If you are a small business owner, you probably know by now that good accounting is one of the essential foundations that are needed in order to guarantee success. The truth is that most small business owners spend too much of their precious time on the admin aspect of their business, where they could have been focusing on other important aspects such as communicating with clients or researching new ventures that could ensure more profit.
Why consider outsourcing your accounting? Here are 5 reasons why:
The most time consuming aspect of a business is accounting. Bookkeeping, payroll, tax services and all related financial categories can consume all the time and focus of a business owner, especially when you try and get the books to balance. And to leave it out completely, will get you into even more trouble! Outsourcing your accounting to experts will reward you with the time to focus on the core elements of your business; improving on customer service, growth in profit and any critical needs can be attended to with the comfort of knowing your accounting is taken care of and you only have to approve it once it is done.
2. Saving Money
When you outsource your accounting – you save money. Tax administration is better handled and timely tax preparation helps you avoid penalties for late/wrong submissions.It comes without saying that your employment fees are lower, instead of paying several people in your accounting department, you pay one company and you have no responsibilities towards them with regards to company contributions, staff policies, maternity leave and all those extra expenses. A good accountant will cost you anything from R25, 000.00 per month, while you can outsource all of this to an accounting firm and pay anything from R5, 000.00 per month.
3. Better Technology and Knowledge
When you outsource your accounting to experts in their field, you get access to modern systems and procedures, you get up to date information on your accounts with accounting software that would have cost you more if you would have bought it yourself. All aspects of your business get covered with extensive knowledge on new laws and regulations, new trends and important information.
Decision making in your business becomes something that you do with ease. Outsourcing your accounting ensures that you have up to date, accurate and relevant information at hand when you need to make a financial decision. Your monthly reports, financial statements and other important financial services become an aspect of your business that you can rely on – this is what outsourcing your accounting guarantees.
5. A Business Partner
When you outsource your accounting, you gain a business partner that is an expert in the field of accounting and taxation. There is also better knowledge to ensure you get the best expert advice regarding your money and how to handle it, with their advice and knowledge, you can manage to build a better business, make better decisions and consult them for better options.
Victorious leaders’ through-out the ages have pointed out that the reason for most of their success has had more to do with whom they have supporting them than with their own ability. For less money and effort of an on-site accountant, you too can outsource your accounting work and have a partner that will help you take your business to the next level.