3 Expectations You Should Have From an Outsourced Accounting Firm
There are several benefits of outsourcing accounting. With an outsourced accounting company, you’ll receive real-time information, collaborative accounting, and the freedom to work on your business while another company handles the accounting for you.
More and more small business owners are moving away from in-house accounting departments and moving toward using an outsourced accounting company.
But what can you expect once you make that transition? How will making the switch from in-house accounting to outsourced accounting change your business?
Here’s what you can expect using an outsourced accounting company:
BIG MONEY & TIME SAVINGS
No more recruiting, interviewing, hiring, and training new employees. No more decrease in productivity throughout the entire hiring process. No more lost revenue during the transition period due to a new-hire accounting error. According to Entrepreneur.com, the average cost of recruiting, hiring and training a new employee can cost about $4,000.00.
Though, once that employee has been fully trained, she’s still costing you about 40% more than her base pay for fixed expenses such as PTO; medical, dental, and vision insurance; workers comp; and state and federal taxes. That’s not even including office supplies and perks, like coffee and creamer, doughnut Friday, and adding machines and ticker tape.
Additionally, employee turnover is also very expensive. One employee resignation can cost you roughly 20% of that employee’s annual salary.
When you use an outsourced accounting company, you eliminate hiring, training, base pay, and turnover costs. Not to mention hours upon hours of your time. Time you should be spending on innovating, not dealing with accountants.
BETTER USE OF YOUR DATA
More and more entrepreneurs are switching to outsourced accounting because there’s a real need, more so now than ever before, to maximize the power of their data.
To fully leverage data, it’s necessary to turn to outsourced accounting companies that have the expertise, direct focus, and technology to properly analyze the numbers. With an outsourced accounting company, small business owners can learn more from their data and use that information to improve processes and perhaps even business focus.
While in-house accountants process transactions, an outsourced accounting company will help you understand the numbers driving your business. Your outsourced accounting company can help you understand your P&L statements, review your accounting intelligence dashboard which will help you define and measure business goals, and enhance business continuity by eliminating the risk of lost information with the loss of an employee.
In other words, you will have better use and better control of your data with an outsourced accounting company.
Most, if not all, outsourced accounting companies use secured servers in the cloud (protecting against physical data loss, and to enhance business continuity and disaster recovery) to store your accounting data.
The cloud is one of the most secure places to store your data, which is why several entrepreneurs are switching to cloud accounting. With the cloud, your data remains safe and secure 100% of the time, despite anything else.
Guaranteed data and financial security are the life-blood of outsourced accounting companies. They completely and utterly rely on it. The technology and systems are in place for state-of-the-art security with outsourced accounting companies.
Now that you know what to expect, it’s time to make the switch! Basis 365 is ready to help. Talk to us today!