In accounting, outsourcing may seem like a novel concept, but for many industries, outsourcing business tasks that are not related to your core business function is perfectly acceptable and these days, makes sense. Outsourcing is certainly not new. Businesses frequently hire IT specialists, designers, marketing agencies, writers, lawyers and other professionals who serve a vital function, but who’s services are not required daily and would be too costly to have on staff .
Accounting is just one more service, a vital one, that has become an acceptable and natural fit in the outsourced-service world. Why? With the advent of cloud technologies and sharing utilities, it’s become easy for accountants and bookkeepers and their clients to communicate remotely, and work virtually, in a secure manner. By doing so, businesses save costs and time, increase the accuracy and timeliness of business finance tasks, and reap the benefits of having a trusted advisor watching over their business.
Having a bookkeeper, accountant and financial expert on staff is cost prohibitive for most small businesses. For businesses who do hire an in-house bookkeeper, the payroll and administrative costs are high for the scope of work performed. Accountants and bookkeepers perform a vital role, but do you really require their full-time or part-time services in-house to get the job done? No. When you outsource bookkeeping and financial tasks, you reduce payroll expenses, admin time and overhead.
The time-savings of outsourcing accounting and bookkeeping tasks cannot be over-emphasized. First, if you are doing your own bookkeeping, you are spending a lot of time and expending a lot of energy preforming tasks that are likely not within the realm of your expertise. Outsourcing frees up your time and is much more efficient than hiring a bricks-and-mortar bookkeeping or accounting firm. Back and forth communication is faster as is exchange of financial information. Travel and meeting costs are also dramatically reduced.
Outsourcing to a professional accounting firm also means that a team of experts are working on your business finances. Accounting agencies, such as Elite Accounting Solutions, do nothing but accounting, bookkeeping and finance. We are highly-trained and experienced professionals who do the work day in, day out, full time. Businesses directly benefit from our expertise and focus. For small business owners who have been “making do” or doing it themselves, the benefits are immediate and long lasting. Hiring outsourced-accounting services provides the same benefits of having your very own in-house bookkeeper, accountant and financial planner without the burden of costs and time. You get to focus on what you do best, running your business, and the accounting firm gets to focus on what they do best – business finance.
Accuracy and Timeliness
Often, small business owners (freelancers, self-employed consultants, micro-businesses) neglect accounting, bookkeeping and financial planning. They are in a bind. They certainly need to look after bookkeeping and financial tasks, but can’t afford to hire an expert to do it for them. They do what many do – the best they can. Sometimes that means doing bookkeeping themselves and often it means neglecting these tasks and having a bookkeeper swoop in once or twice a year, or just at tax time. This kind of financial management is a hazard: financially and emotionally.
Most business owners don’t have the expertise or the time for DIY bookkeeping. If you are a “do it yourselfer” you risk inaccuracy, may work with confusing or confounding software or spreadsheets, and feel like you are in over your head. You probably don’t know what a professional knows or see what a professional sees. You waste time muddling through the work when your valuable time is best spent managing your business and planning its future. When you outsource accounting, bookkeeping and financial tasks, you are assured of accuracy and timeliness. An expert takes care of what would probably cause you grief. With an expert watching over your business, you know business finances are in order all year and you gain timely, valuable insight into your business’s finances without having to do the heavy lifting. At tax time, you’ll feel confident instead of panicked, because you know the numbers are correct. You won’t have to scramble to assemble receipts, invoices, bills and documents, stuff them in shoebox, take them to an accountant and hope for the best. An expert has your back.
Improved Business Performance
Last, but definitely not least, outsourcing business finance tasks to a professional can improve your business’s financial performance. When you outsource to Elite AS, not only are your books in order, you receive timely insight into your business’s financial functioning. Monthly financial reports and analysis provide you an opportunity for growth. You can make business decisions based on real-world data, not on instinct or best guesses. Timely, accurate financial information is vital if you want to grow your business or ensure that it flourishes. Financial analysis allows you to make improvements to business operations, plan for growth…and increase profit. Outsourcing also allows you to focus on business, have more time, energy, and fewer frustrations. When you outsource to Elite Accounting Solutions, you have a trusted advisor who understand business and can provide the feedback you need when you need it.
Interested in Outsourcing Your Accounting and Bookkeeping?
If you’d like to discuss how outsourcing will help your business, request a free consultation with an Elite AS expert. We provide flexible accounting outsourcing services including packaged pricing. We’re always happy to answer questions and can guide you to a solution that suits your business’s needs.