1 – Expertise
Different accounting aspects of your business require different skill sets. While an accounting degree is not required to key invoices into your system, you do need specific accounting knowledge when it comes to determining capitalization rules and ensuring the accuracy of your financials. Our outsourced accountants in Atlanta bring additional skill sets to deliver analysis and proper interpretation of your date. An outsourced firm provides experts in each aspect needed to effectively analyze your business. You receive a portion of each expert’s time and knowledge, so you know your financials are handled accurately and professionally. This alleviates attempting to fulfill all accounting functions with one employee with limited knowledge.
2 – Continuity
Everyone knows hiring a new employee is a time-consuming process. It takes time to post a job, review resumes, interview candidates, check references, and finally hire a candidate with the hope you chose the right person. In many cases, the employee you’re replacing already left the company, so you lose the valuable transfer of knowledge, making it more time-consuming to train the new hire. An outsourced firm assigns multiple people to your account and, most importantly, documents the processes specific to your business, so there’s no disruption to your accounting and bookkeeping if the firm ever has turnover.
3 – Efficiency and Cost Savings
Hiring one full-time person with the goal of getting exactly 40 hours of work per week is usually not realistic. Employees fill the work gaps in their days with unrelated work or nonwork tasks, so you’re essentially paying an employee to idly wait for more work. With an outsourced firm, you only pay for the hours spent working on your account. Those inevitable gaps of free time are simply filled with work from other clients. This allows an outsourced firm to perform the work much more cost-effectively, as you’ll never pay for any downtime.
4 – Technology
The proliferation of high-speed internet access and the commoditization of computer processing power and storage make migrating your accounting and other ERP functions to the cloud very sensible. While doing so creates a monthly expense for the service, you are provided a solution that stays continuously updated, backed up, and doesn’t require maintenance of computer hardware. You benefit from multiple companies working to find the best applications for your specific needs and making them work most efficiently. Even if you prefer to stay on your local application, modern day technology enables your application to be handled remotely.
5 – Scalability
Due to various internal and external factors, businesses tend to change in scale over time. Growing or downsizing your business creates different staffing needs to handle the current workload. An outsourced firm is well staffed and easily adjusts to the scale of your business, and eliminates the internal resource consuming process of adding or terminating employees.
6 – Focus
Unless your business is an accounting or bookkeeping firm, those important functions are not part of your core business. Outsourcing these functions puts them in the hands of experts, so you can focus on the key aspects of your business. This gives you more time to work on growing your business, improving operations, and staying competitive in your field.
Making the decision to outsource your accounting functions leads to more accurate financials with greater consistency at a lower cost. With modern day technology, outsourcing these functions has never been easier or more affordable.