As a small business owner, controlling every aspect of your company is a hard nut to crack. Research shows that you can lose up to 40% of your business productivity as you juggle different roles.
Many small business owners are also handling bookkeeping, which adds to their stress and also keeps them from focusing on customers. Not to mention, lack of expertise and hastily-done accounting can lead to all sorts of issues come tax season.
That’s why you should outsource your accounting needs to professionals. This may increase your expenses in the short-run, but you will end up saving more money by hiring the best accounting outsourcing services.
At Prime Accounting & HR LLC, we provide remote accounting, CFO, and tax preparation services to companies across the US. Click here to schedule a strategy session.
Here are the top 5 reasons why you should outsource bookkeeping in your small business:
1. Get Access To Expertise
Accounting is an umbrella term that comprises several functions, such as:
- Tax preparation
- Financial reporting
The list can go on, but as you can see, it isn’t feasible for the CEO or a full-time employee to handle all these tasks on their own.
With a bookkeeping outsourcing firm, you can ease the burden off your shoulders and get access to a team of experts who specialize in the different aspects of accounting and finance. Moreover, accounting firms stay up-to-date with the latest regulations, best practices, and technologies.
2. Leverage Technology
An accounting firm will also help you implement the best solutions for your small business, especially accounting software.
For instance, companies that require secure and easy access to financial records on a web browser should go for cloud-based applications. Whereas Business Intelligence (BI) systems are better suited for companies with different departments that need access to financial records.
In any case, an accounting company will help you choose technology that fits your business’s financial needs.
3. Boost Productivity
Outsourcing your accounting helps you boost productivity. You will immediately have more time on your hands to work on business development. Outsourcing also helps you avoid burnout.
4. Get A Grip On Cash Flow
Accounting companies keep your books in order and provide instant access to your financials when you need them. This will give you a grip on your cash flow so you can make better decisions regarding pricing, overheads, and profits. As a result, you can improve cash flow and invest more in your business.
5. Save Money
While the true value of bookkeeping outsourcing is in maintaining your finances, you will also save money in the process. For instance, you will only pay for the specific services you use and avoid ongoing expenses like benefits, insurance, payroll taxes, and paid leaves.
You will also save money on office space, computer equipment, accounting software, and other expenses incurred with a full-time accounting staff.
More importantly, accounting companies will guide you on how to control your expenditures and get additional tax benefits. By maintaining your financial records, they will also help you with compliance so you can avoid penalties.
Most small businesses seek professional accounting & bookkeeping services for taxes and audits. But that’s a wrong approach. You should instead get accountants onboard when developing your business plan and launching your company.
At Prime Accounting & HR LLC, we provide remote accounting, CFO, and tax preparation services to companies across the US. And we can help you save up to $20,000 annually! Click here to schedule a strategy session.