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.
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.