When to Look for Outsourced Accounting Services

Company budgets are getting tighter and leaner. Everyone runs into a situation where a service is needed, but the costs are prohibitive. Keeping an in-house accountant is expensive and having someone multi-task the position proves inefficient.

It used to be the case that only large enterprises could afford to outsource accounting. However, today there are an overwhelming amount of choices for you to look at when outsourcing accounting. The following are some of the top reasons to consider outsourced accounting services.

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1. Expert Accountants

Is your in-house accountant certified and highly experienced? Nothing replaces experience, especially when it comes to business accounting. Inexperienced accountants can cost your company money in fines and fees if they have not been keeping books for very long.

Inaccurate reporting to the IRS is another recipe for disaster. Many outsourced accounting services specialize in business taxes and will be sure to keep you in good standing.

2. Save Time and Money on Tech Costs

Outsourced accounting services erase the need for you to buy additional software or services to keep track of your bookkeeping. You won’t be shopping for a new service or piece of software that appropriately matches your company’s needs and no more time spent learning how to use it.

3. Scaling Up

As your company grows, your will bookkeeping needs will increase. Outsourced accounting services have the ability to scale with your business needs, usually, at a minimal increase in costs. You will save substantial amounts of money not needing to hire a second in-house accountant when the need arises.

Your chosen service will already have all of your information they need and will be able to react efficiently to your increased needs.

4. Reduce Overhead

Businesses spend up to 5 percent of their revenue on their accountants. It might not seem like much, but outsourced accounting services typically cost much less than the average accountant’s salary which is over $40,000 per year.

Fees and fines from inaccuracy in your books are another avoidable cost by finding an expert accountant outside the office. Any high-quality outsourced accounting services will be accessible to you (at least) during business hours, so there’s no fear of your accountant not being on-site.

5. Improved Efficiency

You have enough going on in your work day. One task that is easy to remove from your work-load is overseeing an accounting department. Spend more time on what you have expertise in and allow the expert accountants worry about the books. Keeping an eye on accountants does nothing for your management of daily operations.

6. Always Available Access

Cloud-based outsourced accounting services are the standard. Cloud-based accounting means you will have a secure way to access the information you may need anywhere, anytime. You will still be able to maintain visibility of your business’ financial health without having an in-house department, even outside working hours.

7. Improved Efficiency

Outsourced accounting services keep operations efficient and effective. The experts in these services understand effective bookkeeping practices and have seen them in action. Expert accountants can recognize opportunities in improving processes and can upgrade efficiency on-the-fly.

An outsourced expert accountant will keep on top of improved payroll practices, updated software, and cutting edge bookkeeping procedures.

Should You Start Looking at Outsourced Accounting Services?

Unless you run accounting service yourself, it is never too early to get your books compliant under the hand of a professional. Once your books are out of your hands and under the careful eye of an expert you can spend more time and effort managing your business.

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