Most small and mid-sized businesses get by with a do-it-yourself approach to bookkeeping and accounting. In some cases, a founder or owner is charged with doing the books (clearly not the best use of his/her time), while other SMBs get another full-time employee to make time to take care of bookkeeping and accounting.
But what if nobody on your staff was burdened with this goal? You could maybe find a part-timer, or you could outsource it. Outsourcing your bookkeeping and accounting is a great way to get the work off your team’s collective plate, while also giving your company a higher level of service than you could otherwise find or afford. As a whole, the benefits of outsourcing your bookkeeping and accounting are awfully compelling.
1. Leverage Bookkeeping & Accounting Pros
Outsourcing lets you put your books in the hands of the experts – experts who have years of education, training, and experience navigating the nuances of high-level bookkeeping.
Your in-house employee might be good, but he/she won’t be able to match the industry experience that a dedicated firm can bring to the table. Plus, outsourced accounting firms will have established bookkeeping and accounting processes and will utilize top-shelf accounting software and document resource management tools that can guarantee efficiency and security.
2. Boost Productivity by Eliminating Bookkeeping Distractions
Accounting is synonymous with paperwork; there’s no getting around it. Handling complex bookkeeping in-house is doable, but doing so likely leaves one of your employees in the thankless position of gathering documentation, running back and forth throughout the office to collect reports from others, and routinely interrupting the workflows of his/her officemates.
It may be part of the job, but those productivity hits add up over time. Imagine the time, stress, and money that can be saved from taking bookkeeping off your team’s plate.
3. Seamlessly Scale Your Accounting With Your Enterprise
One of the biggest challenges of keeping your bookkeeping and accounting in-house is that it’s difficult to scale. Bringing more qualified accountants on staff is a time-consuming process when you’re eager to expand, and if you ever need to cut back, letting them go is even worse. Outsourcing your accounting provides the flexibility your business needs to stay agile as the market rises and falls.
4. Reduce Your Bookkeeping & Accounting Costs
“But outsourcing is expensive!” you probably said.
You’re right that outsourcing (like every business expense) is an investment, but outsourced bookkeeping and accounting services are cost-effective — and scalable. There are no hidden costs (like employee benefits), and you can purchase the level of service that your business actually needs, without having to worry about how that might affect an employee or how to scale your internal resources up or down. Perhaps best of all, the opportunity costs of outsourcing are unbeatably low: you don’t have to recruit, hire, manage, or retain staff, and you don’t have to worry about dealing with turnover or vacations. Outsourcing keeps your costs predictable, manageable and aligned with your needs, no matter what’s going on with your business.
5. Leverage a Team of Bookkeepers & Accountants
Rather than leaving your accounting to one or two beleaguered bookkeepers, consider how effective an outsourced team environment can be. With multiple staff members reviewing case files, checking for errors, and working within an efficient system of cooperation, your accounts will receive a higher standard of care than any single in-house worker could provide.
Leaving your bookkeeping and accounting to outsourced pros can benefit your business in nearly every way, from efficiency gains to cost savings to employee morale to increased expertise.
If you (or one of your employees) are tired of crunching numbers, SmartBooks can help. Contact us to learn more.