There are many aspects of your business which you could identify as being a good idea to outsource, marketing and HR would be two good examples of this. One aspect of the company which you should always look to outsource however is that of accounting. As many of you will already understand, money and finance are the two most important things in any business. Some may suggest quality of the product or customer service as being the most important, yet without a good handle on the finances there is little point in focusing on those two areas.
Scott Tominaga is someone who works with many small businesses to help with their financial planning, and here is why he agrees that all businesses should look to outsource their accounting.
The first point to make here is that when you outsource your financing you are going to be able to make sure that your accounts are in better shape as a result. Handing this over to professionals will mean that your accounts will always be accurate, they will be well handled and they will be audit-ready at all times.
Reduction of Fraud
In 99% of cases of embezzlement or business fraud, the culprit has been someone inside the business and is usually someone who has access to the accounts. When you outsource your accounts you are adding more links to the chain and greatly minimizing the chance that your company could be defrauded.
Warnings and Cost Savings
What so many companies do is to forget about their own accounts, putting them off to a later date. This then skews the figures and it means that many businesses are not aware of the real time status of their accounts. When you outsource however you will get warnings and up to dat information about the state of the company accounts and that is going to help you to better manage the company finances. This will also offer cost savings thanks to not having to pay someone in the company to do the accounts, as well as the money which the business will save thanks to the huge reduction of potentail errors which could be made if this was managed in house.
Focus and Productivity
Most businesses are not savvy when it comes to their accounting and this means that doing the accounts becomes a far more time consuming process. What you will be able to give to the business when you outsource the accounting is more time to focus on what your business is actually all about. This additional time and decrease in hassle will result in higher levels of productivity in the business, because everyone will be doing exactly what you are paying them for.
This is really a no-brainer for businesses and given just how critical the financial management of a company is, there really is no doubt that outsourcing accounting makes perfect sense for any business.