As a small business owner, it often feels as though the weight of your company is on your shoulders. Every aspect of operations, from marketing to sales, becomes your responsibility, especially when the budget doesn’t yet allow for multiple team members.
There’s no denying the importance of accounting services – after all, it’s known as the language of business for a reason – but finding time to master your company books may be easier said than done. Instead of investing precious resources into minutiae like debits and credits, outsourcing makes it easy for you to focus on the more vital areas of your business.
When a company is small, financial functions like accounts payable, accounts receivable, bookkeeping, and payroll are extremely valuable, but they likely aren’t substantial enough to warrant the expense of a full-time employee. Letting someone else do the hard part can save both time and money, leaving you free to concentrate on more pressing daily tasks.
The popularity of this mindset is on the rise: 71% of small business owners now outsource tax preparation, 50% outsource payroll, and 48% outsource audit services. In a 2016 Deloitte survey, 42% of business users stated that they already outsource financial functions, while 36% plan to increase outsourcing over the next year. Cloud-based accounting makes outsourcing even more appealing, giving business owners access to books from anywhere, anytime.
Outsourcing may seem like surrendering control over your company, but in reality, relinquishing necessary tasks can offer countless benefits over time, including:
– Cost savings: outsourced bookkeeping can save 50% or more on the cost of a full-time employee.
– Time savings: 40% of small businesses spend more than 80 hours a year on tax prep, while over a quarter invest 10 or more hours a month in managing payroll.
– Expertise: Hiring a professional team can ensure no stone will go unturned, guaranteeing quality with every transaction.
– Efficiency: Without added tasks every week, month, or year, you can put your resources to use where they’re most valuable.
When you’re looking for a way to improve how your business functions, outsourced bookkeeping solutions offered by AccountingX can make all the difference. Are you ready to take your company to the next level? For more information on how you can aquire an outsourced bookkeeping solution contact us today.
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