Today’s business owners are facing greater expectations when it comes to financial transparency and government compliance. All too often, businesses are juggling
day-to-day responsibilities alongside more complex and time-consuming tasks such as finance, accounting, compliance, internal audit, and risk management. They are simply trying to do more with fewer resources.
Increasingly, businesses, both large and small, are turning toward outsourcing as their preferred solution—with accounting being one of the primary outsourced tasks. In fact, many business owners are finding that outsourcing provides a unique opportunity to receive accounting support from talented professionals without the added overhead associated with in-house resources.
As someone who’s working hard to drive efficiency and growth, and is responsible for directing your business and its operations – how do you make decisions? How do you create a well-informed, strategic, and achievable path to success? Where do you get the information you need to lead your business into the future? And what do you do if this data isn’t reliable or giving you the full picture?
If you’re experiencing financial blind spots or see areas of improvement that will help you achieve your goals, it could be time to consider outsourcing your finance and accounting functions.
What is Accounting outsourcing?
Accounting outsourcing is hiring a service provider – like CharterCPA (www.chartercpa.com) – to take on the accounting responsibilities of your business.
Accounting or bookkeeping services may vary depending on the provider and the software used, but you can choose which services to outsource, which to keep in-house, and what results or reporting you expect to receive.
You can also choose what level of access you’d like to have to the accounting software.
Why should you outsource?
Maybe you’re tired of the paperwork. Maybe you can’t do-it-yourself anymore. Or, maybe you’ve tried it, liked it, but the service provider or software wasn’t quite right. Maybe you don’t have the time or money to hire someone, but want accounting and financial expertise. Maybe you want better data and more advanced technology. The reasons are your own, but the benefits you can reap from outsourcing are impressive.
CharterCPA an expert outsourcing partner, offering accounting, payroll and various other offshore services, has identified some of the advantages of outsourcing accounting tasks, including:
- Its cost effectiveOutsourcing your accounting is generally less costly than hiring someone in-house. It saves you the time & money required to recruit and train, and also relieves you from paying payroll taxes, salary, insurance, benefits, time-off etc. Plus, some firms roll the cost of the software into the services they provide. You have the ability to hire for the services you need at the price you can afford.
- Drive core business functions Hiring an internal accountant won’t necessarily drive revenue. Outsourcing your accounting, given its cost-effective, allows you to put money toward activities that will increase revenue – developing a website, building inventory, hiring staff in sales departments, improving current products, etc.
- Use a leading software A powerful and scalable accounting software, can make complicated, time-consuming accounting a snap. A standard software can handle your core or basic financials, but a great software can take on more complex functions like revenue recognition, inventory management, and project accounting, as well as connect to business applications you already use.You need to assess if the software can scale with you? Is it cloud-based? What can it do for you now and in the future? What kind of access will you have to the software? An expert firm like ours can help you answer such questions and aid you in making a choice that best suits your business & its processes.
- Work with accounting ExpertsYou gain access to accounting professionals who are trained, experienced, and knowledgeable in finance and accounting. They can help you better understand your finances, provide guidance, and handle complex situations and tasks.There’s peace of mind knowing errors are being reduced, good accounting practices are being performed, and you have access to a higher level of expertise.
- Access to Trustworthy data Good financial data should be the backbone of your business decisions. When you outsource your accounting and gain access to expert accountants and a powerful software, you can collect the data you care about, and have built charts and reports around it.Say goodbye to building and analyzing reports to answer specific questions. Your data will answer your questions and professional accountants will empower you to make growth-driven decisions with confidence.
- Increase controls & reduce fraud If most of the business’ accounting functions are in the hands of one or two people, your business is at a greater risk of experiencing fraud.Moving your accounting to a third-party reduces this risk and allows for greater internal controls. And, your accounting professionals will be able to identify where there are problems – flagging errors and notifying you of any inconsistencies.
- Tie in additional services Service providers such as CharterCPA offer other business services such as payroll, tax, virtual Controller or CFO services, there could be an opportunity to bundle services, and you gain peace of mind knowing these services are handled by professionals, in one place.
Outsourcing your accounting may seem daunting, but when you select the right partner and experience the benefits listed above, it’ll change how decisions are made and which decisions are made. With a solid outsourcing strategy, your business can tap into some of the best talent in the accounting industry, saving you and your business both time and money.
Your business plans can become more strategic and more effective, and you can rest easy knowing that your path to success is based on financial accuracy and backed by professionals.
For a free initial consultation, kindly write to our business team at info@chartercpa.com.
Thanks & Best regards,
Knowledge Base Team
CharterCPA Inc.
Finance and Accounts Outsourcing Specialists
