Gain Greater Value With Outsourced Accounting
The start of a new year is a great time to review your accounting practices. It's essential to implement changes before starting a new fiscal year or starting the tax year. Here are some of the ways you can benefit from outsourced accounting services.
An Outsourced Accountant is Different than a CPA
Many companies only work with a CPA come tax time, they hand off a spreadsheet or a box or receipts, and then the CPA does all the work. So while a CPA can provide tips on lowering your tax bill for next year, they aren't with you throughout the year when different issues pop up.
A good CPA is valuable to any business, but remember they only handle part of your accounting needs, while you need to know the state of your business at any given moment. With an outsourced accounting firm, your financials are kept up to date in real-time, so when you need to make a decision, you get the information you need instead of waiting around for a CPA to get back to you.
Reduced Internal Risks
Managing your accounting in-house has risks that simply don't happen with outsourced accounting. For example, small businesses may only have enough work for one person, so they only have one accountant on staff. If this person decides to leave, it creates disruptions to the business.
Having one person on a team also goes against basic accounting principles and can lack good internal controls. Outsourced accounting provides a fully staffed team that distributes duties accordingly, so you have ongoing continuity even if one person moves on.
Cut Costs
Statics show having an in-house team usually costs more. Many small businesses hire a full-time accountant but don't have enough work to justify this decision.
Having an in-house accountant adds up. They need computers, supplies, a place to work, the list goes on. In a company that has a limited number of employees, adding one or more accountants could force significant changes to budgets or potentially benefit plans.
With outsourced accounting, you pay for the services you receive. You get direct expertise without having to pay for idle time. Plus, since your accounting team is offsite, you can avoid all the associated overhead costs.
Gain Expertise
Saying all accountants are alike is like comparing apples to oranges; not all are the same. While people might have the same transferable skills, they don't have the same level of expertise.
Accountants often specialize in different niches such as taxes, cost accounting, DCAA compliance, and more. Some generalists may lack the experience or expertise. Small teams are forced to choose what they value while knowing they are making hiring compromises.
Outsourced accounting provides a full-service accounting team like the Fortune 500 companies have. They are accountants of every skill set and experience level, meaning you'll always have the right person for the job.
The benefits of outsourcing your accounting are endless. You can save a significant amount of time, money, and hassle by trusting your books to an experienced professional.
Contact Basis 365 today to find out how we can streamline your accounting.
