Outsourced Accounting Services

If you own a small business or nonprofit, then you’re no stranger to doing—or to consider doing—your own accounting.

However, it’s far from what most small business owners might prefer to be doing with their valuable time. The fact remains that accounting management is an integral part of owning a business—but it doesn’t have the be the owner’s burden alone.

Perhaps, in the beginning, it can be easy to keep track of a business’ financial accounts, but when the business starts to grow, in both staffing and revenue, it becomes harder to keep track of.

What is Outsourced Accounting?

Outsourced accounting is the process of allowing an outside firm to take over your accounting tasks. These tasks can include things such as accounts receivable, accounts payable, coding, payroll, among many others.

What are the benefits of outsourcing your accounting?

There is a myriad of benefits that you can have such as:

  • High-Quality Information
    Accountants are up-to-date on the latest laws and have access to the current technology being used by accountants. This will help provide you with a lot of information that you may have not otherwise seen if you had done your accounting work in-house.
  • Less Mistakes
    Making a mistake in your accounting can be highly expensive and can make you go out of business. Outsourcing your accounting also means that you place the responsibility of any mistakes on the firm handling your work, therefore minimizing the amount of risk that comes with the mistakes made on your own.
  • Labor Savings
    Whether you work on your own accounting or hire someone internally to work on it, you’ll be saving time and money by having someone outside of your business handle the work.
  • Higher Profitability
    It’ll allow you to focus on other aspects of your business such as sales, especially if you’re focusing a part of your day to work on the day-to-day accounting functions. This, in turn, can allow you to grow your business, while not forgetting your business obligations.

Who can benefit from Outsourced Accounting?

Anybody can benefit from it. From the small business owner who might not have the budget or time to work on their accounting to a billion-dollar business that does not want to have a large accounting department.

When to Look at Outsourced Accounting?

That tends to be the tipping point: when an owner can no longer be directly involved in each aspect of their business. It’s a crucial time to look into outsourced accounting for help with billing, collections, payroll, sales, bank account reconciliation, and financial statements.

Not to mention, there are other compelling reasons to look into outsourced accounting, such as the fact that it can save businesses a lot of money compared to conducting accounting in-house. Outsourced accounting can save money by cutting out the need to hire a full-time or part-time employee. All you as the business owner pay for is the accounting, saving you money on both productivity and payroll.

Also, you stand to benefit from an accountant’s specialized knowledge of finances—and are less likely to end up a victim of fraud (according to the Association of Certified Fraud Examiner’s study released in 2012).

For more information about how to outsource your accounting needs, contact Atherton & Associates, LLP.