Benefits of Outsourcing Accounting
Let’s be honest, accounting has a bad rap for not being the most exciting topic and for many small business owners it tends to get neglected. Most people understand the importance of timely and accurate financial information, but don’t have the time, energy or resources so they end up putting it off. Don’t let this be you, now in the information age there is no excuse for not having financial information at your fingertips. One way to achieve this, is by outsourcing accounting functions. While there are numerous benefits to outsourcing accounting functions, here are four.
Time is Money
Time is a valuable resource and as small business owners we all want more of it. How you spend your time determines how much money, freedom, and balance you have in life. Starting or running a business requires an enormous amount of dedication, commitment and time, especially in the beginning. Don’t get stuck in the mindset of I can “do it all”, because while you may be able to “do it all” for a while your business will eventually plateau.
Whether your priorities are to grow and expand your business, spend more time with family, take a vacation or just live a more balanced life, you need to off load what’s on your plate by outsourcing accounting functions to a professional.
Information is Potential Power
Decisions, decisions, decisions…they happen every day, all day. As small business owners we are making decisions on the fly, sometimes without fully understanding the information or repercussions.
By outsourcing accounting responsibilities to a trusted accountant, you will be provided with valuable financial information to assist you in day-to-day decision making. The information provided by your accountant will give you financial insights into your business to maximize profitability and minimize risk. Therefore, your decisions made on the fly, will now be powered with sound financial backing.
Information is not power, it’s potential power, because it depends on what you choose to do with it.
Power of Collaboration
Collaboration is key to success. It’s a powerful building-business strategy as you leverage the expertise of those around you. When you put together unique resources, energy, talents and expertise all working for a shared vision, MAGIC happens.
You’re great at what you do, for that reason let the accounting professionals be great at what they do!
"Great things in business are never done by one person. They're done by a team of people” ~Steve Jobs
Cost-Effective
Employing an in-house accountant is expensive and burdensome you need to consider all the costs involved beyond the salary, for instance, payroll taxes, health insurance, worker’s compensation, retirement plans, vacation and sick days, and other employee related expenses. Let’s not forget the overheads and time required to hire, train and manage the accountant/s.
Therefore, by outsourcing accounting functions, you gain a cost-effective solution and flexibility in adjusting the level of service to meet the demands and seasonality of your business.
Delaying the decision of outsourcing accounting functions could be costing your business significantly more in time, money and resources. It’s time, READY, SET, GO OUTSOURCE YOUR ACCOUNTING!
