How do you create a well-informed, strategic, and achievable path to success? Where do you get the information you need to lead your business into the future? And what do you do if this data isn't reliable or giving you the full picture? If you are experiencing financial blind spots or see areas of improvement that will help you achieve your goals, it could be time to consider outsourcing your finance and accounting functions.
What is Accounting Outsourcing?
Accounting outsourcing is hiring a service provider – like Beene Garter – to take on the accounting responsibilities of your business. Accounting or bookkeeping services may vary depending on the provider and the software used, but you can choose which services to outsource, which to keep in-house, and what results or reporting you expect to receive. You can also choose what level of access you'd like to have to the accounting software.
Why Should I Outsource?
Maybe you’re tired of the paperwork. Maybe you can’t do-it-yourself anymore. Or, maybe you’ve tried it, liked it, but the service provider or software wasn’t quite right. Maybe you don’t have the time or money to hire someone, but want accounting and financial expertise. Maybe you want better data and more advanced technology. The reasons are your own, but the benefits you can reap from outsourcing are impressive.
Benefits of Accounting Outsourcing
- It’s Cost Effective – Outsourcing your accounting is generally less costly than hiring someone in-house. It saves you the time and money required to recruit and train, and also relieves you from paying payroll taxes, salary, insurance, benefits, time-off etc. Plus, most firms roll the cost of the software into the services they provide. You have the ability to hire for the services you need at the price you can afford.
- Drive Core Business Functions – Hiring an internal accountant won’t necessarily drive revenue. Outsourcing your accounting allows you to put money toward activities that will increase revenue – developing a website, building inventory, hiring staff in sales departments, improving current products, etc.
- Use a Leading Software – A powerful and scalable software such as Sage Intacct, can make complicated, time-consuming accounting a snap. A standard software can handle your core or basic financials, but a great software can take on more complex functions like revenue recognition, inventory management, and project accounting, as well as connect to business applications you already use. Thoroughly research and test the software you’ll be using. Can it scale with you? Is it cloud-based? What can it do for you now and in the future? What kind of access will you have to the software?
- Work with Accounting Experts – You gain access to accounting professionals who are trained, experienced, and knowledgeable in finance and accounting. They can help you better understand your finances, provide guidance, and handle complex situations and tasks. There’s peace of mind knowing errors are being reduced, good accounting practices are being performed, and you have access to a higher level of expertise.
- Access to Trustworthy Data – Good financial data should be the backbone of your business decisions. When you outsource your accounting and gain access to a powerful software, you can collect the data you care about, and build charts and reports around it. Say goodbye to building and analyzing reports to answer specific questions. Your data will answer your questions and empower you to make growth-driven decisions with confidence.
- Increase Controls & Reduce Fraud – If most of the business’ accounting functions are in the hands of one or two people, your business is at a greater risk of experiencing fraud. Moving your accounting to a third-party reduces this risk and allows for greater internal controls. And, your accounting professionals will be able to identify where there are problems – flagging errors and notifying you of any inconsistencies.
- Tie in Additional Services – If your service provider offers other business services such as payroll, tax, and retirement plan administration, you could easily feed all related data into the accounting software for greater visibility. There could be an opportunity to bundle services, and you gain peace of mind knowing these services are handled by professionals, in one place.
Outsourcing your accounting may seem daunting, but when you select the right partner and experience the benefits listed above, it will change how decisions are made and which decisions are made. Your business plans can become more strategic and more effective, and you can rest easy knowing that your path to success is based on financial accuracy and backed by professionals.
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