Accounting Outsourcing - Pros & Cons of Outsourcing
Have you been considering switching to an outsourced accounting firm? If so, you’ve probably weighed the pros and cons of making the switch.
Common reasons businesses choose to keep their accounting in-house include:
- The business owner doesn’t want to relinquish control of “the books”
- The owner has experience in bookkeeping/accounting, so they can ensure quality work is being done
- The owner can determine how much they want to pay a bookkeeper when hiring new personnel
- For most business owners, handing over control of their books can be uncomfortable. If an issue arises, you can’t walk into someone’s office and discuss it right on the spot
Reasons a business decides to outsource their accounting services include:
Hiring an outsourced accounting firm is an investment, but can be cost effective in the long run. Training, hiring and retaining staff is expensive. When you outsource your accounting services, you won’t have to hire and pay staff on a full or part time basis. Your outsourced accounting firm will maintain your accounts, provide reports and deliverables in a timely fashion.
High Degree of Accuracy
An outsourced accounting firm hires trained professionals. This ensures your tasks will be taken care of with the utmost expertise. For instance, our outsourced accounting team has regular training and yearly accreditation hours to keep them up-to-date, informed and license compliant.
Increase Cash Flow
A professional outsourced accounting firm can predict your cash flow and even come up with ways to help you find extra cash for your business. When looking for outsourced accounting services, you should hire a firm that provides cash flow forecasting services, like KRD.