Work has picked up, and your organization is busier than ever. If you have too much work and your team doesn’t have enough time, you can always outsource your accounting functions to professionals who will take care of it for you. But how do you decide which part of your accounting you should outsource? This article talks about the different types of outsourced accounting services and why you should consider doing this for your business or non-profit.
Why You Should Outsource Your Accounting
Outsourcing your accounting services is a smart way to free up your time and focus on your organization. You can outsource everything from bookkeeping to payroll. There are many reasons why you should outsource your accounting, some of which are:
Cost-efficient
Outsourcing your accounting service is a great way to save money. You don’t have to worry about all the overhead costs, such as health insurance, vacation, PTO, retirement, sick days, and worker’s compensation. Even better, you use the expertise of the entire outsourced company and not just one internal person. Because of this, you will reduce your non-compliance risk as well.
Reduced Fraud
Fraud can be disastrous for your organization, primarily if you’re only relying on a single employee for all your accounting needs. This employee can fake expenses or manipulate your books. Outsourcing can bring a lot of benefits, including increased internal controls and more monitoring. Even if you cannot rule out fraud completely, a dedicated team of experts can easily spot an anomaly.
Timesaver
When you outsource accounting and bookkeeping to a reliable company, this frees up your time to focus on making your business or non-profit grow. This allows you to spend more time on doing things like long-term business planning, building relationships with customers, finding new donors, and creating new products, among others.
Types of Outsourced Accounting Services
Now that you know how outsourced accounting can help you save time and reduce overhead expense, let’s go through the outsourced accounting services that can take some work off your plate. With the help of outsourced accounting, you can finally focus on what’s most important: your organization.
Accounts Payable and Accounts Receivable Management
If you don’t want to deal with the headache of accounts payables and accounts receivables, outsourcing is the best way to go. Doing so ensures that customers or donors are paying on time, so your cash flow is smooth. You also avoid having to delay payments to your suppliers and aggravating them.
Bookkeeping
Bookkeeping is repetitive, continuous, and time-consuming. If you’re not a numbers person, consider outsourcing it so you can focus on your core competencies. That way, you don’t have to worry about aging accounts receivables and deciding something is an asset or a supply. Each month, you get a comprehensive report that will help you make informed decisions.
Controller
If your organization is growing, you may also need a controller to help provide strategic guidance and management. Consider outsourcing your controller services for timely and accurate financial reporting and insights. Frequent cash flow analysis will help you and your investors understand the financial status of your company.
Tax Filing and Reporting
Tax preparation can be a complicated and challenging process if you don’t hire someone to help you, and you can be vulnerable to errors that could cost you thousands of dollars. Outsourcing your tax preparation to an accounting firm is the best way to be compliant, avoid mistakes, and have your taxes filed before the deadline.
Payroll Processing
Outsourcing your payroll services will help you save money on the penalties that come from errors and make payroll more manageable and more reliable. Add an outsourced accounting firm that uses robotic process automation, and you have an efficient payroll system.
How LTD Global Can Help
If you’re looking for an accounting firm that can help you put your finances in order, drop us a note here. Our experienced accountants can provide you with the professional support you need to get your finances in order. Our clients prefer us because of our professionalism, dependability, and integrity.
Sources:
6 Reasons to Outsource Your Accounting Operations, SmallBusiness.Yahoo.com
Top 10 Reasons to Outsource, SuppyChainDigital.com
https://supplychaindigital.com/supply-chain-2/top-10-reasons-outsource