Outsourced accounting may be exactly what your firm needs. Of course, there are some things that you have to consider before you dive in, including what types of processes and services you can actually outsource. The two most common services are outsourced accounting and finance services, which could include any number of tasks and duties related to your bookkeeping and accounting needs.
CPA firms have plenty of things on their plate already. The top things that companies look for when they turn to outsourcing include:
Outsourcing can save a small fortune on processes and financial services. In fact, outsourcing tax prep can save as much as 50-60% of the costs for a CPA firm. Plus, they can guarantee that deadlines are met and tax law compliance has been followed to the letter of the law.
The Benefits of Outsourcing
When you outsource any of your accounting or bookkeeping, there are a number of benefits to be had. Really, you can outsource any kind of service, task, or job that you don’t feel like taking on yourself, or that you think will be cheaper to let someone else handle. Here are some of the biggest perks to consider when you’re looking into whether outsourcing is right for you.
- Delegation: When you outsource, you’re able to delegate tasks to other people so that you can focus on what needs your attention most. They will take care of the work that needs done and, in the meantime, you can carry on with running your business.
- Increased Capacity and Profits: When you outsource services, you now have more capacity to provide services and solutions to your clients. This means that your business is more productive and can put more cost savings towards the bottom line.
- Specialisation: In some cases, such as bookkeeping for CPAs in specialty industries, having the right person on the job is crucial. When you outsource, you can hire very specific talent that is professional, experienced, and can provide the high-quality results your business demands.
- Faster Delivery: Again, you are a busy firm. You have a lot on your plate. Taking care of your own accounting and bookkeeping is just going to add more to the pile. When you outsource, you win in two ways. Firstly, the company focuses exclusively on one specific service. Secondly, you can send off work to your outsourced team and get back to what you were doing, and often get the finished projects back sooner than you’d be able to complete them on your own.
- More Opportunities: Your business is limited by what it offers. When you choose to outsource, you can provide a wider range of resources, handle larger workloads, and take on more clients and customers.
- Predictable Expenses and Reduced Costs: When you aren’t using your own team, you are reducing your overhead expenses and the cost of using your own resources. You’ll also be able to budget operational costs better because you know exactly what the outsourcing service costs. This allows you to plan better and take the profits to reinvest them for the growth of the firm.
The Bottom Line
Ultimately, if there is a task that you just don’t have the time or knowledge to handle, you can probably outsource it to someone. Outsourcing accounting and bookkeeping for CPAs is a great way to get back some of your own time and focus your efforts where they are needed. Plus, you’ll trust that all of your accounting is on point because it’s been handled by a team that only provides a single service.
If you’re considering any kind of accounting outsourcing, Contact Valenta to see how our team can help. We have a variety of outsourcing options and other business solutions to help your brand grow and thrive.