It brings to mind an image of companies moving jobs outside the United States to save on labor and production costs. The practice of offshoring can have a negative impact on the economy because jobs get moved away from the US to other countries. While outsourcing and offshoring may be synonymous in some industries, they are not the same thing in the accounting industry.
There are some parts of your business that need to be done on site by you or one of your employees. Other areas of your business can be taken care of by full time employees or outsourced, depending on your needs. Accounting is one of the areas that can be outsourced and there are several reasons why it is becoming more common among savvy business owners.