Updated: Oct 25
Small business owners face a number of pressures each and every day. Generating revenue, handling operations, managing cost and cash flow, just to name a few. These pressures are made all the more challenging when the business owner hires someone ill-equipped to fill the bookkeeping role. When this happens, the costs far outweigh the benefits of handling the books without professional help. With the technology tools available today, small businesses can now tap into outsourced accounting services to professionally handle the bookkeeping, payroll and other back-office tasks essential to small business success.
Here’s 5 ways outsourced accounting services can help you and your small business:
By outsourcing your accounting needs virtually, it will significantly reduce your overhead. First, we can reduce or eliminate your employee costs related to bookkeeping, payroll, etc. This applies to employee benefits, as well. Essentially, you pay a flat fee monthly for outsourced accounting services that are often less than your fixed cost to have someone employed on site. Beyond those initial savings, think about these savings. You don’t have to advertise, interview, hire, train and retrain and you experience fewer errors and time to focus directly on your business, to name a few.
Higher Quality Work
When you team up with a outsourced accounting firm, you’re tapping into years of professional experience, training and certification specifically to handle your accounting needs, whether it’s accounting standards or payroll regulations. Beyond that, these firms understand how to leverage technology to streamline processes and help you interpret your financial statements. You can have peace of mind in knowing your accounting tasks and data are properly handled by a qualified, experienced and knowledgeable team.
When you hire a outsourced accounting firm, you get more than one person; you get a team. A team dedicated to keeping your organization running smoothly in the back-office. These firms spend considerable time and resources training, cross-training and documenting each client process so more than one person can fill in, if needed. There’s no mad scramble to cover payroll today, because someone called in sick. Payroll just gets done.
Outsourced accounting firms understand the hesitancy of small businesses to hand over back-office operations to a non-employee; they don’t want to lose control. Virtual accounting firms appreciate this concern and address it by creating transparency through implementation of tools that push financial visibility and accountability front and center for small business owners, usually at a consistency and level unmatched through internal means.
We know the bookkeeper function necessitates a high level of trust, whether the individual in that role merits it or not. We all know the quote: “Loose lips sink ships”. Don’t bring that on yourself. By virtue of their engagement agreements, outsourced accounting firms are bound by confidentiality to each client. These firms take it seriously; it’s a critical component to developing and maintaining long-term client relationships.
It’s important to consider these opportunities when considering the specific issues you face with your business. When it comes down to it, outsourced accounting firms, like UCentric Solutions, can give you the resources to focus more on your core competencies. That’s where the greatest measure of value can be found.