Six Reasons to Consider Outsourcing Your Bookkeeping and Accounting Needs
As a business owner, you already know that running your company means wearing a lot of hats and managing a lot of tasks, especially when first launching. There are some roles and responsibilities that will naturally fall under your leadership. However, there are many jobs within your business that would be beneficial to outsource to a professional.
Outsourcing Bookkeeping and Accounting Delivers a Wide Range of Benefits
One of the most common tasks outsourced by business owners is their bookkeeping and accounting responsibilities. If you’re struggling to maintain your bookkeeping and accounting needs, you may want to consider outsourcing these tasks to a professional accounting firm.
Outsourcing your bookkeeping and accounting needs delivers a wide range of benefits to business owners, including:
- Cost Savings
Overhead and labor costs can quickly add up to become one of the highest expenses in any organization. Outsourcing your bookkeeping and accounting needs means you may not have to hire an internal resource. As a result, you can save money on employee salaries, benefits, bonuses, time off, taxes, and unemployment. Additionally, outsourcing can help you save on technology costs, such as hardware and software, as well as training expenses.
Outsourcing your bookkeeping and accounting needs allows you to take advantage of the experience and expertise of highly trained accountants and bookkeeping professionals. These experts focus solely on bookkeeping and accounting, freeing you up to focus on running your business. Additionally, using their expertise can help minimize fraud risk within your business. Finally, accessing their expertise allows you to take advantage of a fully-confidential process and the enhanced security measures that are part of the way these outsourcing companies do business.
- Avoid Turnover and Gain Flexibility
Small organizations typically feel the pain of employee turnover more than larger businesses simply because every team member is integral to the success of the company. Outsourcing helps small organizations avoid turnover issues and vacation times, and provides flexibility during periods of fluctuating workloads. As your business grows, outsourcing can provide continuity and help you avoid the need to hire additional staff.
One of the biggest benefits of using a professional accounting firm is the gift of time. Outsourcing your bookkeeping and accounting needs frees up valuable time for you to focus on other aspects of your business, such as marketing, achieving goals, and running day-to-day operations. This allows for more efficient use of personnel, as well as more informed and strategic decision-making.
- Accurate Data
Accurate reporting provides a clear picture of where your business stands financially, which can help you make more informed and objective decisions. Accurate data can also save clients money by capturing expenses that have been miscategorized.
- Reduce Stress
Outsourcing your bookkeeping and accounting needs provides consistent monitoring, allowing you to avoid (or, at least, quickly identify) red flags and stay on track towards meeting benchmarks. Additionally, outsourcing can reduce the stress that often comes with audits and tax time, as these tasks are handled by professionals who specialize in these financial events.
Contact Leone, McDonnell & Roberts to Learn More
Leone, McDonnell & Roberts offers a wide variety of helpful services to meet our client’s needs. We use QuickBooks online and desktop versions to keep your finances in order. Our services include:
- Record financial transactions using QuickBooks software
- Process A/P and A/R
- Process employee payroll
- Reconcile GL accounts monthly
- Reconcile bank statements and credit card statements
- Prepare financial statements, including profit & loss and balance sheets