Accounting and bookkeeping are practices that can be tedious. These functions although increase the efficiency of a company and add to the economic process of the nation. The practice of outsourcing accountants’ service has been in the system for a long time. Outsourcing is the practice of having a certain job function handled outside the company. It is just one means to cut costs and help the daily work of business processing. Managing the accounting processes for a company includes various functions such as updating transactions and maintaining the essential accounts daily. You may wonder if it's the right choice to outsource your bookkeeping services. But rest assured, it is beneficial to outsource the accounting and bookkeeping of your company, and here’s why.
Ease of Availability
Hiring a full-time or part-time accountant may not be an easy task. Accounting and bookkeeping are processes that require to be recorded daily to maintain the right set of accounts. An in-house person may not be available at all times which can stun the ongoing process. Outsourcing an accountant, on the other hand, would be quicker and efficient. There is a guarantee of them being available for 365 days of the year and around the clock. With their expertise and well-equipped team, it would be comparatively easier for them to complete tasks and submit the data and the required accounts and reports on time. In contrast to which, it may be cumbersome to contain the in-house employees and extract necessary accounts on a timely basis. Also, being an employee of the company, the in-house accountant would be entitled to holidays and off-days from the company.
Access to the Latest Tools
Today, accounting is best done when you have access to the best accounting software and tools like QuickBooks. As a small business, getting the paid version of this software can be expensive. Plus, finding people who can efficiently work with these tools can be difficult and time-consuming. Professional accountants are equipped with advanced accounting software to cater to the companies requirement of personalized reports. It would take time for the business to make important financial decisions. It is also easier to obtain any information related to accounting and payroll which the professional accountants would have knowledge of. Outsourcing to the right accountant will not only provide you with expert staff but you will also get access to the latest accounting tools.
Reduced Employee Cost
Outsourcing your accounts to a professional accounting team will reduce your cost dramatically, and allow you to concentrate the limited resources on your core business. You would have to invest zero employee cost on the accountant. With the benefit of paying only their fees, your company would not have to worry about expenses like paid leaves, insurance, payroll taxes, incentives, bonuses, and other employee benefits. You can eliminate overhead costs connected to the services you receive, and thereby deploy the resources at the area where you require to maximize its leverage.
Focus on Your Core Business
Most businesses don’t have accounting as their core competence. The growth of a business relies on the increase of the sales and service of the company which ultimately would lead to profits. Putting away focus from administrative tasks like accounting and bookkeeping gives you ample time and resources to spend on your core business. A professional outsourced accountant would be able to handle the accounts at the back-end while you work at running your company. It would make it simpler for you to focus on your clients and core processes for the business while they manage the accounting of your company. Spending more time and energy with clients and customers with a high level of service would bring them satisfaction.
Minimized Office Cost
An outsourced accountant would work with his team away from your office. This makes you liable to only pay the fees for the work they deliver to you. When you hire an accountant on your in-house team of technicians or any other business, it would be mandatory for the company to at least provide a decent working space for them. This would affect your company’s opportunity cost of hiring a team member to cater to your core business. Apart from the accumulation of the opportunity cost, it would also save you the extra office expenses that may incur during the in-house accountants work period in the office.
Accounting errors in the payroll or income tax filing can lead to interest charges or penalties which are staggering mistakes for a company’s future. When you hire professional accountants to manage your accounts or take care of these expenses, it reduces the risks that the company would’ve otherwise have to face. It’s not just access to expert advice but also the guarantee that a professional would meet the compliance and regulatory standards in confidence of the financial reports. Outsourced accountants specialize in their work and which make them even dependable for qualified work. These professionals would have reliable information to help make business decisions of improved nature in less time. Outsourcing the accounting work to the perfect resource would give you peace of mind and put you at the advantage of being in pace with today’s hyper-competitive environment.
You can use different cloud-based accounting applications, use similar software as the bookkeeper and share the necessary financial documents with your accountant to integrate outsourced bookkeeping with your existing accounting department. For this, let Canada’s leading accounting firm provides you with its service.Use accounting services that we offer for entrepreneurs, small and medium size business owners.