by Kimbery Miles, Marketing Coordinator, Halt, Buzas & Powell, Ltd.
It’s been said that “for
everything we don’t like to do, there’s someone out there who’s really good,
wants to do it, and will enjoy it.” In a time where budgets are getting increasingly
tight, businesses and organizations must look for a variety of ways to cut
costs. Sometimes this results in keeping fewer staff on board and having them
“share” the duties needed to keep the business running; however, this may not
be the best choice as those staff often are not properly trained or even willing to do the necessary work. This
is where outsourcing makes its grand entrance.
When you hear the term “outsourcing”, many think of outsourcing
operations such as customer service, human resources, marketing, or IT support.
Many may also confuse it with “offshoring”, in which the outsourced services
are provided from other countries. So, what exactly is outsourced accounting?
Outsourced accounting is a business strategy in which all or a portion of the
accounting functions necessary to keep the business operational is provided by
an external group of accountants or an accounting firm.
Many businesses both small and large find outsourcing
accounting valuable and beneficial because it allows them to free up their
internal resources to focus on meeting their missions or sales goals, increases
the level of customer service, frees up the amount of cash spent on salaries
and benefits, and prevents them from having to worry about employee absenteeism
or turnover. Not to mention, they can rest assured that the person performing
the accounting function has already been properly trained and is qualified to
do the job.
When considering whether outsourcing your accounting
function is right for your business or organization, ask yourself the following
- Do your in-house staff often have to split their
time between accounting duties and other essential duties?
- Are you spending too much money on in-house
accounting staff, but not getting the quality and efficiency that you desire?
- Do you often have to refer to an outside
resource for accounting guidance and information?
- Do you feel as though you do not have the right
tools or resources to meet your accounting needs?
- Are you spending too much to secure and support
your accounting and revenue information systems?
If you answered “yes” to any of the above questions,
outsourced accounting may be something worth looking into. It could save you
lots of time, money, and frustration down the line.
So, when it comes to accounting, don’t let the numbers
frustrate you when there’s someone who is willing to take a load off and balance
your books for you (and will be more than happy doing it)! Whether you have an
accounting position that needs to be filled or if you simply have questions
that need to be answered, it may be worth reaching out to a trusted accountant
to determine if outsourcing is best for you.