Is Outsourcing Accounting Work Right for Your Small Business?

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If you’re a small business owner who doesn’t want also to take on the role of a bookkeeper, it’s understandable. Finances can be overwhelming, especially if you don’t have an accounting background or worry that you won’t stay on top of deadlines. The solution to ease your headache and ensure laws and regulations are met fully could be outsourcing accounting work and specifically hiring a small business bookkeeper.

If one or more of the following points apply, then it is likely time to consider using outsourced accounting services.

You Want to Reduce Costs

The decision to go outside of your small business to hire an accounting firm can be a smart financial decision. As a small business, you’re likely to have a budget to match the size of our organization, so it doesn’t make sense to hire extra employees.

By outsourcing, you will only pay for the work done by the agency rather than including any idle time as you would with a full-timer. There also aren’t benefits to payout.

Time is Getting Away from You

Furthermore, think about what your time is worth if you’re trying to handle accounting operations yourself. Tasks could take you double the time it takes an external professional, and you lose money in the process (while simultaneously gaining a headache).

Not only that but your time as an owner is better spent running business operations than on accounting tasks. Your efforts to grow operations and build a customer base are likely more in line with your skills, too, than staying on top of accounting rules that can change from year to year.

You Want Dedicated Support

When you use a professional like MNE Accounting for bookkeeping, payroll, tax returns, and other tasks, you can enjoy the peace of mind that comes with knowing you’re using accountants who specialize in these activities. They know their industry just as you know yours.

By contracting out to financial experts, you will get the services you require from those who do it right – and like what they’re doing, too!

Consider Employee Fraud Could Happen

While it’s not pleasant, employee fraud is a risk that business owners need to consider and determine how to best protect themselves from it. Even a small biz of under 100 employees can lose about $155,000 a year from fraud, according to the Association of Certified Fraud Examiner’s Global Fraud Study.

An outside accounting team could provide the protection you need against fraudulent activities. The service provider you choose will also likely know what signs to look for when it comes to deceitful activities in-house.

You’re Joining a Growing Number of Companies Who Outsource

By now, you might seriously be thinking about outsourcing accounting activities. If you do so, then you join a growing number of organizations that are choosing to outsource services, and they’re not only accounting-related.

IT activities and customer support are two areas where many businesses are outsourcing to reputable firms. Doing so enables you to gain back control over day-to-day operations and focus on growing the business.

This is a collaborative post.