The bookkeeping responsibilities of your business will continue to increase as your business grows. Accurate accounting is an essential part of running a successful business. It is important to get assistance when the bookkeeping responsibilities become more than you can handle on your own. If you are at the place with your big business that you need more accounting help, you can opt to hire in-house bookkeepers or outsource to an accounting firm. Having a fulltime account is the traditional model for a big business, but there are very real benefits to outsourcing the bookkeeping responsibilities of your company.
Reduce costs related to hiring and maintaining fulltime employees. As any business owner with employees knows, the salary you pay an employee is only a fraction of the costs associated with hiring someone fulltime. Other costs, such as employer paid health insurance and paid time off, increase the burden to the bottom line of the business. Finding the right person for the job can also be an expensive and lengthy process. Beyond the direct costs of a fulltime employee, there are the costs related to maintaining and managing fulltime employees.
Outsourcing your bookkeeping responsibilities will free up the time you would spend hiring and maintaining a fulltime employee or accounting department. You will of course have to pay for the outsourced accounting services, but the money will go more toward the accounting services and less toward employee related expenses.
Gain access to an entire team of accounting experts. If you decide to outsource your bookkeeping responsibilities to an accounting firm, you will have access to a whole team of accounting experts. This can benefit your big business in multiple ways. First, there will be more eyes looking over your accounting information when you use a firm that employs a team approach. This reduces the likelihood of mistakes because everything does not rely on the accuracy of a single person. In addition, there may be times when the accounting load for your business varies. If your business has any type of seasonality it will impact how much time needs to be dedicated to accounting. If you have an in-house accounting department, you may need to hire extra help during the busy seasons. Hiring more help could end up being time consuming and expensive. However, if you outsource to an accounting firm they will likely have the staff available to meet the increased accounting needs of the business during the busy seasons.
Create a customized plan to meet the needs of your business. One of the benefits of outsourced bookkeeping is that you can create a customized plan that only includes the services your business needs. As a big business, you may want access to a full menu of accounting services. Depending on the size and industry of your business, you may even need some specialized accounting services. When you outsource your bookkeeping responsibilities, you will have access to a long list of specialized services without the trouble of finding and hiring fulltime employees that will meet those needs.