Why Outsourced Accounting is the Best Solution for Social Distancing

The current Coronavirus pandemic has changed the way we do business. While there are often times when face-to-face meetings are preferred, in many situations it makes sense to handle business dealings via technology. Outsourced accounting is a great option to consider if you want to stay current with your business finances while maintaining social distancing at the same time.

Why Social Distancing is Key for COVID-19

The main concern about COVID-19 is the concern about how fast the virus moves through the population. Most people experience minor or moderate symptoms and then recover at home. Older generations and people with pre-existing health conditions are at higher risk for serious complications from the illness. Thousands of patients worldwide have died from this upper respiratory illness. Not only is it important to prevent the sickness for yourself and your family, but you also need to consider how you could potentially pass it on to other at-risk people that you know.

In-person interactions increase the likelihood that you could be infected by Coronavirus. The virus can be spread through droplets in the air, which can remain airbound for several hours after a person coughs. If you breathe those droplets in, then you could be infected.

This virus can also be passed through contact with someone who has COVID-19. For example, if an infected person touches a keyboard and then you come in contact with the same surface, it’s possible that you could pick up the infection. It’s important to wash your hands and avoid touching your face since the virus can enter through the mouth, nose, and eyes.

Even if you feel fine, it is possible that you are a carrier of the virus. As such, it is important for everyone to be proactive in social distancing and isolation if they suspect they’ve come in contact with someone who has the virus. Everyone is being encouraged to work from home whenever possible, and our team at Easier Accounting is here to assist if needed for your business.

How Outsourced Accounting Works

The benefit of outsourced accounting is that you can take care of bookkeeping and accounting tasks without leaving your home. An accounting expert is always just a phone call away to answer your questions and assist with your personalized accounting strategy.

To get started, you just need to give us a call. We will discuss your needs and design the perfect service plan based on the unique requirements of your business. These services can be managed in the cloud. You always have access to view your financial information and reports, and there is no need for our team to meet with you in person. You get the benefit of full-service accounting solutions, without the concern about the potential risks of face-to-face meetings.

We specialize in small business accounting solutions and know the best systems to ensure that nothing is overlooked in your business finances. Just because we are working remotely, it doesn’t mean that you will receive subpar services. In fact, we are proud to be one of the leading providers of outsourced accounting services. Our team has helped many business owners create financial systems that are built to last.

Why the COVID-19 Pandemic is the Perfect Time to Start

If you haven’t already taken advantage of the benefits of outsourced accounting, then right now is a great time to get started. Here are a few reasons why you should consider outsourced accounting for your small business:

  1. Time at Home: Is bookkeeping often pushed to the backburner because you don’t have enough time to get everything done in the week? With the “Shelter in Place” and “Stay at Home” orders across the country (and throughout the world), many people are finding that they have more time to work on the projects that have been pushed to the backburner. Use this extra time to create systems that will help your business thrive when we are back to business-as-usual after the pandemic is over. Yes, one option is to create an accounting system from scratch – but it’s more effective to let the pros take care of the details. Set up a consultation to get the project off the ground while you have the time available right now.
  2. Save Time in the Future: Being proactive with creating outsourced accounting systems right now will pay off in the future. If you have a good financial tracking software in place, then you don’t have to tie up hours every week. Add up the time savings, and you will find that it is a great investment to free up your efforts for other tasks that need to be handled. Outsourcing is a powerful way to increase your capacity because you can focus on the tasks and responsibilities that fit your unique skill set.
  3. Overhead Costs: Many business owners are concerned about their cash flow, especially if sales have slowed or the doors have closed during this pandemic. You need help with accounting and bookkeeping, but you are probably feeling the pinch of cash flow due to the economic impacts of this pandemic. Instead of putting a bunch of cash into a full-time employee to handle the accounting, you can save thousands of dollars by hiring an outsourced accounting team. Plus, you don’t have to pay for additional costs like office equipment, desk space, benefits, and paid time off.
  4. Preparing to Scale: Anytime changes happen in the economy, it is an opportunity to grow your business if you adapt to the new market. Even though some businesses are losing money right now, there are many companies that have adapted to provide customers with the products and services that are needed. If you position right, then you can be ready to scale your business by matching the demands. But, before you can scale successfully, it is essential to ensure that you have a solid financial system in place. Developing your accounting system right now will ensure that you are ready to scale when the time is right.
  5. Employee Management: Do you have employees who have recently shifted to work from home? It will only add to your stress if you are increasing their workload with bookkeeping and accounting tasks. Any time you keep these services in-house, you will carry the responsibility of training and management. A better solution is to hire an outsourced accounting team that already has experience in the industry. Then, you don’t have to worry about the accuracy and systems followed by your employees.
  6. Risk Mitigation: Another aspect that needs to be considered in a rocky economic environment is risk mitigation within your company. Hiring on outsourced accounting firm can be an effective way to decrease the risk of embezzling or theft within your business. These accounting systems are designed with proven systems and built-in auditing to catch potential issues in the earliest stages. With the right approach for outsourced accounting, you can decrease the likelihood of issues with theft and fraud.
  7. Tax Compliance: Tax laws are always changing on both a state and federal level. It can be hard for small business owners to stay up-to-date with the moving target, especially if you don’t have a formal training in finance or accounting. There’s no reason for you to spend your free time trying to understand how tax law applies to your company. Instead, hire an outsourced accounting team so you can be sure that your annual tax filing, quarterly payments, and other tax details are in compliance with the requirements for the IRS. You can’t put a price on the peace of mind that comes from knowing that your tax filing is accurate and in compliance.
  8. On-Time Invoicing and Payroll: Another notable benefit of outsourced accounting is that your business will always be on-time with payroll processing and invoicing. A bookkeeping system can keep you current with both Accounts Payable and Accounts Receivable, which helps with cash flow. Additionally, you can avoid potential penalties that come from overdue payments.
  9. Informed Business Decisions: Finally, consider how powerful your decisions will be when you are informed about the real-time financial health of your company. When big decisions need to be addressed, it is important that you have a clear picture of the money that is coming in and how much is owed. Outsourced accounting will help you stay ahead of this information because you can run reports and know that they are accurate.

Talk to the Outsourced Accounting Experts

Are you ready to enjoy these benefits for your business? As you are exploring your options for an accounting service, consider the services available from our team here at Easier Accounting. We’ve been working with small businesses for years and offer a personalized approach for every client. Our goal is to help you feel empowered with your business financial system. We create solutions that work for your unique business needs. Learn more about available services by calling us at (888) 620-0770.

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