Running a business can be rewarding, but it can also be challenging and time-consuming. As you pursue your passion and get your product or service out there, you will realize there is still so much to do. There are vendors to be paid, receivables to be followed up on, employees to be hired and payroll taxes to be remitted timely. It can be tempting to take on all these tasks yourself; however, it would be more productive to get help. A great source of support for a growing or midsize company is outsourced accounting services.
Below are five signs that you are ready to explore outsourced accounting services.
1. Your Organization Is Growing
A growing organization will require additional resources such as time, money, human capital, and expertise to sustain growth. This can become overwhelming quickly if not managed appropriately. A relationship with an outsourced accounting service firm can alleviate this pressure and free up time to focus on moving the business forward. An outsourced accounting firm will have the resources to manage the additional reporting, process improvement and expertise needed to sustain the company’s growth.
2. You Want More Value for Your Money
A relationship with an outsourced accounting firm is significantly more cost-effective than maintaining an internal accounting department. Not only do you save time and money on payroll reporting, but you also get access to a dedicated team of experts.
3. You Want To Improve Processes
For a business to thrive, it is essential to pay attention to details and have well-defined internal workflows and processes. This will prevent tasks from slipping through the cracks and causing more expenses. Outsourced accounting service firms can help create internal workflow processes for a business to execute or for the accounting firm to take over. Processes can be developed in the following areas: internal controls, cash management for accounts receivable and accounts payable, and payroll.
4. You Need Help With Financial Decisions
To make valuable and timely financial decisions, you need to have good data that is being processed accurately. Working with an outsourced accounting firm ensures that your books are up-to-date and analyzed using the most appropriate accounting software for your business. This data can be presented to you in a wide range of financial reports that can help you make decisions to reduce costs, increase revenue and improve cash flow.
5. You Want To Reduce Compliance-Related Related Risk
Over the last few years, we have seen an increase in new and changing tax and compliance-related laws. It can become difficult to keep track of all the changes and to remain compliant. An outsourced accounting firm will help a business reduce compliance-related risk. Outsourced accounting firms are already set up to be aware of changing regulations and are prepared to respond accordingly.
If any of the reasons above resonate with your company’s needs, it’s time to get help.
Withum’s Outsourced Accounting Systems and Services (OASyS) team brings companies into the digital age by providing scalable outsourced accounting and finance services that improve a company’s workflow and transparency. We understand that business owners want to focus on their passion while fully knowing their financial standing and performance.