Should You Outsource Your Accounting?

Although it is tempting to do your own accounts, an expert could save you precious time and resources.

It’s not unusual for small business owners to manage their own accounts, and bookkeeping. Larger organisations ‘grow their own’ and make them the accounts team.

While there are benefits to keeping it in-house, there are also challenges. Here are the reasons why outsourcing might be a better idea.

Reason #1. Time Efficiency
Your team already has a list of responsibilities. Unless you can spare them from their other duties so they can focus only on the accounts, something will get missed or deprioritised.

Any time taken away from the day job costs the business money but ignoring accounts does too. Time that could be spent improving sales or bringing in new leads.

More importantly, without training or experience in accounting, dedicating company resources to those tasks can be considered wasteful, distracting your team with a job outside their skill set instead of focusing on their strong points.

Outsourcing will save you time and get your financials in order sooner. Simply put, leave the accounting to the professionals.

Reason #2. Decreased Costs
The most straightforward benefit – and the most popular! – is that outsourcing your accounting saves you money.

The calculation is very straightforward – by outsourcing your accounting, the only cost you have is the service price. On the other hand, keeping a full or part-time employee comes with additional expenses.

Reason #3. Professional Service
Professional accountants have an obvious advantage – they know accounting and the law. Rather than a cobbled together experience or an understanding of how your particular bookkeeping works, an outsourced accountant has a wealth of experience and insight gained from managing the accounts of multiple different businesses. They’ll have seen many scenarios before and will be able to bring a different perspective into your business.

Focus on Business, Not on Accounting
Outsourcing your accounting is cost-effective, saves time, and lets you focus on the things you want and need to do.