Businesses that outsource accounting functions are more productive and better prepared to weather economic difficulties. They are saving time and money by using accounting services that offer the best award-winning software, coupled with the accounting and clerical staff to maintain it.
If you are considering outsourcing this function for your small business, you are on the right track. However, like any decision, you will want to understand how it works and what concrete benefits your business will realize.
Every business wants to save money, especially when struggling through difficult economic times. Outsourced accounting services are much more cost effective than maintaining in-house staff. An accountant will cost you between $ 40,000 and $ 70,000, plus another $ 30,000 for an assistant to handle the mundane aspects of recordkeeping. Add to that the cost of employee benefits and there is simply no comparison. Outsourced accounting services cost only a tiny fraction of employee expenses for the same professional services.
Accounting is one of the most time-intensive functions of your business. If you are a sole proprietor, you know the headaches simply maintaining a balance sheet can cause. In addition, tracking tax-deductible expenses and receivables takes up even more time. Here you have a recipe for lost productivity and sales.
By using outsourced accounting services, you can focus your time and energy on what you do best: growing your business. Let the accountants do what they do best by tracking your expenses and ensuring you gain the advantages of tax right-offs at year’s end.
What You Get
Outsourced accounting services offer both the accounting and clerical staff needed to maintain your company’s books. You can expect the service to set up, organize and maintain your accounting ledger, ensuring you have accurate information about your business finances at all times. They present that information to you with financial reports, statements and bank reconciliations.
In addition, outsourced accounting services take some of the burden off your human resources department, by maintaining employee time sheets and expense accounts. Your secretary will spend less time tracking purchase orders as well.
Finally, you will be ready at tax time because all of your expenses have been tracked and organized along the way. Outsourced accounting services ensure that you never miss a tax-deductible expense and that your quarterly tax filings are properly calculated, maximizing cash flow for your business.
About the Author – Chuck Jaymes frequently writes about business process outsourcing for AccountingServices.Org and offers reviews and information about Accounting Services for Virtual Assistant, Inc.