Questions to Ask Before You Outsource Your Accounting
Outsourcing your accounting is a fantastic way to reduce stress, cut costs and still enjoy top-quality work. Doing your homework before you choose to outsource your accounting is essential to ensuring a result that you’re happy with and the security of your clients. What questions should you ask before forming a formal partnership?
How Could Your Business Be Different if You Focused on Your Strengths?
Unless you have an accountant on staff or have extensive experience on your own, tackling things like your payroll and taxes can leave you with a huge headache (and costly mistakes). How could your business be transformed if you and your other employees could instead focus on what they are the best at? Outsourcing time-consuming activities that are not in your skillset, like accounting, can free up time to focus on what you are really good at.
Are You Happy with How Much You’re Paying in Taxes?
Skilled accountants have a fantastic knowledge base of tax codes relevant to a variety of businesses and industries. In many cases, companies benefit from lower tax burdens as a result of write-offs they did not take advantage of and other tax policies. If you choose to outsource your accounting, you could reduce your tax liability. Not needing to tackle taxes on your own and owing less is a true win-win situation.
Can You Scale?
Scalability is a major challenge when you rely on an in-house accounting department. If your company is rapidly growing, that means dealing with the hiring process, training and a whole host of intake processes. It can actually take up to 26 days to hire a new employee! When you choose to outsource your accounting, you will get access to as many employees as you need. These employees are all already trained, ready to work and experts in accounting. Scalability is easy with outsourcing.
Are You Protected Against Fraud?
Employee-related theft can take a serious toll on small businesses. Companies with under 100 employees are most at risk for fraud. The median loss caused by fraud at companies with under 100 employees in 2014 was $155,000. Outsourcing your accounting, which is one of the most fraud-vulnerable areas of your business, can protect you against employees who might try to take advantage.
Choose the Right Outsourcing Partner
Outsourcing Services International is dedicated to helping businesses like yours grow and thrive in a competitive, changing marketplace.
Subscribe to our Newsletter!
Receive our latest outsourcing case studies, and business articles.