Accounting and finance are 2 critical components of any company, whether large or small. However, these tasks can be some of the most arduous and time-consuming. Especially in smaller companies where the owner is already wearing many hats, accounting and financial operations can easily become tasks that become a black hole for his or her time.

If you’re a small business owner, imagine how much extra time you could have on your hands if someone else was handling your accounting. Oh, the things you could accomplish!

There are many reasons to consider outsourcing your accounting and finance functions. We are only going to discuss a few of the benefits in this blog.

You Get an Expert on Your Team

Most small business owners aren’t CPAs or accounting gurus. They are experts in their fields of service or the products they offer. Accounting and finance functions take valuable time away from what they are good at – growing their business. By outsourcing these functions, small business owners can not only free up countless hours, they are also ensuring that their accounting and financial functions are being handled by a trained expert. By choosing to outsource, small businesses can also save on payroll. Typically speaking, outsourcing accounting services comes with a cheaper price tag than hiring an in-house accounting staff.  From saving money on tax liabilities to correctly entering bookkeeping transactions, an accounting expert can save small business owners time and money and pay for themselves in no time.

They Understand Securitycyber security

We are living in a very technical age – but, with all of these technology advances come cyber criminals and hackers. Accounting and financial firms stay up to date with all of the latest scams and schemes and protects their clients’ confidential information. By outsourcing your accounting and financial functions, you have the expertise of someone who understands security and how to keep your information safe. You’ll save time and money by avoiding these problems before they ever occur.

countdownYou’ll Never Miss Another Due Date

By trusting an accounting firm to handle your bookkeeping and accounting functions, you’ll ensure that your accounting tasks are completed not only correctly, but on time. Because these firms deal only with accounting, they don’t have the other day-to-day distractions of running a company. Your days of staying at the office until the wee hours of the morning to complete quarterly tax filings and bill payments will be a thing of the past; your accounting firm will handle all of that so you can focus on what really matters – running your business and making money.

Cash Flows Will Be Monitored

All businesses deal with financial ups and downs. From growth periods to the slow times, business owners have to take the good with the bad. As great as those growth periods are, they require more time from business owners. Accounting can easily fall to the bottom of the “To Do” list due to the demand of a growing business. After pushing off the accounting for a short time, business owners can find that their cash flow is slowing down. They’re confused because business is booming. What they failed to realize was that they neglected to keep up on the receivables. This can be fatal for small businesses. By outsourcing, the accounting experts are constantly keeping an eye on your cash flows and collecting those accounts as they become due.

Always Be Up to Date on Your Financial Status

Thanks to the digital age, many accounting firms use online services that allow them access to their clients’ financial data anytime, day or night. With services like online bank access, technological advances make it easier than ever for accounting firms to reconcile, adjust, and perform all other tasks necessary for your financial statements to be in perfect order and up to date. Thanks to this convenience, it’s quite easy for business owners to quickly access the most up to date information in order to make critical business decisions.

The reasons listed above are just a few of the compelling reasons that businesses (especially small ones) outsource accounting. If you think outsourcing could benefit your company, give our office a call! Wealth Builders isn’t just a “tax firm” – we are a one-stop-shop for all things financial! We, of course, offer tax and tax strategy services – but we also offer accounting and bookkeeping services, as well as investment services. The consultation is free so what do you have to lose? Give us a call today!

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“5 Benefits of Outsourcing Your Company’s Accounting.” Fortivi, 1 June 2015, fortivi.com/5-benefits-to-outsourcing-your-companys-accounting/.

Kumaran, Senthil. “8 Benefits of Outsourcing Finance and Accounting Processes.” Invensis, 8 Sept. 2015, www.invensis.net/blog/finance-and-accounting/8-benefits-of-outsourcing-finance-and-accounting-processes/.