In light of COVID-19 disruption, it’s time to get creative to improve efficiency and save money. Here’s an idea you may not have thought of — and four reasons why you might love it.
A wise entrepreneur once said, “If you’re not an expert in it, outsource it.” When it comes to accounting, we wholeheartedly agree, especially for startups, small businesses, and companies that are accustomed to, or adjusting well to, working remotely. Outsourced accounting will be most beneficial if you have a small accounting team or none at all, aren’t getting what you want out of your current accounting department, or feel trapped by burdensome accounting issues. This article explains the benefits of outsourcing accounting. If you’re still not sure what path to take, take our outsourced accounting assessment. The results may surprise you.
1. Outsourced accounting can save you time and money
Saving money is imperative right now — the future is unpredictable, and many businesses have lost revenue this year. The unknown costs of finding and hiring the right accounting staff, paying salaries, and equipping your team with the best devices and technology can all be replaced with one predictable cost when you outsource. Fewer employees means that if you do go back to an office environment, you’ll need to lease (and sanitize) less space. Whether or not you have a significant reduction in costs with outsourced accounting, you can definitely expect a more efficient use of your money and a lot of time saved.
Hiring, equipping, and training staff also takes an immense amount of time, and can be quite frustrating if accounting isn’t your expertise — do you know how to pick the right accountant and the right accounting software? You could probably figure it out, but outsourced accounting experts already have what you need. They’ll have the depth of knowledge required to give you the exact information you want and an expert to interpret the results for you. That means you’ll have the right data to empower your decision-making, and the time to focus on growing your business.
2. Remote work is easier and more efficient than ever
Even before COVID-19 drove workers out of the office and into their homes, savvy accounting firms had been investing in cloud technology and other tools that make it easier to work remotely. Many of these firms haven’t taken their technology to the next level to make sure their service is as good as or better than it was before the pandemic. When you outsource your accounting, you’ll be working with a team that already has all the technological tools they need to get the job done right without being on-site. And if remote work is makes you miss walking over to someone’s desk to ask a question or give direction, you’ll be relieved to know that outsourced accounting will provide high-quality work, right on time, without having to ask.
3. You get the power of a full accounting firm
It’s hard to beat the efficiency and effectiveness of an actual accounting firm. While you may only work with a small team at the firm, that team has access to experts who specialize in a range of topics like federal tax, state tax, technical accounting, and employee benefits, to name a few. They also have great resources and industry connections for further support. When you engage a firm like Plante Moran that does much more than just accounting, your team can easily connect to other consultants in the firm from cybersecurity consulting to wealth management — the service you get is so much more than what’s possible with one or two internal people.
Another convenience factor — when your point person goes out of town, there’s a whole team of people to seamlessly fill in. You won’t need to worry about vacation time or illness, hiring and firing, benefits, or anything else that comes with staffing. The firm will handle it all for you.
4. It’s transformation time
Thanks to COVID-19, normalcy has gone out the window, and old ways of doings things may need to change. This is a transformational moment. Use it to your advantage. If you’ve been frustrated with your current accounting situation or it no longer serves you as well as you think it could, take our outsourced accounting assessment and give us a call. We’d love to talk through your options with you.