How Outsourcing Accounting Tasks Will Benefit Your Company

According to the SBA’s Office of advocacy, about half of all establishments survive five years or longer. This means that half of small businesses may not survive within the first 5 years. Any organization needs to be sustainable to ensure success.  Key components that can help ensure sustainability would be profit and cash flow.  Yet, many owners and managers simply do not have time to set up a system that enables measurement of these key components. Accounting is often one of those areas that many would rather avoid. Accounting can be a stressful and daunting task for business owners, and lack of experience can lead to further issues. Don’t worry, though.  We can help. Accounting isn’t the most attractive part of business. Few want to crunch numbers, create balance sheets, and calculate liabilities. However, it’s extremely important. If you don’t take your accounting seriously, your business may run out of cash or you might get a knock at the door from the IRS. It’s easy to miss key business financial health indicators without the proper accounting reports. In fact, 60% of small business owners don’t feel confident enough to perform accounting on their own. Are you one of them? Look at IQ BackOffice, for example. One of their clients faced issues of managing accounts payable, operation costs, and order processing. By outsourcing accounting to an experienced accounting firm, the software company was able to reduce operational costs by 44%, improve order processing to the same day, and was able to implement a simpler accounting workflow. Don’t you want results like that?

When you outsource accounting, you can look forward to benefits like:

1. Saved time that you can dedicate towards other important business tasks.
2. It gives you peace of mind knowing that experts are handling your finances and you don’t have to handle it yourself.
3. Reduces costs and allows you to see where financial improvements can be made in your company.
4. Being able to rely on continuous coverage vs relying on employees who may leave or go on vacation
5. Gives you key information on profitability and cash flow

If you need accounting services, such as day to day bookkeeping, cash flow projections, budgeting or consulting, contact LTD Global today.