Keeping finances in good order takes time and expertise. On first glance, it may seem like conducting your finance and accounting bookkeeping in-house will save money, but outsourcing is actually more cost-effective in the long run. Outsourcing accountants helps to remove bias and saves valuable time and energy during tax season, among other reasons. Here are just a few of the reasons why outsourcing accountants is beneficial to you and your business:
1. Remove Bias
If you hire an accounting and finance service provider, they remain a third party and are incentivized to handle your finances and taxes with strict precision and accuracy. It’s their job. Your accountant is never tempted to “bend the rules” – not even just a little. If you do your bookkeeping yourself, it may be difficult to make the harder decisions in areas that seem less cut and dry, even if you have every intention of maintaining honesty and integrity in the process. Outsourcing is a great way to remove bias and ensure your books are above board.
2. Gain More Usable Data
Typically, service providers have the best, most updated software for accounting. Not only does it make accounting processes markedly faster, but good accounting and finance software can organize your data in a way that gives you information about your business. Some can even be used for inventory management, project accounting, producing charts, reports, and more. A good accounting and finance service will provide the right software your business needs to succeed.
3. Save Money
So far we’ve covered why it’s good to put your finances in the hands of a professional, but why not just hire your own in-house accountant? In short, it’s less expensive. Hiring an accountant service provider means you don’t have to pay someone payroll tax, salary, benefits, time off, etc. Outsourcing is simpler and saves you dollars. Studies have even shown that businesses that outsource their accountants report higher profits and greater financial insights.
4. Reduce Stress During Tax Season
For business owners, just the words “taxes” or “IRS” probably evokes a small stress response. Making sure everything is done by the book should be placed in the hands of professionals whose job it is to keep up to date on changing tax laws. On a more exciting note, tax experts can often find ways you’re giving the government more than its due. Professional accounting and finance experts are always up-to-date on the latest changes in tax law and tax code, further ensuring your taxes are completed accurately and efficiently.
Need Accounting Help? Partner with AAFA.
If you are seeking quality accounting assistance, the professionals at the American Association of Accounting and Finance (AAFA) are here to provide you with the tools and resources you need to ensure your finances are handled properly. Understandably, the thought of outsourcing your accounting services can seem intimidating, but the professionals at AAFA have a network of finance and accounting affiliates, including accounting recruiters, across the United States to help you get the job done right. To stay organized, have peace of mind, and save money, visit us at aafa.com to connect with an affiliate and see what one of our many accounting recruiters has to offer for your outsourced accounting needs.