Benefits of Outsourcing Your Accounting Services

By Alissa Orban

As a small business owner time is something you seem too never have enough of. You have enough on your plate, so worrying about proper bookkeeping, staying up to date on government compliance and knowing how to dig into the numbers to see the big picture is not always something you want to spend time thinking about. However, according to statistics published in 2015 by SCORE (a non-profit, small business mentoring association), at least 40% of small businesses spend 80+ hours per year on bookkeeping, taxes and payroll.[1] That same 40% of small business owners say that tending to bookkeeping and taxes is the worst part of owning a small business. Outsourcing bookkeeping and accounting services not only enables you to reclaim time, it enables you to reclaim your focus on the very things that make your business worth building in the long-run.

When you outsource accounting, it takes doing work for which you’re not specialized off your plate so you can concentrate on doing what matters more to your business success. Here are some of the benefits you’ll enjoy when you outsource your accounting.

Proper Bookkeeping

Proper bookkeeping is essential in telling the story of your business. If income and expenses are not properly recorded, the story of your business also is not being told correctly. By outsourcing your accounting services, you are trusting accounting experts who will help tell the story of your business in an unbiased manner so you as the business owner can make sound business decisions.

Compliance

Government compliance is full of deadlines and regulations; these regulations are always changing and can be very cumbersome to stay on top of. By outsourcing your accounting services, you can stay up-to date and compliant with government agencies by having a well-trained expert in charge of filing your regulatory compliance reports.

Money Savings

Not all businesses can afford to have a full or part-time bookkeeper or accountant on staff, but the maintaining of proper books is still vital. By outsourcing your accounting services, you save money on the compensation package of an employee and hire the experts for the accounting services you need help with, not having to worry about personnel challenges, benefits administration and employee supervision that would be faced if the position were in-house.

Gaining Time

By hiring the right professional for your accounting service needs, you as a business owner gain much needed and valuable time so you can focus on the future of your business. The right accounting and advisory professionals will help you with more than just bookkeeping. They can also help you with cash forecasting, business planning, strengthening your internal controls, and establishing systems that expand your business efficiencies.

If your business is considering outsourcing your accounting services, the most important step is researching the right firm that aligns with your current and future business needs. When you find the right firm for your needs, you will be able to see the unseen, so you as the business owner can lead and grow your business.

[1]  https://core.score.org/news/new-infographic-burden-small-business-accounting-taxes-and-payroll