Many people ask me why they should outsource their accounting department, and what SBK can offer them that they can’t do for themselves. I always tell them there are many reasons why hiring an outsourced accounting firm is better for small to mid-size businesses than hiring someone in-house because IT’S TRUE! Therefore, I have compiled a list of some of the top reasons why I think it is beneficial for every small to mid-size business to outsource their accounting to a firm like SBK.
Here are some of my top reasons to consider outsourcing your accounting department:
- Pinch a penny….Businesses typically spend between 2 and 5 percent of their revenues to properly train and staff internal accounting departments. While it may not seem like a lot, these small percentages can add up. For small to mid-size businesses, the cost of an internal accounting department is significantly more than that of an outsourced or “virtual” solution. Not only will you be saving money, but you will be preventing the liability of costly financial mistakes by shifting the burden to the third party.
- Time is money….By spending more of your time on doing what you do best, your business will have the potential to earn more revenue. The less time you spend on things like bookkeeping, payroll and taxes, the more time you will have to serve your customers and turn your product or service into a profit.
- Let the accountants count….In any small business, the likelihood that you will have an accounting expert on staff is slim to none. That means that whomever is handling your books may not be able to answer those important questions you need to know in order to make the right decision for your business. By outsourcing your accounting, you will have access to an expert who has the knowledge and expertise to help guide you in the right direction.
- Efficient is as efficient does….One of the things that may business owners forget is that an accountant knows best when it comes to structuring your financial operations. We see efficiencies in places where many small business owners may not, and this can not only waste the business owners time…but can also cost them money. An outsourced accounting firm implements changes within the financial operations of the business which make it more efficient, and enhances the businesses ability to succeed.
- Checks and balances….More than one in five small businesses will have money stolen from them by trusted employees. It can sometimes be hard for small business owners to enforce a system of checks and balances to prevent theft without making employees feel like they are not trusted. This, in turn, can develop into an morale and employee turnover problem which will cost the business money. By hiring a virtual or outsourced accounting firm, you will have an impartial third party monitoring and auditing your money trail which will prevent these problems without issue.
- Serenity now….With timely, accurate accounting records and reporting, you’ll gain insight into your business which will allow you to make more informed decisions. With an outsourced accounting firm you can be assured that your financial information is correct because it was compiled by a team of people who are experts in their field and passionate about the work they are doing.