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Managing accounts and all the compliances involved can become quite a handful. If you want to focus your attention back to growing your business, it is time you outsourced your accounting operations. Besides getting rid of all the hassles, that come along with managing book-keeping and accounting, there are several more very strong reasons. Let’s take a look at a few
1. Better use of time
By outsourcing your accounting operations, you free up valuable time that can be better spent elsewhere. This time can be better spent on daily operations and focusing on strategies and tactics to bring in new customers.
2. Cut down on costs
Outsourced accounting operations save you money by eliminating costly benefit packages to a full-time or part-time accounting employee. Let’s face it, the utilization figures for a full time accounting resource will hardly justify a full time presence and cost. When you outsource accounting, you only pay for the actual accounting, nothing else. This saves in productivity costs as well as payroll costs. The cost benefit analysis of outsourced accounting vs. in-house bookkeeping in many instances has led to savings, upwards of 40% in terms of monthly costs.
3. Reduced Fraud
The instances of frauds in privately owned small businesses (less than 100 employees) is very high. This is mostly due to the fact that most of these companies don’t have access to a controller or cannot afford a CFO level resource, who could look at the KPI and metrics and identify abnormal activity in transactional and billing data. With Outsourced accounting, you get access to a bunch of accounting experts, who can quickly identify issues and advice on such matters. This helps prevent fraud
4. Accountants know accounting
By outsourcing your accounting operations to a professional accounting firm, you’re effectively hiring a team of experts. Professional accountants know the operating tax regulations - it’s their job. Because of their expertise, they are able to create tremendous value for you and deliver full-time coverage for only part-time pay.
5. Scalable options
Last, but certainly not least, outsourcing accounting makes it easy to scale. It becomes simple to expand and grow your business or find places to cut down on spending. Accounting firms can provide you with lists of options, giving you valuable feedback and suggestions that will raise your profits at the end of the day.
I hope you find this useful. Your feedback and suggestions are welcome
If you need any help to drive your accounting operations efficiently, please feel free to reach out to Finsmart. I can schedule a one-on-one session with one of our experts.
Abhishek Shrivastava (Finsmart Solution)