Collaborative Accounting is Better
More isn’t always better, but as it relates to an accounting team, extra minds are never a problem!
A team of professional accountants combining their different knowledge and backgrounds is always better than one in-house employee. With outsourced accounting, you get a team with multiple levels of oversight. This ensures all of your books and operations are correct and on time.
With just one in-house accountant, it can be difficult to keep key operations accountable. This creates the potential for internal control risks. On the other hand, an outsourced accounting team establishes a clear separation of roles and functions across your organization, thereby minimizing risk.
Best Practices Due to Industry Knowledge
One of the benefits that non-profits and businesses often overlook is that switching your accounting functions to outsourcing gives you the ability to optimize and/or improve your accounting processes. As previously mentioned, having a team that knows the industry, not only one particular client, can improve efficiency and the timeliness of data. It provides companies access to resources that can help them reduce their accounting cycles (A/P, A/R, Payroll, etc.) and create a better process to help them comply with regulatory requirements.
Whether it’s gaining access to better accounting software or optimizing your billing cycles, implementation of up-to-date procedures can help reduce cost, minimize processing time and allow your organization to be in a better position to promote growth.
As a general rule, you shouldn’t pay more for less. It is no different with outsourced accounting. Organizations can save money by avoiding costly benefit packages that must be paid to in-house employees. With outsourced accounting, you only pay for the accounting services provided. This increases productivity within the department and reduces payroll costs.
Hiring an outsourced accounting firm to handle your financial reporting not only saves you money; it also saves you time and stress. It gives your organization a second pair or eyes when auditing your money trail. This provides you with more checks and balances, helping you improve compliance and reduce your risk of fraud.
Confidence and Peace of Mind
By outsourcing the processing of your accounting records, you are able to focus on the core of your organization. This gives you peace of mind knowing that your decisions are made using accurate and unbiased information. When you outsource your accounting, you know that your financial information is prepared correctly. Having the backup of an experienced team helps you avoid any potential threats of fraudulent activity.
Outsourcing your accounting allows you to invest your time on growing your business. No matter what size your organization, outsourcing is good business and just makes sense.