4 Benefits of Outsourcing Your Accounting Needs
Your business’ financial status is its foundation. Without a solid and reliable foundation, there is a low rate of success. If you are looking to build and maintain a steady foundation while saving on costs, it may be time to consider outsourcing. How else can this benefit your team? Let’s take a look.
- A team of seasoned experts
If there is one thing known to be true, it is that nothing stays the same. This applies more than ever to government rules, regulations, and changes in laws regarding accounting practices. Mistakes in all areas of accounting can be easily made with updates happening so frequently and the challenge of trying to stay up-to-date with them.
It’s the business and responsibility of accounting professionals to monitor any changes or updates, proactively keep you in compliance and notify you if said changes affect your business. They are there to provide you peace of mind.
The ebb and flow of revenue are nearly inevitable. In times where your revenue streams are lower, it may not be necessary to have a full-time CFO, controller, etc. It may also fall on the opposite side where your business suddenly experienced exponential growth. In both scenarios, outsourcing gives you the ability to scale and react to change more quickly and efficiently. No need to lay employees off or hire new team members; your outsourced team can seamlessly readjust the resources you need for your accounting functions.
- More money in your pocket
Employing full-time or even part-time employees for your accounting needs can get costly. By outsourcing, you are eliminating costs for things such as salary, employee benefits, training, accounting software, technology, etc. However, it is not a smart business move to sacrifice much-needed experience just to cut costs. It is possible to have the best of both worlds – experience and affordability. Outsourced positions—CFO, controller, accountant, bookkeeper, payroll, etc.—are on an as-needed basis, allowing you to only pay for what you need. It will cost you a fraction of what you would pay for an in-house employee.
- Increased productivity
Accounting is no easy feat. Whether it’s payroll, bookkeeping, or one of the many other responsibilities of an accounting department, they can be time-consuming and require a significant amount of effort and dedication to ensure no errors are made. With an external team, you can rest assured that all your accounting needs are being taken care of quickly and accurately. With this hands-off approach, you have time to appoint duties and divert your attention to the success and growth of your business.
If you are wanting the weight of accounting taken off your shoulders, it’s time to reach out to the Squire team and start the conversation of outsourcing. We have experts with decades of experience working closely with owners and entrepreneurs of companies, large to small. We take a one-of-a-kind approach ensuring that we guide you down the right path.