When Is Outsourcing your Accounting and Payroll the right choice for you?
As companies continue to operate on leaner budgets, some have found that outsourcing
certain functions is a great way to keep quality up and costs down. With the availability
of advanced financial automation solutions and plenty of cloud-based systems, all types
of companies, small and large, are taking advantage of what it can do for their businesses.
Here are some of the top reasons to consider outsourcing your accounting functions:
Save Money and Reduce Overhead
On average up to 5% of revenues goes to properly training your accounting department. While if you consider outsourcing – you could actually lower your total cost by an average of over 40%.
2. Focus On Growth
This may seem obvious to some, but every minute you spend on your books is a minute you aren’t growing your business. There are plenty of bookkeepers and accountants out there that can do you books faster and better than you. So while you are focus on growing, selling, hiring and raising more money, your outsourced accounting team can handle all of your invoicing (A/R), billing (A/P), vendor relationships and financial statements.
3. Access To Expert Accounting Resources
By outsourcing you will have access to a team of skilled accountants having a wide range of experience in the area. This ensures your books are always up to date, payroll is done on time and you are not at risk of being subject to penalties due to inaccurate paperwork and underpayments.
4. Save on Technology Costs
Choosing the right invoicing, time tracking, expense reporting or payroll software can be an arduous task. So, stop doing it! Your outsourced accounting team is in the business of knowing all about the best technology solutions to streamline your needs.
5. Reduce Risk
More than one in five small businesses will have money stolen from them by trusted employees (an average loss is $200,000). It can be hard to enforce a strong checks and balances system without making honest employees feel implicated, which reduces company morale. Thankfully, outsourced accounting offers the perfect solution.
When you hire an outsourced accounting service provider, you not only save money, time and stress by having experts handle your financial reporting, you get a third party to audit your money trail. You will decrease your risk of internal fraud by having impartial standards of checks and balances, which will help improve compliance.
6. Grow with Confidence
Outsourcing accounting departments are infinitely scalable and will assign new bookkeepers to your account on an as needed basis to grow with you. They also keep an outside eye on your business and help you understand what all of those numbers mean. Your provider will be able to help you examine your profits and losses when making your financial plans and business strategies. Remember, your bookkeeper isn’t just there to crunch numbers, they are there to help your business thrive.
Relying on an accounting outsourcing company is a good thing. It is not just an alternative.
To learn more about outsourcing to Williams Business Solutions, contact us today.