
Sometimes keeping it all in-house seems like the best solution. After all, no one knows your business like you do. However, the ability to manage the accounting department is an entirely different challenge and often leaves organizations at the mercy of many risk factors. From a lack of back up support or standardized processes and oversight to increased fraud and privacy risks, maintaining a successful internal accounting department in a small or mid-sized business is a difficult undertaking even if you have the best people in place.
The trend today for many employers is to outsource any function of the business that is not directly related to the generation of income. But what exactly is outsourcing? Simply put, outsourcing is the long-term contracting of a company’s business processes to an outside service provider, helping to increase shareholder value by reducing the costs of non-core functions.
Of course, outsourcing is not a new concept. For years companies have outsourced their legal, advertising, printing and computer services so they benefit from professional expertise without substantially increasing overhead.
Outsourcing your accounting services is applicable for your current situation if:
- You are spending too much time managing your books while neglecting other aspects of your business
- You are cutting corners because you don’t really understand how to do bookkeeping properly
- You want professional-grade accounting, but it’s either too costly or you don’t need full-time accounting services
- You need “at a glance” financial reports to stay informed about your business
- You aren’t afraid to ask questions about financial data you don’t understand
- You want the flexibility to examine your accounts whenever and wherever you’d like, combined with the peace of mind that your books are being maintained by dedicated professionals