If you are reading this, you are likely to be the owner or key stakeholder of a small business with big goals of expanding. However, you have probably realised by now that running a business is no child’s play. You have to manage your employees, take care of day-to-day operations, create new strategies for growth, entertain your clients; and the list goes on.
As your business expands, you have one growing concern: managing your accounts. That includes corporate tax filings, employee tax filing, entering of bills and receipt, filing your GST quarterly return etc. All of this starts to take more and more of your time.
When you start focusing more on your accounts and less on your actual business, you know that something has to change.
One great way to ease your burden is to outsource. In this article, I will explain 5 reasons to outsource your accounting:
1.Saving precious time
That’s right, outsourcing your accounting means that you will have the time to run your business and focus on operating it. Having one less thing to worry about helps you prioritise on growing the business. Besides, why do the tedious finances when you can get someone to do it for you?
2. Financial Savings
This may seem counterintuitive but outsourcing your bookkeeping will save you costs in many ways. If you do the accounting yourself, you are spending a great deal of time managing accounts. Don’t forget that time is money. That time could have been used to get more clients to generate revenue. Also, if you get an in-house accountant instead, then you would have to pay their salaries, insurance and invest time to train them.
3.Better managed accounts
If you hire accountants with years of accounting experience, you can be guaranteed one thing: reliable service. Such accounting companies have entire teams working on your finances. Also, having several existing clients give them the knowledge to manage your finances most efficiently and effectively. This means that you do not have to worry about incorrect entries in the balance sheet, wrong classification of assets and liabilities etc.
4. Business Advice
With the right accountant as a thought partner, you can get insights that deliver benefits to your business by analyzing company data and providing strategic advice in support of a wide range of business decisions. How? The major technology engines of the era -- cloud computing, social, mobile and big data -- are fueling a wave of consulting-based and advisory accounting services. These value-added services make outsourcing ideal for small businesses who are not well-versed with managing and optimising their budgets.
5. Easy access to Financial data
Many accounting companies take advantage of cloud-based software like Xero to provide better accounting experience and easier access to accounting information. For instance, Xero, gives you access to your balance sheet and cash flow statement from your smartphone, using a very user-friendly interface.
Great accountants don't just take care of tax-prep and compliance issues. Numbers really do tell a story and today's entrepreneurs are turning to qualified small business accountants to help drive success and business. Find accountants ( or consider outsourcing) that is of the right fit in terms of skills and expertise for your business so that your time is freed to grow your business.