I thought I would touch on this topic as most business owners will make this very important decision at least once in the lifespan of their business. You may find yourself being weighed down by increasing administrative tasks, removing focus from your core business. Perhaps you are finding that your in-house accounting department is unreliable, slow and costly. If you are experiencing these, or similar situations, it could be well worth looking at the benefits of outsourcing detailed below.
How can you and your business benefit from outsourcing your accounting?
By outsourcing some of your business functions to an external company, you can significantly streamline your business while enjoying a range of benefits, namely:
Reduction in business costs:
By outsourcing functions such as Accounting and Payroll, you will no longer need permanent accounting staff. This means that you can make a large saving on personnel costs. Imagine not having to pay an extra salary, not needing more, costly office space. You never need to worry about recruitment costs, staff training, attendance, sick leave, maternity leave, bonuses, extra computer equipment and office furniture. The list carries on but I’m sure you can already see the amount you will be saving by outsourcing.
Better Service:
By engaging an outside company to handle your accounting functions, you will be ensured good service and fast turnaround. Unlike an employee that may need constant motivation and provide wavering output levels, an accounting firm needs to constantly deliver and keep you, the customer, happy with their service. Remember, you can terminate their services at any time meaning that in order to keep your business, they have to always deliver. They also work in an industry which revolves around strict deadlines where financial records and returns need to be filed on time. Therefore systems are always in place to provide you with a quick turnaround and to ensure the fastest possible service.
More Expertise:
An accounting firm will often be made up of a group of the top, knowledgeable individuals who specialise and excel in their various fields. By outsourcing, your business will benefit not only by having access to this pool of knowledge, but also by having these financial specialists handle your accounting functions without incurring any recruitment costs associated with hiring these talented and experienced individuals.
Quality work:
In the competitive industry of Accounting and Financial services, Accounting firms have a reputation to uphold. This reputation can only be maintained by providing clients with quality work and the best service. If accounting firms do not provide this exceptional level of service, they will fail to retain their valued clients and lose their competitive advantage.
Cutting Edge:
To further maintain their competitive edge, Accounting Firms need to stay up to date with changes in the industry. This means that they closely follow legislative changes as well as upgrading to the latest accounting systems. The result is that you benefit from up to date advice and practices without having to invest in staff training or costly software.
Added Value:
When using an Accounting Firm, you receive added value in the form of business consulting. Their expertise and experience with many similar companies allow them to offer sound advice on business decisions and can ensure you make the correct financial decisions.
Finally, the most important point, is that by outsourcing your business functions, you free up your resources to concentrate on your core business. Allowing for greater productivity and business growth.
If you are interested in finding out more about outsourcing your Accounting functions to an Accounting Firm, please call Brett from Dirmeik Consulting on 021 421 4444.