We’ve all been there. After an exhausting day at work dealing with difficult clients and racing around between meetings, the last thing you want to be doing is wading through paperwork and keying in data. The kids are probably in full swing demanding your attention and there’s probably that movie on the tv that you wanted to see. You could do it on the weekend but that will mean sacrificing either the game of footy, 18 holes on the golf course or a few beers and a barbeque with your friends. Don’t say no to life. There is a better way. Here are some of the benefits of outsourcing:
Save time and improve operational efficiency – Apart from rescuing your social life, outsourcing means you spend less of your day overseeing bills and payroll so you free up valuable time that can be better spent managing and growing your business.
Save money and reduce overhead – Businesses typically spend 2 to 5% of revenues to staff and train accounting departments. By outsourcing your bookkeeping and management accounting needs, you can actually lower your total costs by eliminating expenses related to employee benefits, training, accounting software, hardware and office supplies. Say goodbye to that Monday morning phone call or employees looking for leave during your busiest periods. We turn up every day with a smile on our faces.
Access to expert accounting knowledge and resources – Let’s face it, few business owners without an accounting background have the expertise to maintain a perfect set of books. Invariably, there will be mistakes made and the accountant will charge you anything up to $200 an hour to fix any mistakes. By outsourcing, you will have access to a team of skilled accountants with a range of experience in this field. Your books will always be accurate and up to date, payroll is done on time and you avoid the risk of fines and penalties due to mistake or error.
Reduce risk – Financial crime is on the rise and more than one in five small business owners will have money stolen from them by trusted employees. Most small businesses find it hard to enforce a strong checks and balances system without upsetting employees which has shown to reduce morale. Outsourcing offers the perfect solution. Not only will you save money, time and reduce stress, it will also decrease your risk of internal fraud by having an impartial and trustworthy third party advisor doing the work.
Scalability – Situations change in business from time to time. You may need to expand or cut back depending on conditions in the market. Rather than having internal staff that are either too busy at certain times or twiddling their thumbs at others, you only pay for your staffing needs when you need them by outsourcing.
Anytime, anywhere access to financial data – Moving your data to the cloud (internet access) opens up a world of possibilities. You have up to date real time access to your financial records any time you need it, from anywhere. It also allows your staff to use apps on their phones and tablets that immediately integrates with your accounting software reducing data entry time and improving efficiencies.
Peace of mind
Confidence and peace of mind – By outsourcing your accounting function, you can be assured that your financial information is up to date and correct. This avoids any potential threats of fraudulent activity and you have access to a team of experienced professionals whom you can count on. No matter the size of your business, outsourcing makes good business sense. It gives you confidence and security that your financial records are in order so you can focus on what you do best – running your business.