Four Reasons Why You Should Outsource Your Business Accounting Services
If you own a small business, finding the right company to handle your business accounting services should be a major concern. Keep in mind that tax season is not the only time you need to track your finances.
But, unless you are a lawyer and a CPA, keeping your books current can be tricky. Furthermore, by outsourcing your bookkeeping and accounting services, you can focus on your core business and still receive financial reporting, cash flow forecasting, and an analysis of your costs. This will allow you to truly understand how your business is performing financially.
Remote Accounting and Bookkeeping Services
In the past, in-house accountants were the choice for many businesses, but times have changed. Now, virtual accounting services have become commonplace. Why? Partly due to the Covid-19 Pandemic, but also because they provide many additional benefits to businesses. Some of the benefits that remote bookkeeping services bring to your company include:
- Lower costs for the services
- Higher efficiency and less errors
- Lower Turnover
- Better automation and technology advances
4 Reasons to Make the Switch to Online Accounting and Bookkeeping
1) Reduce Extra Costs
The best benefit of remote bookkeeping services is reduced costs. Hiring your own bookkeeper for in-house work can run over $80,000 a year. You will have other costs, too. Common expenses for an bookkeeper include:
- Overhead costs
- Office space
- Staff benefits
- Health insurance (dental, vision, etc.)
- Paid leave
- Worker’s comp
- Ad fees for the job listing
- Training costs
Also, the hiring process takes a lot of time, not including the time spent training and doing paperwork. But if you outsource the accounting functions you will typically save on many of the items in the list above and many times your firm will be able to receive accounting services from someone with more industry experience.
2) Keep Your Books Current
Whether you own a small business or manage a large staff, filing precise financial reports is vital. Just one error on your monthly financial statements, payroll services, or tax returns can cause harm. With an online accounting firm handling your monthly reporting, like balance sheets, cash flow, payroll, etc., you can prevent costly missteps. Containing those mistakes is crucial for small businesses, many of which struggle to stay in the black during the first few years.
Outsourcing your bookkeeping allows you to explore your business’ needs and finances with the help of experts. For example, having a team of professionals that stay current with recent industry trends and guidelines helps your company stay compliant. The knowledge and advice they can offer may give you an edge in today’s business world.
3) Lower the Chance of Fraud
In-house bookkeeping services with just one accountant put you at a higher risk of fraud. Sadly, fraud is still a real threat to businesses. However, if you outsource your bookkeeping services many times you will have a team of professionals and this can reduce your company’s risk, at least from fraud in-house.
Instead of one dedicated account manager with complete oversight, virtual accounting firms have many sets of eyes on your books. You will have experts at your service and ready to handle any bookkeeping issues before they dig into your profits. Furthermore, these professionals will also build standard operating procedures and controls to help strengthen the financial oversight of your company and help prevent fraud and misappropriation.
4) Make Smarter Business Decisions
Other benefits of online bookkeeping are the key business insights you can gain. Outsourced bookkeeping firms will typically analyze your expenses, payroll, profit margins, and build a budget to help you learn more about your company and also to track how your company is actually performing.
CFO Strategies has the knowledge and small business expertise it takes to be a leader in online bookkeeping services. We help businesses reach their goals with all the benefits of an on-site accounting firm at a lower cost.
With our bookkeeping services, you will have a firmer grasp of your company’s cash flow, expenses, and profits. We provide the tools that businesses need to make smarter choices and promote growth in their target market.
Final Thoughts About Online Accounting Services
Clearly, outsourcing your bookkeeping and business accounting services will provide many benefits. At CFO Strategies, we provide bookkeeping, accounting, and CFO services to companies on a permanent part time basis. We customize the services we provide based on your company’s needs. By hiring us on an outsourced and remote basis we are able to put together accounting and financial reporting services at an affordable price.
Reach out today for a free consultation at (732) 236-4454 and take charge of your company’s financial health and success.