Unless you are running an accounting or bookkeeping service, your business' focus should be on the tasks at hand: production, new business, marketing, and customer service. As vitally important as accounting and bookkeeping are to your business and your ability to grow, it makes more sense to outsource accounting services to someone who can efficiently handle all of the details that go into balancing the books while you concentrate more on the day-to-day operations of your company. Here's why:
– It's cost effective. Many outsourced accounting firms have a variety of packages they can offer you based on the needs of your business. These packages will allow you to manage how many hours are being spent on accounting or bookkeeping services so you can track that as a monthly expense. Think about what your time is worth and measure it against the cost of an outsourced service. Not just what you're hourly rate breaks down to, but also what you won't be focused on while tracking down missing expenses or reconciling accounts. You'll probably discover that outsourcing is actually a great bargain.
– No down time. The difference between hiring a dedicated employee to handle your bookkeeping or accounting needs, versus hiring an outsourced service, is that employees take sick days, vacation days, and personal days. An outsourced service usually has a team of people working on your account, so you will never have to wait for someone to come back from vacation to get vital reports generated.
– No overhead costs. Another cost advantage of having a dedicated employee versus outsourcing is that you won't need to pay social security taxes, provide medical insurance and other benefits, purchase additional equipment (computers), or tie up valuable office space with an outsourced team. Outsourced accounting and bookkeeping services can be done remotely, and you only pay for the service that you need.
– Availability. Since outsourced services are typically done remotely, you will have access to your books and any reports you need from anywhere you can get an Internet connection. Instead of your data being locked up in an employee's computer or laptop, you can get what you need, anytime, anywhere.
– Eliminate fraud. When one dedicated employee is responsible for all of the accounting and bookkeeping services within a company-sending out bills, collecting and depositing checks, and reconciling banks accounts-there is a greater chance for fraud from embezzlement. An outsourced company will have a checks and balances system in place so that a team of people are working on your books and you'll have greater oversight.
– Industry expertise. A bookkeeper does not have the same experience as a Certified Public Accountant. When you have an in-house employee, you count on them to stay up with tax codes, prepare all the proper forms, and keep licenses, etc. up to date. An outside service will have a team of subject matter experts, including CPAs, that will be working on your accounts.
The benefits speak for themselves. Why hire one full-time person when you can have a dedicated team of professionals who only work the hours you designate?
e:countable provides a full range of professional, outsourced accounting, bookkeeping, CFO and back office services for small and midsized businesses. For more information, please visit – http://www.ecountable.net