If you are a start-up, your primary focus might be to scale your new business. While you are focused on making your balance sheet bigger, you would need someone trustworthy who would manage the existing balance sheet. A lot of start-up owners find it hard to hire an accountant who will manage their books. Even if they find one, they come at a high cost.
Not only cost, you as an owner have to spend a lot of time training and to make them understand their role. This is why, nowadays, a lot of businesses have started hiring a part-time book-keeper or even outsourcing their bookkeeping services.
If you are thinking on those lines or are having difficulty managing your account books, then outsourcing your account’s handling is recommended. Below are the top 5 reasons why outsourcing has the edge over hiring a part-time book-keeper:
- The Cost Factor – If you plan to have an in-house accountant, the first thing you have to do is hire the person, which requires time and money. Even then, you cannot be sure if the person is good enough for the job. Most probably they will require training which will also require an investment of both time and money. If you think outsourcing is costly, then you need to do some research. Outsourcing saves a lot of costs, which can be used to grow your business. You save money on taxes, office supplies, and benefits for the part-time or full-time employee.
- Concentrate on Handling Core Business Functions – By outsourcing your bookkeeping, you would no longer have to worry about handling accounts and managing your cashflow. This will enable you to concentrate on running core business functions, thus focusing on other activities that allow you to expand your business, such as improving the current product line, developing a website, etc.
- Work with An Entire Team – A renowned outsourced bookkeeping service typically gives their client access to their entire team, consisting of multiple book-keepers, finance experts, auditors, accountants, and more who have vast experience. These experts are trained and skilled to handle any accounting processes and issues that come with business day-to-day running. For start-ups, this would prove to be highly beneficial.
- Scalability – As your business grows, you will probably need a bigger team to manage your books. When your accounting is outsourced, you don’t have to do anything to scale up the accounting team; there is no need to conduct a rigorous recruitment process or spend weeks training the recruits.
- The Tax Filing – When you have an in-house accounting team, preparing tax and audit reports is a big task since you have to be sure about the integrity of the data shared with authorities. When you outsource, there is no concern over the integrity of the financial data. The outsourced company makes sure there is no doubt about the data.
These are some significant reasons why outsourced accounting services are trendsetters as reliable accounting services for start-ups and small businesses. Smart Business Consultants is a new upcoming Accounting Services provider in the USA that provides bookkeeping, payroll, and CFO/Controller services for small businesses and start-ups all over the States. They work to simplify their accounting needs, thus enabling their clients to focus on the business’s critical activities.
Outsourcing your new business’s accounting may sound like a daunting task, but trust us, once you select the right partner to do so, it will change not only your lookout but also your financial accuracies!