fbpx

Success Tips

FROM THE SUCCESS PEOPLETM

Do You Want To Save Money? Outsource to an Accounting Firm.

Jun. 07, 2017

Whether you’re new to town or looking to grow, your small-to-medium-sized business (SMB) could always use a little assistance. You should be strategizing your accounting solutions, and you can avoid the bookkeeping hassle by outsourcing your accounting operations. Saving you money is only one of the reasons to consider outsourcing. Below, we’ve listed the biggest reasons that focus on you, the decision maker.

Fraud Reduction

According to the Association of Certified Fraud Examiners, privately owned small businesses are the most frequent victims of fraud. Outsourced accounting is safe. Small and medium-sized businesses don’t have access to a CFO or controller, and abnormal activities may slip through the cracks. Your business may be fortified, but you already have quite a few operations to handle.

External audits and accounting controls are, however, responsible for a sizeable portion of fraud detection. Your internal processes might be suitable, but are they sustainable?  Lessen your worry by outsourcing your accounting operations.

The Tax Time “Crunch Time.”

A large number of small and medium-sized businesses struggle during tax time, too. By outsourcing your operations, you can sidestep the “crunch time” associated with late tax season. Instead of pouring over the books, you can replace back-end office operations with external assistance. Your daily activities needn’t be laden with number run-downs, double-checks and asset allocation. Tax time is tough, and you deserve a helping hand.

Collaboration is Effective

A team of professional accountants is far better at combining forces than a team of internal operations. Simply put: They’re focused on one job, rather than many. In 2017, in-house accountants are expected to handle multiple tasks, serve multiple purposes and create a multitude of solutions. In small and medium-sized businesses, financial leadership isn’t all financial. It crosses over into management, resource management and even marketing. In such a business climate, specialized financial services are rare. They’re external, too.

Scale is a Necessity

By hiring an external accounting firm, you’ll secure your business’s scale. Outsourced accounting operations help your business grow efficiently. Sometimes, internal accounting teams are “hung up” by a growing business’s age-old regulations. It’s possible to restrict your financial department, using outdated approaches to solving new problems. An outsourced accounting firm, however, continually offers current options, new solutions and methodologies which follow your business’s long-term goals.

All of Your Resources are Used

If your business needs tight-knit communication, a sharp attention to detail and vast upkeep to maintain, it’s at risk. Outsourced accounting firms are incredibly powerful solutions because they allocate all useable resources. Everything from bank records to sales invoices is used. For this reason, you’ll never be short of solutions. You’ll never be “tangled” up by your own business’s operations. An external accounting firm will use bills, sales invoices, bank loan statements, petty cash information, inventory levels and creditor lists to ascertain your business’s needs.

It’s All About ROI

In the past, SMB’s were restricted to in-house services. They created accounting teams which maintained their entity’s effectiveness. They wouldn’t, however, be entirely geared towards ROI growth. Because an external accounting firm focuses on your business’ growth, scale and success, it can place a high focus on critical areas.

You are no longer doomed to internal teams that concentrate on maintaining operations. Your accounting firm can cut back and reduce spending and can open new feedback opportunities. When you can shift your resources, you can boost your profits. Regardless of your long-term goals, an accounting firm can help you reach them.

If you want to earn more money, keep more of it and—above all—protect it, you should invest in an external accounting firm. Outsourcing protects your business’s flexibility, secures options and promotes new solutions. Check out your options today, and make sure your business is operating at its peak potential. In today’s SMB world, only competitive businesses win. Are you at the top of your game?

Book your FREE 30-minute Success Check with KAFT CPA and let’s find out.

Categories : Accounting

Need an accountant who specializes in medical practices, oil and gas, small business and more?
Book your free 30-minute "Success Check" today.