5 Ways an Outsourced Accountant Can Benefit Your Business
Hiring a full-time accountant is expensive. With a finance and accounting expert from an outsourced accounting firm, you know you’ll save time and money. What you may not know is that hiring an outsourced accountant has many more benefits. Not only will you save time and money, but you’ll also get all their experience, lower the financial risk of your business, and more.
Outsourcing is cost-effective
Between hiring costs, paying a salary, and providing benefits, having full-time employees of any kind is expensive. When you hire an outsourced accountant, you only have to pay their hourly rate. You pay for the time it takes to complete a project or provide accounting support, saving you the cost of hire.
Time is money
When a business needs the support of an outsourced accountant, they typically have a big project to complete. An expert accountant from an outsourced accounting firm will be able to complete your projects in a timely, accurate manner. They save your business time, and in turn, you save money.
Generally, your outsourced accountant will come prepared with established processes for your day-to-day accounting operations. It may be a set reporting day or a specific way of laying out a spreadsheet. Your business will get a new, efficient process and data results your existing staff can rely on.
Your outsourced accountant will have years of industry experience as well as established processes when they arrive at your business. Whether it’s eliminating a bottleneck or implementing a software feature you already have, an outsourced accountant can help you streamline your day-to-day operations.
Hire Experienced Outsourced Accountants
A good outsourced accounting firm will match you with an accounting and finance consultant that has experience in your industry. This way, when your accountant starts work, they are not starting from square one when getting to know your business. They can use their industry expertise to make your business competitive with others in the market and more.
Expert accounting, the smaller price tag
Expertise is expensive. When you hire an experienced accountant as a full-time employee, you’re not just paying for an employee. You’re paying for all their experience as well. With an outsourced accountant, you get all their experience without paying the price for it. Instead, you pay for the hours you need their expertise, and their firm takes care of the rest.
Accurate financial data
When it comes to making big business decisions, you need financial data you can rely on. Your experienced accountant will provide you with specific financial data you can use. It will be relevant to your industry, realistic about your goals, and most importantly, timely to your decisions.
The outsourced accountant you bring in should be an expert in the accounting software your company already uses. Because, they will know how to make the most of the software your company is already paying for. Many outsourcing firms also provide pass-through software fees. This means that they pay for the software license.
Opportunities for growth
Your accountant will have their finger on the pulse of your industry and its growth patterns. Using your financial data and their knowledge of the industry, they can help you find opportunities for growth. When conditions are favorable, your consultant can also help you scale up your business practice. Whether it’s changing your software, adding new staff, or switching up your product line, your outsourced accountant can help you seamlessly transition into your new role in the market.
Financial visibility opens the door for a more successful business. Therefore, using the data your accountant will provide, you’ll know where you can save money or streamline operations. Financial visibility means that you have access to all your financial data and timely interpretations of it. These reports will show you how you can make your company more profitable and ultimately save money.
Your outsourced accountant has been working in your industry for several years. Therefore, they are well-versed in the risk involved with running your business. They are also well-versed in managing that risk. In their work with your accounting staff and financial data, they’ll be able to suggest risk management practices. Their expertise can save your business money by reducing your assumed risk.
When you’re running a business, there is a lot to keep track of. Often, when business owners do their taxes or run their accounting departments themselves, some things slip through the cracks. Even the smallest mistake on an annual report or a tax filing can result in an audit. Audits cost you money and time that you shouldn’t have to spend. An outsourced accountant will ensure that your forms are accurate when you submit them, reducing your risk of an audit.
An outsourced accountant brings many benefits to your business. Whether it is streamlined processes or growth and profitability, your outsourced accountant will help you make your business the best it can be.