Running a small business can be time-consuming as well as stressful. Getting the business started and off the ground, can be even more so. It’s very likely that your finances will be tight, and that you’ll be looking for ways to keep costs down as much as you can. As the owner of the business, you’re probably already spread thin and overextended in terms of your time obligations, and can’t manage everything yourself. But hiring more employees is costly in a number of ways. So more and more growing companies are finding that outsourcing of functions that aren’t part of your core competencies is the way to go.
Accounting and bookkeeping are, in some ways, like going to the dentist. None of us really want to do it, but we all know that there are serious repercussions if we ignore the matter completely. You could, and perhaps have already tried, managing these tasks yourself, but eventually the workload becomes too heavy. It’s not uncommon to hire a bookkeeper or an accountant, so that you personally don’t need to think about these things until it’s time to file your taxes. But with the current state of online / cloud technologies, it’s becoming more practical to outsource your accounting to a virtual accounting firm. Here are some of the benefits of outsourced accounting.
Freeing Up Your Valuable Time
The old adage says that time is money, and it’s certainly true when you’re building a small business. There are so many things that you need to be doing that relate directly to the growth of your business and its revenue that you can’t afford to get bogged down with administrative tasks. Back office functions are essential, but your time is better used elsewhere. With outsourced accounting, you can step aside and let experts take care of work that amounts to a distraction from more important responsibilities that only you are qualified to handle.
Access to best of breed technologies
Most small businesses can’t afford the top accounting software, and don’t have the time to research all of the cutting edge products as they evolve. When you outsource your accounting to a company that specializes in accounting and nothing else, you reap the benefits of the time and effort they’ve put into finding the best products out there. What’s even better is that you don’t need to implement these yourself, and they do all the work!
If you hire an accountant or bookkeeper to work on staff, you’ll be paying their salary, plus benefits and a host of extras, regardless of how large the workload is at any given time. With outsourced accounting, you’ll only be paying for the services you use, and there will always be a team of trained professionals ready to handle whatever work and issues may arise.
Expertise at your fingertips when you need it
When you enlist the services of an outsourced accounting firm, you’ll have full-time experts available to respond to questions and concerns that come up. You can count on them being up to date on the latest tax laws and regulations as well as accounting best practices.