Outsourcing offers unique solutions to some of today’s biggest accounting challenges. If your company is debating over how to best account for its transactions, consider the top reasons to outsource:
- Cost – Outsourced accountants can cost a fraction of what you pay to recruit, hire, supervise and retain an in-house accountant. In many cases, outsourcing firms can perform the same volume, quality, and consistency of work as your own accounting team, just at a much lower cost.
- Accessibility – Competition is fierce for qualified accountants, making it both difficult and expensive to fully staff an in-house accounting team. As an alternative to traditional recruiting, outsourcing makes it far easier to access accounting talent, generalists and specialists alike.
- Time – Getting the accounting done correctly takes time and companies may not have the staff or inclination to invest in the proper resources. Instead of compromising, rely on an outsourcing firm to handle the workloads and free up hours to spend on other high priority items.
- Expertise – Most companies need specialized accounting insights at some point, even if they don’t need to have specialized accountants in their ranks. Outsourcing firms employ a wide range of specialists for clients to consult with as needed. Think of it as expertise on demand.
- Liquidity – Managing cash flow takes time, experience, and a careful touch. Relying on an outsourcing firm often improves cash flow as these firms have more time and resources to dedicate to the effort, often at a fixed fee.
- Budgeting – As the overall roadmap for the company, budgets can lead towards riches or ruin. Enlisting outsourced accountants to help prepare the budget ensures that all variables – positive or negative – have been fully considered before deciding where to spend.
- Reporting – Understanding your results are critical to managing your business. An outsourced provider will report back to you on your operations, focusing on trends that are both positive and negative, giving you critical information to help navigate your business going forward.
- Taxes – Few companies are equipped to handle their own taxes. Visiting a tax prep specialist once a year may not be adequate either. By contrast, outsourcing is a long-term partnership that utilizes a deep understanding of your finances to deliver expert tax advice whenever necessary.
- Automation – Transform your business by working with an outsourced provider to select the best in class automation tools to reduce data entry and manual cumbersome processes. This will streamline operations, improve internal controls and reduce operating costs.
Interested to learn how outsourced accounting could benefit your organization? Reach out to the experts at SSF and let’s discuss your goals. Contact us.