Is Outsourced Accounting Right For Your Business?
At least once per day someone shares with me how much they dislike doing accounting; yet they have a million reasons why they keep handling it themselves.
STOP DOING IT and OUTSOURCE IT!
So here are 4 reasons why outsourcing is right for you and why you should be like Nike and Just Do It!
1. Expert on Hand
Once you outsource these functions and stop trying to do them yourself, you gain access to your very own personal expert. This person will support your company as if it were their own. They will strive to not only manage your finances properly but they will also educate you on the proper accounting rules and guidelines as well.
2. Improved productivity
The average employee is only productive two-thirds of an eight hour day. YES REALLY! The mind simply can’t focus on one thing for a full eight hours. It needs two 15 minute breaks to refresh; one 30-60 minute lunch to rejuvenate; one 15-minute “get situated” break and one 15-minute “pack up” break. Not to mention the bathroom breaks. Get the picture? One of the benefits of outsourcing is that you are getting an expert (see #1 above) who can operate more efficiently and produce the same amount of work in less time as a full time employee.
3. Low overhead
Employees are expensive. You are not just paying their hourly rate or salary, you are also paying payroll taxes, benefits and equipment for them to use. If you outsource your accounting to a business that specializes in supporting other businesses, they are responsible for their own taxes, benefits and equipment. That means more money in your account.
4. More time to grow
If you are still processing your own accounting, you are spending countless hours trying to input data and figure things out. And that’s if you are processing it at all. Taking this task off your plate frees you up and gives you more time to focus on growing your business and doing what it is you love
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