A recent poll by Gallup found that 39% of business owners worked over 60 hours a week. If you own a business, this may not come as much of a surprise. In fact, it is one of the main reasons people decide to outsource their accounting services. Even if they could spend only 40 hours a week working, they could invest that other 20 hours in time with loved ones, resting, exercise, and other things money—and work—can’t buy. But extra personal time is just one benefit of outsourcing your accounting. Here are some more compelling reasons to pursue an outsourced solution.
1. Get the Expertise of Seasoned Professionals
Outsourcing your accounting is like taking your car to get its brakes changed at a place that only does brakes. Outsourced accounting services have specialists that understand the intricate ebbs and flows of your business, and you get to benefit from their expertise.
They can assign professional accountants to your jobs that:
- Have several years of experience in your specific industry.
- Understand some challenges that are unique to your style of business.
- Have a thorough grasp on the accounting issues impacting different categories of businesses, such as S corporations and LLCs.
2. Avoid the Issues and Expenses Associated With Hiring New Workers
When you outsource your accounting, you don’t have to worry about hiring or replacing accounting staff. Getting the right accountant with the perfect skill set can be a challenge. If you already have someone and they leave, finding a new one can take an enormous amount of time. It’s also a gamble. What if your new accountant isn’t as good as the one you had? You eliminate these concerns by getting true accounting experts from your outsourced solution. They will always be there and ready to do their best work for you.
3. Use the Extra Time to Expand Your Business
Growing a business takes considerable time, energy, and personnel, but by outsourcing your accounting, you can gain all three, especially if you enlist the help of in-house accountants. With the freedom outsourcing gives you, you can:
- Discover new markets to expand into.
- Develop new products or services.
- Find ways of maximizing your current operational efficiency.
- Explore what it would take to automate certain business tasks.
4. Save Money
Instead of keeping an expensive team of accountants on your payroll, you can reduce your costs of goods sold (COGS) by outsourcing your accounting. This doesn’t mean you have to get rid of your current staff. Rather, you can reallocate their energies into other aspects of the business. In this way, your business runs better with the same number of in-house hires.
5. Fine-Tune Your Current Business Model
Making sure your business is running as it should takes energy and resources, and by outsourcing your accounting, you can gain both. For most, if not all, businesses, there are some glaring inefficiencies impacting the bottom line. In many situations, all you need is a little extra time or the right people to address and fix these issues.
Once your accounting has been outsourced, you can invest the time and personnel you need to take on initiatives such as:
- Finding secondary options for expensive vendors.
- Sourcing raw materials or components used to build your products less expensively.
- Addressing supply chain issues that are hurting your profitability.
These benefits, and others, deliver a powerful ROI on your outsourced accounting investment. As a result, your business can run better, you save money, you can grow your company, and get reliable, professional accounting services. To see how these benefits apply to your specific business, reach out to PABS for a consultation.