If you run a small or medium-sized business, outsourcing your accounting and bookkeeping needs could be a smart strategic move. Here are some of the major benefits of letting an external accounting service provider take care of these crucial tasks for your company:
Outsourcing to an accountant or bookkeeper is often more affordable than hiring full-time accounting staff. You avoid payroll taxes, health benefits, paid vacation and other employee costs. External staff are paid for project work or hourly without expensive overhead.
A dedicated accountant brings specialised expertise your current staff may lack. They are up-to-date on constantly changing tax codes, regulations, and accounting software. Their skills can provide financial insights to help your business cut costs and increase revenue.
Your existing staff likely has a full workload without adding complex accounting tasks. Outsourced accounting saves your team time and mental energy so they can concentrate on core functions. Projects get done faster with lower risk of burnout.
Accounting needs fluctuate throughout the year based on tax cycles and reporting requirements. Outsourcing gives you flexible support to meet seasonal demands without having to permanently hire more staff. You pay only for what you need when you need it.
Accounting done right takes a huge compliance and liability burden off your shoulders. Knowing your books are balanced, taxes filed, and reports accurate reduces stress and frees up mental bandwidth to focus on business growth.
Gaining an Objective View
A third-party accountant provides an unbiased perspective of your finances to highlight areas for potential improvement. They act as an advisor and strategist, not just a number cruncher.
For most companies, outsourcing accounting and bookkeeping is a smart move for the cost and time savings, flexibility, expertise and insights gained. Consider handing these essential but challenging tasks off to a specialist.