You probably understand what it means to outsource your accounting and have a good idea of the services you’ll receive when you hand your accounting over to an expert. However, you might be wondering if it’s really worth it.
As someone who is always looking to optimize their money, you’re likely asking yourself, “what is the ROI of outsourcing my accounting?”
The truth is, it comes with plenty of beneficial returns and you can get a lot more out of it than just improved finances.
Frees up Time and Saves Money
You already know that outsourcing accounting can free up time. But did you know it can also save you money? Here's how.
When you hand your accounting over to an expert, you no longer have to deal with the nitty-gritty of accounting or using your brainpower to manage your finances, something that may be outside of your area of expertise. But at the same time, you will still get the many benefits of having your balance sheet and other financial records always up-to-date. You can make more on-the-spot data-driven budgeting decisions, which leads to less budget waste and greater financial efficiency. You’ll be getting more out of every dollar.
Should you make the decision to outsource your accounting, you don’t have to go to the extreme of hiring a full-time in-house accountant when it’s likely the need for that isn’t there. Even though the hourly rates for outsourced services seem higher, the cost of service is often cheaper than hiring. With service or value-based pricing, you only pay for what you need.
A Deloitte study confirmed that 70% of businesses that outsource accounting saved money. While that's not 100%, and there are certainly businesses that benefit from a full-time in-house accountant, the majority of businesses benefit from outsourced accounting.
QuickBooks Management
QuickBooks is very helpful when used correctly but can be difficult to understand. It takes time not only to learn it but to become quick and competent with it, so you can get as much out of it as possible.
When you outsource your accounting, you won’t have to worry about learning how to use QuickBooks. You’ll have a trusted partner managing and keeping it up-to-date so that it meets your business’s unique needs.
This removes your role from the process and ensures that when you need to view your financial insights, they are maximized and designed to boost productivity by:
Providing you with real-time financials
Producing meaningful reports
Maintaining accuracy
Becoming financially savvy without wasting time
Improved Systems and Processes
Outsourcing your accounting means handing your accounting over to an expert who understands how to make your money work harder for you.
This expert will then aid in creating systems and processes that work for your business, so you'll have financial clarity around KPIs, cash flow, budgets, forecasts, and more.
All of it will be less complicated and easier to understand.
This eliminates a major challenge many businesses face. Those trying to manage their own accounting often collect financial data, and a lot of it, but don't know how to organize it into a usable and quickly accessible form. It’s important to recognize that you don't just need more financial data, you need business intelligence to help you make confident decisions. With the help of an outsourced accountant, you can put processes into place to help you achieve this.
Outsourced accounting services set your company up for success with strong financial systems and best practices that simplify finance like:
Tracking and improving cash flow
Embracing digital finance
Getting to know your accounting tools
Customizing accounting to match unique business needs
And here's the bonus: an accounting service helps you develop a forward-looking financial system. With a forward-looking financial system, you're poised to meet your business goals and grow your company. As a result, there may be a time when your business no longer needs to outsource accounting. You'll grow to a point where supporting a full-time accounting professional is more of an option.
When that day comes, you'll already have strong systems and processes in place you can use without missing a beat during the transition.
Constant Communication
Accounting is an ongoing process. Even when you outsource your accounting, you’re still responsible for certain tasks because it's critical that you stay involved in the process and understand your company's numbers to get the most out of outsourcing.
When you have questions you’ll have someone to turn to, an expert who doesn't just know accounting, but also has in-depth knowledge about your business from working with your company. This will also improve your systems and processes because you’ll constantly be working together to determine the best course of action for your business.
Work with SIMPLY Financials PLUS
Are you ready to start generating ROI simply from outsourcing your accounting?
When you trust SIMPLY Financials PLUS, you’ll begin receiving the ROIs above. We'll make sure your bookkeeping is kept up-to-date with accurate records and tracking of transactions.
We will help your business go from where it is now to where you want it to be, and we will do it by providing customized accounting and bookkeeping services for your business.
Visit our website to learn more about how SIMPLY Financials PLUS can help you.