You don't need to be an expert in accounting and finance to know how important these things are for a business. At the end of the day, the financial state of the company is what decides whether you'll continue running the business or not. And just like any other owner, you're always looking to improve your internal process flows and cut down on any costs. Given all of this, resourcing your accounting makes perfect sense.
1. Cost/Time Effective
Sometimes, your reasoning doesn't need to be complicated. The most simple reason why you should be resourcing your accounting is because it will save you a lot of time and money. Instead of spending loads of time on these things, focus your time and energy on being more productive and doing the more essential things that you love. Aside from the time-saving, cutting costs is another great feature of resourcing your finance and accounting. Judging by how much time you need to find a quality accountant, and how expensive all the employment and salary costs are you'll be saving loads by using an external dedicated accountant.
2. Top Accounting Software
Companies who specialise in providing financial services to their clients have access to the best accounting and finance software out there. Not only is this software difficult to use for someone with no experience, but the cost to acquire it isn't a laughing matter either. Another problem you might face is spending loads of time on choosing exactly which software to use. Using an external accounting specialist, they will know exactly which software will suit your needs the best and how to extract the maximum value out of it.
No matter how big (or small) your company might be, there's always a need for accounting and financial service from day one. You may not need the entire package at first, and that's perfectly fine because by resourcing you can choose from a wide array of accounting packages. Start from the bare necessities such as payrolls and bookkeeping, and when the time comes you can scale up to more complex tasks such as balancing complex financial records, consolidation, debt modification etc. Allow your accounting to grow together with your company.
4. Mitigate Risks/Fraud
As much as we hate to admit it, the world of business can be a cruel place sometimes. According to the Association of Certified Fraud Examiner, the typical organization loses a median of 5% of revenues each year due to fraud. The most common victims are small businesses with no more than 100 employees – with an astounding median fraud of $147,000. By using accounting professionals you'll be sure your money is going to end up where it should and you'll avoid facing catastrophic financial consequences.
Accounting isn't a service that can be left on hold, not even for a short while. Unfortunately, sometimes these things are out of control because accountants are only humans at the end of the day. Your accountant might get sick, married, goes on maternal leave or any other private-life issue that they might have going on. By using a resource service provider, you have an entire team of people working daily on keeping your companies finances in tip-top shape.
If you're interested in finding out more about how your company get benefit from resourcing its accounting and finance, drop us a line here.