The practice of outsourcing accounting services is becoming increasingly popular because it is a cost effective way of managing your company’s books, including tracking expenses and revenue, tax preparation, month end and year end reporting, and so on. As the face of today’s business world changes and companies of all sizes are decreasing their employment numbers, outsourcing accounting services can fill in a void and help keep your company’s financials on the straight and narrow.
Technology Makes it Easy
A decade or so earlier, the thought of outsourcing accounting services for your small or medium sized business might have seemed impractical and even dangerous. However, today advanced accounting software packages have been designed specifically for the sake of remote services such as these. The outsourcing company sets up an account for you to be accessed by freelance bookkeepers who can easily manage your daily financial activities through the software that links your activities to theirs. You get the ease and convenience of having an experienced accountant or bookkeeper in house without the expense of hiring, training, and equipping your own employee.
Is it Right for My Business?
Outsourcing accounting services is not a one-size-fits-all endeavor, and any reputable bookkeeping and accounting service understands this. The professionals taking care of your account will work with you to meet the needs of your specific business, treating you like the individual you are. In fact, the experienced accountants who are recruited to work for these services will be able to get to know your business and be able to make recommendations to help you maximize your investments as you move forward.
Can You Afford it?
The thought of outsourcing bookkeeping services sounds like an expensive one, and at first glance, it may seem like one too. The hourly rate for a freelance bookkeeper or accountant will be higher than what you would pay an in house accounting employee. However, with that cost comes the assurance that your books will be done thoroughly and correctly, and that you will only pay for the hours needed to work on your account each week. All this comes without the time and expense that comes with recruiting, screening, and hiring new employees, purchasing accounting software, and training them to use it.
Can You Afford Not to Use it?
For all businesses, solid and reliable accounting practices are a must. For small businesses that lack the funds for a large accounting staff. Outsourcing accounting services can be crucial in the life and health of the company. Because these services come with complete accountability on the part of the service contracting your accounting professionals, you have the peace of mind that comes with knowing that any errors that do occur will be corrected and responsibility will rest on the service, not on your business. This protects you from liability that could be very expensive, and possibly even cost you your business. A healthy bottom line relies on expert and reliable accounting practices, which are standard when using trusted outsourcing accounting services.