While you might first think that outsourcing accounting is something reserved for only the largest companies, the importance of a secure and efficient bookkeeper makes it something you should investigate regardless of your company’s size. If your business is growing, hiring a team of professionals to handle your financial matters in an organized and secure manner is something to consider. There are many key benefits to look forward to if you choose to outsource your accounting, from freed up resources to increased adaptability.
1 – Save Money
Despite the setup costs associated with contracting out your accounting department, the financial savings in the long run are substantial. If you hire full-time employees to handle your books, you must cover expenses such as benefits, paid time off, payroll taxes, and more. By outsourcing, you don’t have to worry about any of this, and you don’t have to provide any office equipment or space either!
2 – Save Time
If you, a family member, or a friend are currently acting as the bookkeeper for your small company, it’s possible this important business process is not at the top of the priority list. Additionally, time spent on accounting and finance tasks in between your other work takes away from your real mission — growing your business and furthering your vision. Outsourcing ensures you always have dedicated people on hand to tend to your financial matters.
3 – Ensure a Focused Effort
One of the leading causes of human error in bookkeeping is simple distractions in the workplace. Surrounded by the noise and hustle of a typical office, it’s no wonder that people make mistakes — ones you literally can’t afford to make. An outsourced bookkeeping service removes this function from the office, resulting in more efficient and focused work.
4 – Experts You Can Trust
Companies that provide bookkeeping services are at the top of the industry, always keeping their skills and assets sharp to remain competitive and compliant. Therefore, as a business owner, you can be assured that you’ll receive high quality service that’ll handle your accounting with efficiency and professionalism. Outsourcing eliminates the guesswork around quality, giving you peace of mind.
5 – Contracted for Better Service
Outsourcing to an expert team of bookkeepers also removes a lot of the hassle of hiring negotiations, management, and other HR concerns surrounding in-house employees. Simply put, service providers are under contract and are more likely to fulfil their obligations because they have more to lose if they don’t. Facing higher liabilities than potential in-house staff, an outsourced team has their reputation on the line and is held to a more rigorous standard.
6 – Easy Access to Information
Speed and security are paramount for the growth of any successful company today. One of the areas where this is most crucial is with financial records and data. You need access to accurate information to make important decisions at any time, and outsourcing teams that offer the latest in technological solutions make all of it available. For example, cloud-based accounting facilitates ease of access and added security through regular backups.
7 – Flexibility for Growth or Recession
Outsourcing your bookkeeping allows for greater flexibility, whether you’re in a time of expansion or needing to cut back on spending. You can grow or cut back seamlessly when you hire an outsourced team that offers different plans and options, giving you the ability to adapt quickly and professionally at any given time. This is a level of flexibility that an in-house accounting department could never provide.
8 – Invest in the Future
A certified finance and accounting outsourcing provider that employs the latest technology will not only help your company grow today but continue to thrive into the future. As many businesses move towards automation, technologies like Robotic Process Automation (RPA) and AI are being used to streamline the bookkeeping process and eliminate human error all while reducing operating costs.
Efficiency and Reliability with Outsourcing
It isn’t just the largest organizations who can benefit from outsourcing their bookkeeping. Putting this important business function in the hands of certified professionals who can adapt and provide reliable service to meet your needs at any time is a great option. You’ll save time and money, allowing more focus to go to what you really want — growth and success.
You can also have peace of mind that you’re working with experts who have your financial wellbeing at the top of their priority list. If you’re a business owner who’s considering outsourcing their accounting, look for a service provider with experience and investments in the latest technology.
Check out How Valenta’s Finance and Accounting Specialist can help you to streamline your financial and accounting process