Why Small Businesses Should Outsource Accounting
One of the most common mistakes that small business owners make is underestimating their company. It might sound ironic, but many small companies fail to reach their full potential because of the restrictions set upon them by their owners.
One of these restrictions is the notion that it does not need to outsource any facet of the business. This kind of belief does more harm than good because it robs the owner of the time to expand, explore options for growth, and concentrate on matters that only a business owner can take care of.
There are many branches of a business that a small company should outsource but foremost of these is accounting.
If you are still weighing the pros and cons of outsourcing the accounting operations of your business, here are a few reasons to help you reach an informed decision.
Reason #1: You let experts take care of the job.
If you feel like computing the accounts of your business is a time-consuming chore, it will end up being precisely that. Not only will you have a difficult time doing the job, you will also most likely commit mistakes along the way.
If you leave this responsibility to the hands of an accountant, you are effectively hiring an expert to take care of your company’s accounts. Accountants are pros when it comes to codes and laws concerning taxes. Not only will you be freed from spending hours researching and working on taxes, you are also sure that this task is being done by specialists.
Reason #2: You steer clear from fraud.
According to a study from the Certified Fraud Examiner Association, it is private and small companies that often fall prey to fraudulent schemes. This is because there is no controller who can access or monitor the KPI along with other metrics that can depict abnormalities in billing and transactional input.
No wonder why more and more privately owned enterprises outsource their computing operations to professional accounts or use Cloud for computing.
This computing tool has high data security that’s been developed over time. It is now being enjoyed by big companies like IBM, Google, Microsoft, Yahoo, and Amazon. Because it is portable, users of Cloud can take and access their saved information anywhere without risking security. Its portability also means less hardware expenses which in effect makes it affordable even for small companies.
Reason #3: You make a cost-effective decision.
Forget about paying for full-time or even part-time employment. When you outsource computing, you only pay for the accounting service and nothing else. Unlike the case of having an in-house bookkeeper, you don’t have to pay for health insurance, taxes, and fringe benefits which can increase your savings for up to 40% every month.
More and more small business owners are now hiring a virtual assistant to take care of various tasks – from customer correspondence, to social media management, and order processing. If you have delegated some of your duties, you have already experienced the benefits of outsourcing. Aside from giving you extra time to focus on product development, marketing, and expansion, you are also making sure that all the branches of your business operations are left in the hands of professionals. Are you ready to let an expert do your business accounting?
Next: 3 Small Business Success Stories In 2016
20Four7VA recognizes the challenge of effectively managing an online business – and we are very eager to help. Our company specializes in eCommerce VIRTUAL STAFFING SOLUTIONS, providing customizable and scalable solutions to small, medium, and large enterprise business owners so they can focus on growing their business.
Ready to have access to incredible people with incredible skills in the most cost-effective way? Give us a call at our toll free number 1 (443) 856-4882 today!