Why should a business owner consider outsourced accounting services? We get asked this question a lot, so some of the staff at Ignite Spot decided to answer it in the video below.
Think of how we used to do business. Today feels like a science fiction novel compared to what it used to . With all of the advances in technology, you no longer need an accountant in-house. But is it a good idea for your business? Hopefully these 10 reasons will help you decide.
One of the main reasons for hiring a firm should be the systems that they have built. Any good firm will have processes in place for standard accounting tasks like paying the bills, invoicing customers and reconciling accounts. This means that you can avoid the headache of recreating the wheel here.
The addage is "hire people that are better than yourself." When you turn to an accounting company, their staff should be trained, certified and knowledgable. This is what they do all day long so they're going to be great at it. This also means that you'll be able to get an expert at a great price versus an in-house employee with little to no experience.
A full outsourced accounting services package should make it possible for you to relax at the end of the year. If they've been doing their job, there's very little if anything that you'll need to do to get ready for taxes. That's a lovely feeling.
A reputable firm will have CPAs overseeing the work. Make sure that you understand who the management team is and what their roles are. Also, if you decide to use your own CPA, he or she will be able to work with your outsourced accounting team to prepare the taxes. That makes life very easy.
Employees get sick, go on vacation and have bad days. When you're paying for outsourced accounting services, you should get reliable support. Afterall, you're their customer. This means that if their employee gets sick or go on vacation, they should be organized and have secondary staff trained to support you.
You don't have time to deal with accounting tasks. You do need to stay informed, get reports and be in control, but you don't need to be reconciling bank accounts late at night. Let the accountants do that stuff.
Many outsourced accounting firms will have software platforms that make it easy to access your accounting files via the internet.
Once again, you're a customer in this relationship and not the employer. That means that you'll be treated like a customer. Support is crucial, otherwise you'll move on to greener pastures.
Yes the world of outsourcing is here. It has come a long way since it started getting traction in the 90's. if you do decide to go down this road, ask a lot of questions and look for a solution that will scale with your business. Remember, not all accountants are good accountants so look for one that rocks.
Happy accountant hunting!