Outsourcing Your Accounting Services: Is It A Good Idea?

Small businesses and bigger corporations often choose to outsource their bookkeeping and accounting needs.

This may also include giving away the functions of record keeping, payroll services and even government tax filings. Why are businesses electing to outsource the freedom of independently carrying out their financial services?

Advantages of Outsourcing Your Accounting

Using a professional to design, and implement bookkeeping solutions is becoming an increasingly viable option for businesses owner across the country. Here are a few reasons why:

1.     Time and Money Savings

Outsourcing bookkeeping operations can help small businesses owners and new entrepreneurs find time to spend on money-making activities, as they leave the money-counting to the pros.

Backend office functions can be distracting, and may cause conflict of interest in an already overworked workforce. Outsourcing the accounting function is more affordable than hiring a full time accountant because you only pay for services and time used, and nothing more!

2.     Quality Expertise on Your Side

Outsourcing to a professional bookkeeping services can bring expertise and specialization to your accounting function. If you were to hire a full-time accountant who offers similar proficiency, it would cost a lot in benefits and salaries.

When you outsource, you are essentially commanding the same full-time knowledge, without having to pay for it!

3.     Access to Specialized Systems & Services

While most businesses can’t afford to pay for and keep up with expensive bookkeeping programs, outsourcing the needed job can help them crowdsource the power of these professional programs affordably. After all, you are essentially buying the tools and knowledge of accounting experts by proxy, when you outsource your accounting requirements to them.

4.     Better Scalability of Services

Here’s another major advantage of outsourcing your accounting services. If you are expanding or cutting down on your business, an in-house accounting department won’t shrink or expand simultaneously. You will still have to continue to pay for accountants for a few months despite the fact that you won’t need their services. Similarly, hiring more accountants will take time with interviews, negotiations and confirmations until the new hires can start their work.

On the other hand, outsourced accounting function can be scaled up or down fast, with a quick phone call. Fact of the matter is that, you will always have a team of accountants at your behest, ready to do some accounts for you!

5.     Reduced Chances of Fraud

According to a study, privately owned businesses are the biggest victims of financial fraud. The reason is simple: many small businesses don’t hire CFO and controllers who can keep an eye on the metrics and identify potential abnormalities in transactions or billing data.

Outsourced accounting services usually offer these services, and can report any suspected abnormalities before they become huge issues for small businesses.

The Last Word

It is strongly recommended for small business owners to consider using outside professional accountants to ensure their complete peace of mind. If you need to outsource your bookkeeping service in Boca Raton FL, or surrounding areas, get in touch with A & B Accounting & Business Solutions.

Based in Deerfield Beach, FL, they offer professional bookkeeping. From billing and inventory control to filing of government remittance forms, they do it all.