Why Small Businesses Should Consider Outsourcing Finance & Accounting
I often get asked, "Should I outsource my accounting?" and always answer, "It depends on your situation."
This may seem simplistic, but it really does depend on the needs of your particular business. If you are considering outsourcing though, it is good to know a few thiings that will help you feel good about this important decision.
One of the most commonly outsourced functions in large companies is tax and accounting. Why? Because outsourcing some activities of your business can create competitive advantage. Savvy businesses hire experts to do non-core functions with the goal of making their company better.
BETTER BOTTOM LINE
Good accountants manage money very well, resulting in cost savings and increased profits for your business.
ACCOUNTING CAN BE COMPLICATED
Simplifying and standardizing accounting practices is a key characteristic of any well-run company. If this is not your area of expertise you can benefit significantly by outsourcing. Spend your time focusing on your core competencies.
You ultimately end up with more control and probably more cash on hand. Armed with better financial information, you can spend your time more effectively managing and driving your business.
By outsourcing finance and accounting, you get an efficient and streamlined accounting team working for you, aligned with your goals and supporting everything you do to make critical decisions in your business.
That said, outsourcing may or may not be the right thing for you or your business. We would love to talk with you about these challenges and how they relate to your business strategies.
Find out why Brad Smith recommends business owners hire an accountant even if they use his company's QuickBooks accouting software: Intuit CEO Brad Smith's Surprising Advice for Every Entrepreneur.