Accounting and bookkeeping are important functions for any company. However, not every business has the resources to hire its own internal staff to handle financial management tasks or become QuickBooks experts.
In addition, as a business grows, its needs will change. Bookkeeping systems that worked well initially may not keep up with expanding operations. For companies that could use extra support with their financial management, deciding to use outsourced accounting services can be a smart choice.
Benefits of Outsourced Accounting Services
Enlisting outsourced accounting services can be highly beneficial for several reasons:
- Professional knowledge and expertise. Business owners may not feel confident in their knowledge or mastery of financial operations. With an outsourced accounting resource, they can rest assured that they’re current with industry standards and accounting best practices.
- Efficient use of resources. By outsourcing accounting services, business owners and management personnel are free to focus on building the business and more productive uses of their time instead of the day-to-day demands of the accounting function.
- Comprehensive financial reporting. Accounting is more than just paying taxes on time and managing accounts payable and receivable. A complete outsourced accounting solution will also include services such as preparation of comprehensive financial statements, analysis of the company’s financial condition and advice on cash flow and financing. This objective expert counsel can give business owners greater confidence when making financial decisions.
How to Decide on Outsourced Accounting Services
If you own a small- to mid-sized business, here are some considerations for how to decide on outsourced accounting services:
- Assess how well you’re currently handling your accounting needs. You likely need an outsourced accounting solution if you’ve been struggling with completing time-consuming accounting tasks yourself or have been trying without success to hire or retrain employees to do these tasks internally.
- Understand the true costs. If you’re taking valuable time away from customer visits, sales calls or operations to handle financial management, then outsourced accounting with a monthly fixed fee can be a cost-effective solution.
- Consider your plans for growth and expansion. You can benefit from outsourced accounting if you’re growing rapidly or you anticipate future expansion. As your business grows, the quality and accuracy of your accounting practices and financial reporting will need to keep pace.
As a Certified Public Accountant (CPA), the professionals at S.J. Gorowitz Accounting & Tax Services offer complete outsourced, remote and virtual accounting services that are scalable and flexible as your business grows. Please call 770.740.0797 to discuss how we can help you improve your financial operations and focus on what you do best.