Why You Should Outsource Your Accounting in 2022

Each year, more people are looking to outsource their accounting. For a good reason, it no longer makes financial sense to pay a salary and benefits to an in-house team when there are viable options outside of the organization. Add in the fact that outsourcing your accounting connects you to a group of diverse professionals who are experts in their field.

Peace of MInd

The main reason to outsource your accounting in 2022 is for the peace of mind you will get regarding the management of your accounting records. In addition, an outsourced accounting team allows you to gain access to a professional wealth of knowledge and experience. Plus, you can choose an outsourced accountant that specializes in your unique niche. An outsourced accounting team can help you keep your records accurate and up-to-date. Payroll will be maintained and submitted correctly. Accurate and timely accounting reduces the risk of penalties resulting in a lack of knowledge or missing deadlines.

Time Management

By outsourcing your accounting, you'll free up valuable time that can be spent better elsewhere. For example, constantly pouring over your books can be a huge hassle that takes away precious time from your company. This is better spent scaling your operations or bringing in new customers.

Reduced Fraud

A recent survey released by the Association of Certified Fraud Examiners study shows that the most common victims of fraud are privately owned small businesses with less than 100 employees. This is primarily because most small businesses don't have access to a controller of CFO who could review KPIs and metrics that show abnormal activity in the transactional and billing data. By outsourcing your accounting, a controller will be a part of your team to look for these fraud signs and implement proper protection controls.

Collaborative accounting is better

No matter how you look at it, having a team of expert accountants working on your books is going to be better than having an in-house employee working on them. Whether it's you or a part-time employee handling your books, you can be assured the books aren't getting the proper attention. There are many loopholes and exemptions, and unless you are an accounting expert, you probably aren't benefiting from them. In addition, outsourcing your accounting affords you a team of people, all double-checking each other's work to ensure everything is in proper order.

Scalable Options

When you outsource your accounting, it becomes simple to expand and grow your business or find places to cut down on spending. An outsourced accounting firm can provide you with a list of options, giving you valuable feedback and suggestions that will raise profits at the end of the day. Whatever your goals are, an outsourced accountant can help you achieve them.

To ensure you get the most benefit from an outsourced accounting firm, think about the challenges you’re trying to address and the results you’re looking to achieve. For example, you may need ongoing bookkeeping and payroll services, accounting software that helps build out a specific analytic report, or just general guidance on what crucial benchmarks you should target.

We handle the accounting for our customers through fixed price monthly plans. We support Xero and QuickBooks Online although Xero is our preferred accounting platform.

Knowing your goals before you involve outside help will guide you to ask the right questions and ultimately hire the right accounting firm or bookkeeper.