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 questions:
- 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?
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.