What are the Major Benefits of Outsourced Accounting?
Updated: Nov 2, 2018
Smart and savvy business owners are always looking for new ways to save money and time while running their daily tasks more efficiently. One of the most effective things you can do as a business owner is to hire a competent, experienced accountant.
So much money is wasted in business each year on poorly managed money. However, finding the right person to handle your finances can be tricky business. You need someone you can trust and someone you can afford.
Outsourced accounting services have become the go-to solution for managers looking for expert help without hiring a permanent employee. And they're finding that there are many benefits to doing so.
If you need someone reliable to assist you with anything from bookkeeping to acting as a stand-in CFO, here are some benefits of outsourcing companies worth considering:
Get Expert Accounting Help
If you hire an outsourced accounting firm to help you, you'll be able to rest easy knowing you have the most qualified people handling all of your finances objectively and efficiently. You can even tailor the accounting services so that you're getting the specific kind of financial guidance you need for your business.
If you're implementing a new accounting system, you can either find somebody who's done it before to help you implement it, or you can find an expert accountant to implement the new accounting system.
Accountants are, generally speaking, very precise about their job and spend a lot of time checking and double checking figures. If you need it done right, a reputable accounting firm is the place to turn.
Make Sure You Meet Compliance Requirements
When you hire an accounting expert, you know that you're getting help from someone who is up-to-date on all of the latest regulatory requirements. An experienced accountant is aware of how the industry runs. They will be in the loop regarding the latest laws and regulations. Having someone on your team with this awareness will save you lots of time in the long run.
Reduce Your Costs
If you're worried about the cost associated with hiring a full-time, outsourced accounting team, you have lots of options for keeping costs low. Businesses can choose their accounting services to suit their needs and their budget. Choose from full outsourcing services, co-sourcing, or specialized resource assistance to fill in the gaps when you have a shortage of staff expertise.
Another cost benefit to hiring an outsourced accounting team is the money you'll save in paying for temporary expertise as it compares to hiring a full-time employee.
High-level accountants (director of finance, controllers, CFOs), can demand a high salary, and though they're often worth it, many businesses can't afford them full-time. Instead, hire an accountant with the same level of experience for a few months out of the year or for special projects from an outsourcing company.
The accountant's entire job is to provide exact numbers and predict likely outcomes. With outsourcing accounting services, you can turn the number crunching over to a team of accountants that promise high levels of accuracy.
Some firms will even give you a percentage of the level of accuracy that they guarantee. In turning over the reigns, you can focus on other matters of business and office management knowing your accounting needs are being handled efficiently.
You Might Not Need A Full-Time Accountant
For many small businesses in particular, a full-time accountant might not even be a necessity. Instead of going through the hiring process looking to bring someone on to your team permanently, turn to an outsourcing agency when you need help with accounting, and only when you need help.
Doing this saves time and money as well as the hassle of trying to find a good fit. An outsourcing agency can set you up with a trusted professional to step in when you need it.
To stay up to date on changes to accounting guidance and other rules and regulations, an outsourced accounting firm can be beneficial. These firms make it their business to stay abreast of the latest accounting software, of any new methods for doing things, of any changes to state and federal regulations, and so on.
Where a permanent hire might become set in his or her ways, when you hire from an outsourcing firm, you temporarily employee someone who makes it a priority to stay on top of the latest rules of accounting.
Trust Your Hire
A huge benefit to outsourcing your accounting services is the knowledge that the person or people you'll be bringing onboard come "pre-approved". They've already gone through the hiring process and proven effective at the job they'll be sent to do.
Most firms will guarantee their work, so you can be sure you'll get the help you paid for.
Find Outsourced Accounting In Your Area
Now that you know some of the benefits of outsourced accounting, discover the benefits of turning to Ceterus for your small business and franchise accounting needs.
Offering a complete done-for-you accounting and benchmarked reporting solution, we are confident that we can make your job easier by taking the burden of accounting off your shoulders.
Learn more about the many services we offer, and what you can expect from us as a client, by visiting our website.
If you have any questions about working with us, contact us today. Discover more about our core values as a company and our promise to deliver to you as a client.
We look forward to hearing from you!