Accounting: Making Sure 2 + 2 = 4

Is It Better To Outsource Your Business' Bookkeeping Needs?

31 August 2017

Dwayne Barnes

As technology pervades all aspects of business, outsourcing has become one of the top ways for businesses to get work done without having specialised staff on salary. The rise of freelancing and the online community provides business owners with a wide assortment of skill sets to choose from depending on what their immediate needs are. Since all companies need bookkeeping operations, it is no surprise that you can easily get professionals to perform these tasks for you rather than having to hire a permanent accountant. Nevertheless, would outsourcing be a beneficial step for your business? Here are some of the reasons why you should consider it.

Outsourcing accounting services is economical

Some business owners hear the word outsourcing and automatically assume it would be expensive for their business. When the reality is you could save more when you choose to outsource, which inadvertently increases the bottom line of your business. The first thing to note about outsourcing your accounting services is that you will not have your accountant on the payroll, so they will not be eligible for overtime wages, benefits and other miscellaneous expenses. By outsourcing, you pay for exactly what your business needs. Thus, you can even enjoy more savings by determining what service would be most pertinent to your business rather than just paying a flat fee.

Outsourcing accounting services exposes you to top notch systems

Another reason why you should opt to outsource your accounting services is that you will not have to invest in bookkeeping systems and software for your business. With the fast-paced nature of technology, buying these systems for your business will mean having to update and replace them routinely because the software can become obsolete. To avoid this additional expense, you should hand the responsibility to a company or individual that specialises in this industry. The professional accountancy firm would have to stay abreast with new technology for them to have the edge over the competition. Therefore, you get the assurance that your business' financial records are in good hand, without having accounting systems as part of your operational budget.

Outsourcing accounting services are suited for scalability

A misconception some people have about outsourcing services such as accounting is that it is only a viable solution for small businesses trying to keep their staff minimal. The fact of the matter is these services are convenient for all businesses, and they make it easier for your company to transition as it grows. Thus, whether you have additional accounting needs during high season, or if your business has scaled down, outsourcing would ensure you always meet your accounting goals.

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About Me

Hello. When you are at school, maths can seem so complicated at first. But then you learn about numbers and all of sudden everything seems as easy as 2 + 2 = 4. I used to be pretty good at maths so when I started my own business, I didn't think I needed to hire an accountant. After all, why should I pay someone else to do something that I could do myself? However, I very quickly learnt two important lessons. Lesson one was that accounting and doing the books will take a lot longer than you might think and, secondly, it is actually pretty complex stuff. In the end, I decided to hire a professional accountant. He is great and he has taught me a lot of cool stuff.