If you are a small business owner, you might be faced with the decision of whether or not to hire an in-house accountant, or to outsource your accounting to a service. These days, over one-third of all businesses, large and small, outsource their accounting! Keeping track of all the complex accounting operations in-house with a resident accountant isn’t very cost effective, and its even worse to try to do it yourself! If you had to do your own bookkeeping it would be a waste of your real talents, you are better off using your time to focus on growing your business.
Outsourcing to professional accounting and tax services promotes cost savings. It’s an ideal solution for small business owners who don’t have the budget needed to hire a full time, in-house accountant. Let’s examine some of the benefits outsourcing your businesses’ accounting can bring you:
Saves Money – As we touched upon above, outsourcing helps you to save money by not having to pay all the expenses associated with a full time employee- salary, benefits, insurance, holiday pay, etc. When you hire the help of a service you only have to pay for the exact accounting services you need to have done! In the long run it will cost your business far less to outsource your accounting needs than it would to hire someone full time.
Save Time – If you are currently handling your accounting on your own it means you are sinking an enormous amount of your precious time into a task that you probably aren’t really trained for. Managing and reconciling financial records is a time intensive process involving a lot of physical paperwork on your part. One of the greatest benefits of outsourcing accounting is the time it saves you so you can focus on the aspects of your business that require your personal attention as owner. Outsourcing gives you more time to devote to customer service and improve your overall operations.
Error Free – Accounting errors are most often made by someone who is inexperienced with the process (like you!). When you outsource your accounting to a professional service you will have a dedicated team of highly experienced accountants working for you using all of the latest software and methods, and keenly aware of any and all the changes that the government has made to the year’s tax codes. Their work is guaranteed to be error free so you can rest easy knowing that no costly mistakes will be made!
No Unnecessary Services – Your small business will grow and change over time, and so will the accounting services that it needs in order to function. When using an accounting service you can pick only those essential services you really need, removing those unnecessary ones that you have outgrown, and adding new ones as they become necessary. You get just what you need when you need it!
So, don’t knock yourself out trying to do two jobs small business owner, do yourself a big favour and hand that accounting over to the pros, satisfaction guaranteed!
