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.
Saves Resources
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
Increased Affordability
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
Scale Services
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.
Endnote
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.