As your small business grows, you will be faced with decisions about what to outsource and what to use in-house employees for. Accounting work is one of the most common areas where business owners face this dilemma. And while there are benefits to both methods, outsourcing can be more of a money-saver in the long run. Here are a few reasons why.
1. You Control the Scope of Work
Outsourcing may give you more control over how much work you pay for and what they do for you. When you hire an employee, you generally commit to a certain scope of work and must pay for that regardless of how the company is doing or what changes in its operations. When you hire an accounting service, you can scale up or scale down what they do and what you do yourself to meet your budget.
2. You Get More Experience for the Same Price
When you hire an employee to do a task you aren't particularly familiar with yourself, you have to trust in their skill and experience. But the more training and experience they have, the more they may be outside your budget range.
Accounting services are generally operated by CPAs and other accounting personnel with verified qualifications and plenty of experience. The result is that you get more 'bang for your buck' when it comes to expertise. You can also often get a range of services — from payroll tax preparation — from one company and therefore save money by bundling.
3. They Keep Your Company In Compliance
Accounting, payroll, and finance matters are highly regulated to ensure accuracy and compliance with laws. A company who attempts to handle these things on its own risks fines, penalties, interest, and late fees for noncompliance with any number of rules. This can range from late tax forms to not keeping the right documentation to failing an audit. When you use pros, though, they know how to keep you out of trouble.
4. You Learn Money-Saving Ideas
Pros in any field have the advantage of knowing what works and what doesn't. This can save the client money because they'll show you, for example, how to avoid time-consuming methods or where you can cut corners to save time or funds without repercussions. In addition, an experienced accountant will help you focus your budget where you'll get the biggest return on investment.
Could your company benefit from any of these cost control features of using an outsourced accounting service? If so, learn more by making an appointment with an experienced provider in your area today.Share