Running a small business is not an easy task. There are many elements to consider while managing day-to-day processes such as accounting. Many small businesses do not have the budget or personnel to devote to having a full-time accountant on staff and will opt to go with an outsourced accounting service. Outsourced accounting provides small businesses with many benefits and clients flock to this option for a variety of reasons.
Hiring and training a qualified accountant can be a daunting task, especially for small businesses. Many small businesses do not have an HR team to take on recruiting and training, so this will likely fall back on you, all while still maintaining the other aspects of your business. By hiring an outsourced accounting service, you can avoid paying employees for 40-hour work weeks along with providing benefits, accounting software, office supplies, and hardware.
Reducing Financial Risk
One of the main reasons many small businesses opt for outsourced accounting is to reduce the number of risks associated with business finance. In most small businesses, there is only one person working on accounting which can be a recipe for disaster. Hiring an outsourced accountant reduces the likelihood of fraud committed by employees in addition to ensuring you stay on good terms with the IRS. Outsourcing accounting can be a great way to give you some peace of mind while still appropriately handling the finances involved with your business.
Technology is constantly changing and updating – this includes accounting software. Keeping up-to-date with accounting software can be a costly venture. By outsourcing accounting, you can avoid buying extra hardware and software for your accounting. Providers will have access to the top accounting software in addition to knowing how to appropriately utilize it to help your business.
Making Informed Decisions
At some point in time, your business may need to expand or make some cuts to stay afloat. Hiring an outsourced accounting service can help you make the most of either situation. Outsourcing accounting will always keep you up-to-date on your business’s finances and ensure that you can make educated decisions when it comes to those tough choices.
Keeping Finances Confidential
The fewer people that are aware of your business’s finances, the better off you’ll be. Because outsourcing accounting services use software, fewer people have access or the need to look over your books. In addition, outsourced accounting services add an extra layer of protection to your data by encrypting files and not sharing with any third-parties. Manually tracking finances increases the possibility of your confidential data being leaked. By opting for an outsourced provider, you can protect the integrity of your business’s financial information.
Remaining Secure & Audit Ready
One of the many great things an outsourced accounting service can provide your business is security. Depending on your industry, it is possible your business will need an audit at some point. The right provider can offer strong internal controls and put audit-ready processes into play. Having an audit-ready process in place can offer your business extra security in addition to protecting you from the consequences of a system that isn’t prepared for an audit.
Contemplating Outsourced Accounting?
Consider outsourcing accounting through Scenic City Business Solutions. We are a local Chattanooga-based company that offers outsourced accounting services for small businesses. Give us a call at (423) 777-4822, complete our simple online contact form, or email us at email@example.com to contact one of our outsourced accounting specialists today.