With Valentine’s Day being tomorrow, we hope you have all your flowers and chocolates ready to go. While we don’t have any candy hearts to hand out, cupid dropped by and gave us three reasons to love outsourcing. Because we’re so sweet (see what we did there?), we thought we would share them with you.
More time where it matters
Let’s face it: accounting and bookkeeping can be time consuming. If you’re doing this in-house, rather than outsourcing it, you’re likely not spending much time in other parts of your business. You might also be spending precious time and resources on finding, recruiting and hiring in-house workers. The time it takes to train these people – or yourself – can take up a good chunk of your day, leaving little time to work on other important facets of your business.
When you leave accounting and bookkeeping to someone else (outsourcing), you free up more time to focus on why you got into business in the first place.
Save some money
Believe it or not, outsourcing your accounting functions can actually save your business some money. You might be wondering how this is possible, since you still have to pay for these services. However, the savings come in the form of benefits, or the lack thereof. When you outsource accounting, you only pay for the actual accounting services, nothing else.
What do we mean? When you bring in someone else, rather than hiring a full or part-time employee, you eliminate the need to pay benefits, such as insurance, PTO, holiday pay, etc. Saving money on these benefits can save your business up to 40% in monthly costs, according to this cost benefit analysis. Some firms even estimate that it could cost anywhere from $60,000 to $100,000 a year, plus bonuses and benefits, to hire a full-time CFO. Along with the cost of benefits, you might also consider the costs of providing a computer, office spaces, supplies, etc. There could also be costs for licenses and technology that you need to do the job yourself. When being profitable is your goal, finding ways to save money in your business can help you reach your goal much quicker.
When you choose to outsource your accounting and finance functions, you get what you pay for: expertise. The people you hire to do these jobs for you live and breathe accounting and finance, and really know their stuff. And if there is stuff they don’t know, they can rely on other professionals in their firm to get you the help you need, from people who specialize in that area. Essentially, you’re getting a whole network of talent through one point of contact. Rather than hiring and training someone to do the job, you can rest assured your outsourced professionals have the knowledge and qualifications to do the job correctly. By outsourcing, you put your business in capable hands who will keep your business in good shape and give it the attention it deserves.
Sound pretty great? We think so too. Our experienced professionals are ready to help you fall in love with outsourcing and treat your business with the love it deserves.