When you think about finance outsourcing you may think of several different ways it can apply to your business. Here are a few that are common — and one that’s gaining popularity as business owners realize the significant cost savings, convenience and security.
1. Hiring a tax accountant - Most business owners simply don’t do their own taxes. Once a year or quarterly, they hire a tax accountant to calculate and file their business taxes. Of course, they must provide their financial accountant with accurate bookkeeping records, but the tax accountant or tax preparer takes it from there.
2. Hiring a payroll company - Similarly, few companies like to process their own payroll. Instead, the company’s bookkeeper, office manager or administrative assistant will submit the payroll information to an outside company who will generate checks.
3. Using small business accounting services - As a business owner, making payroll is probably one of the most important aspects of your company finances. If your employees don’t get paid, morale drops. They may hesitate to come to work. Most smart business owners make sure they’re meeting payroll before any other expenses get paid.
If you delegate something as important as payroll to an outside firm, why do you still have your administrative assistant keeping your books using an outdated version of QuickBooks Pro? Accurate financial records directly affect the first two categories we referenced — and you’re smart enough to leave those tasks to qualified professionals.
If your business has grown to the point that your office manager or administrative assistant can no longer manage your books, consider outsourced accounting services to help you manage costs while getting quality bookkeeping services you can trust.