Entrepreneurs, small businesses, and even startups may find it difficult to hire a suitable accountant. This is because they need an individual with the right skill set for the job who can analyze financial data, create invoices, manage bank statements, and handle bank operations on behalf of the owner/business.
Most importantly, they should be able to perform all the above tasks accurately and on time. Finding someone who can handle all this and more at an affordable hourly rate is surely challenging.
Nearly 37% of small businesses have started outsourcing their accounting. Companies like Geekbooks are, therefore, quickly becoming popular. Even though most businesses have long believed that bookkeeping and accounting should be done inside a company, the skills required make this nearly impossible. 30% believe that they overpay taxes due to incapable accounting managers.
Outsourcing accounting and bookkeeping simply mean cost-effective and quality results, and it's no surprise that most companies are slowly turning towards it. Below, we'll examine why businesses are making the switch.
Recruiting employees is hectic, but looking for a skilled accounting manager is even more so. You need to use a good chunk of resources to get applications, conduct interviews and finalize the hiring process.
Not only does the hiring process take time and is taxing, but it also costs money. Time wasted looking for a suitable manager could easily be spent on more important tasks. Not every recruitment process is truly successful, which can waste time and money completely. Outsourcing is not only more affordable but also bears promising results.
● Time saved by outsourcing can be used to scale the business instead
● Resources can be used to create campaigns and strategies for added profits and sales
● HR teams can focus on driving revenue and building strong customer bonds instead of looking for accounting managers
Even though companies may think outsourcing will cost them additional money, that is not the case. Outsourcing is the opposite and can help save money instead. If you want top-notch accounting services without the added hassle of looking for an accountant on your own, outsourcing is the way to go. Bookkeeping and accounting companies provide quality results at lower costs due to lower labor costs and added clients.
They have large teams catering to various clients, which significantly reduces costs. By opting for outsourcing, you can save up on office supplies, accountant salary, taxes, and any benefits you may have had to give your hired accounting manager. The best part is that you pay for what you need and will not have to cough up a single penny on production costs.
Expertise and Automation
Outsourcing means you will get accounting services from top professionals at a suitable price. To stay competitive and relevant, outsourcing companies are always at work. They strive to produce better, high-quality results to attract customers.
Larger teams mean more insight, solutions, tools, and in-depth knowledge of trends. The cherry on top is the added training, courses, and workshops these professionals participate in continually to stay relevant.
As a business, you can opt for a team or individual based on your selected package. The better the outsourcing company is, the more reliable the results will be. Therefore, always make a pick after thorough research.
● Automated accounting reduces human error
● Accountants can obtain real-time reports through dedicated software which helps catch errors at an early stage
● Internal fraud risk is reduced due to automated accounting
● Expert accountants will devise creative solutions by comparing your situation with another client. This helps resolve tax problems and accounting software issues and helps the client get insight into useful financial advice
Accounting services can often scale your accounting department. They can do this easily with a higher package without causing any lag or delays. If you wish for more than one employee for bookkeeping, an outsourcing company has your back. You can add as many employees as you need or hire a full-fledged team. The added workforce also saves you from an extensive hiring process. Since accounting and bookkeeping services charge an hourly wage, you can upscale or downscale the number of hours you need their services based on your requirements.
Outsourcing is not only affordable, but it also produces quality results. Professionals handle all your financial tasks promptly, while automation ensures real-time reports and stats to help eradicate errors.