Quarter 4 COVID-19 Business Update — *FREE* Pre-Recorded Webinar
“Outsourced Accountant” might feel like a bit of a buzz word in the world of business, but what do they actually do? What relief do they offer small businesses? An outsourced accountant is invaluable to small businesses because they offer the business owner time. When you hire an outsourced accountant, your financials are taken care of. Keep reading to find out more reasons why you need an outsourced accountant.
1. When you hire an outsourced accountant, you are hiring a bundle of professionals.
An outsourced accounting firm is comprised of many people with many different specialties. You no longer need to rely on one person to know how to do it all or hiring multiple people.
When you hire an outsourced accountant, you can trust that they have already hired the best person for each task. Outsourced accountants are your one-stop-shop for all things business finances.
2. The work will be done correctly the first time.
When you have a team of people from an outsourced accounting firm, they will each have a different specialty. This allows them to go deeper into your systems and financials to provide a more thorough service. This includes a deeper analysis of your financials and advice on how you can make better business decisions in the future.
3. There is someone for every job, which means employees at an outsourced accounting firm can become experts in your systems.
When you have one person deeply embedded in all parts of your accounting, some parts can be overlooked due to time or knowledge constraints. In an outsourced accounting firm like ours, we have one person (or a team) for every section of your accounting.
This allows us to take a deeper analysis of your financials that gives you more information on how to improve your business. We can then create budgets, forecast the future, and many other specialized tasks.
4. Start-up is quick and easy with an outsourced accountant.
Our staff is well trained in our software. This means that we can, at any moment, jump in with a new client and get started right away. You will never have to worry about training your accountant.
5. Our software is from the 21st century.
Because we specialize in accounting systems, we have the most up-to-date technology. Using modern technology in your accounting is a surefire way to simplify everything. Our technology is already included in our fees so you’ll never have to worry about subscriptions or recurring payments with several different companies.
Even further, we use said technology to create templates, tools & dashboards that will streamline routine jobs and make sure that our work is accurate every time.
6. Separation of duty — ever heard of it? Your outsourced accountant has.
In 2016, US businesses lost over 1 million dollars due to employee theft. Even worse, 68% of the businesses surveyed were considered small businesses. A big reason that this happens is employees getting too much responsibility when handling the company’s money and the company not having systems in place to check them.
With an outsourced accountant, our systems and software offer greater separation of duty. This means that there are many people working on a single project, and/or several people checking each other’s work. One person processes bills, one person reviews, one person pays bills, one person reconciles with the bank, and so on.
There will never be a time when one person does all of this work, and that lends itself to a healthy system with checks and balances.
7. There is greater ease of access, especially in a virtual outsourced accountant.
With our systems mentioned above, there could be a team of 2-3 people assigned to each client. This means that there are multiple points of contact and people to take care of the workload.
As an additional feature to ease of access, because we are virtual, we can take care of your business from anywhere. Our cloud based systems makes caring for your business easy and accessible. You won’t be tied to your desk when it comes to handling your business. Want to check up on things while you’re lounging on the beach? You can do that. As long as you have an internet connection, you have access to your books.
8. Transferring tax work to your CPA has never been easier.
One of our favorite software we use is QuickBooks Online. Using QBO, we can create reports quickly and send them to your CPA for tax preparation. This ease of access will prevent you from having to pay extra fees to your tax preparer and make everyone’s lives easier.
9. You actually save money by hiring an outsourced accountant.
Instead of paying an accountant by the hour, you are paying by the value. Our tools allow for greater efficiency so we are spending our time on the important things. When you hire an outsourced accountant, you are hiring for multiple positions in one go. You pay one company that handles their own staff and everything that comes along with it. By investing in higher levels of accounting support, you are allowing the outsourced accounting team to go deeper into your financials.
10. You’ll actually have time and energy to build your business.
When you say hello to an outsourced accountant, you can say goodbye to energy wasted on figuring out all things accounting yourself. The time that you spent fiddling with your finances can now be used to dive deeper into your business and work on growing!
If you have been considering an outsourced accountant, we hope that this is the final “push” to get out there and find one! The best news is, you’ve already met an outsourced accountant in us! If you would like to discuss what we could do to help your business, contact us to set up a consultation! No job is too big or too small.
Thank you, Adam, one of our amazing staff members, for your contributions to this post.