As a small or medium sized business owner, accountancy outsourcing can be the most cost effective service you can choose to invest in. While it may seem more economical, and even noble, to do everything in house for your business, your accounting needs are crucial to your success and therefore should be completed by someone who is able to dedicate the time and expertise necessary to maintaining your financial records accurately.
Pay Only For What You Need
Perhaps you have considered hiring a full time accountant or bookkeeper. Experienced accounting professionals demand a high salary and often benefits as well. They are in demand in the market place, and in order to hire one of the individuals and keep them, you will need to pay them competitively. However, as a small business, you may not have enough accounting work to keep them busy except during certain times like month end and year end close. Then you will find yourself paying a premium salary for your accountant or bookkeeper to file, answer phones, and send faxes, just to keep them busy.
On the other hand, with accountancy outsourcing, you only pay for those billable hours in which the contractor works on your books. Some weeks, the work may be very heavy, such as during tax time, but other weeks, there may be very little to do. Your finances are expertly handled, and you save money month after month.
Whether you choose to bring in a full time bookkeeper on your payroll or you ask your brother-in-law to do your accounting in his spare time, you are responsible for the work being done. When you choose accountancy outsourcing, the contract company takes responsibility for their work. They sign off on your closing documents and on your tax paperwork. If there is an error or omission, it can be detrimental, but when accountancy outsourcing, you are protecting yourself from costly mistakes.
Round The Clock Availability
An employee is available for up to eight hours per day, a little more if you pay them overtime. However, accountancy outsourcing services hire full teams of professionals who work in shifts. This means that any time, day or night, professional accounting contractors can be hard at work on your company’s financials, giving you prompt turnaround, usually overnight. There is no panic when your bookkeeper calls in sick or when your accountant works eight hours, but you have twenty-four hours worth of work. When you use accountancy outsourcing services, your work gets done promptly and accurately.