Benefits of Outsourced Accounting

Proper accounting procedures keep businesses…well, in business. Without an in-house bookkeeper, most business owners attempt to tackle the task themselves. This can often lead to inaccurate records or, worse yet, missed savings opportunities. The good news is that there is a cost effective solution that can meet budget and expertise requirements. It’s called outsourced accounting. While it can be difficult for business owners to hand over the financial reigns to a so-called “outsider,” outsourcing your accounting function has a number of benefits. To help business owners understand why outsourcing is so popular with Georgia companies, Wilson Lewis has prepared a summary of the key benefits below.

• Save money. Some people mistakenly think that hiring an accounting firm to take care of the books will cost more than hiring an internal person, but the fact is you’re more likely to save money. Instead of paying full-time or part-time wages and benefits to an employee – including insurance, payroll taxes, unemployment taxes, paid time-off, etc. – you pay only for the time you need from a staff focused solely on your financials. You won’t have to worry about lost productivity from office distractions, staff meetings, and vacations or providing a work space and equipment needed to do the job in-house. Most outsourcing options can be done on a fixed fee basis as well to help you plan for and control the costs involved. And, if you need more or less accounting time as your business grows or with seasonality, outsourcing allows you to easily scale as necessary.
• Bring a team of experts on board. Managing your financials is the one area of the business most owners are unfamiliar with. Effective financial management requires a deep understanding of accounting best practices, current laws and regulations, and compliance requirements. By bringing in an outsourced provider, you have access to the right set of knowledge for tasks from payroll and accounts receivables to financial statement analyses and tax planning. An accounting firm brings experience from a variety of client situations that other providers simply don’t have.
• Minimize risk. We have found that well-meaning business owners will often leave tasks such as bookkeeping until the end of the quarter or, worse yet, the end of year. While it’s understandable to want to control costs and manage the function themselves, it’s essential to understand the risk of errors and other issues that can arise from such an approach. When you outsource, you can minimize the risks typically involved with relying on your own knowledge and timing or in-house staff.
• Access the best accounting software and systems. Keeping up with the latest version of sophisticated accounting software often makes little sense for emerging companies, especially if they have limited needs. By outsourcing, you’re essentially purchasing those tools indirectly without having to do the system research, licensing, or funding. The best software will also keep your accounting files organized and backed up for many years should you ever get audited by the IRS.

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There are significant benefits to be realized from leveraging the experience of seasoned accounting professionals to prepare your monthly and quarterly statements and manage accounts payables and receivables. As the New Year approaches, take the time to assess your accounting situation. It just may be time to make a change. For additional information on our outsourced accounting services, including the various packages for emerging and established companies, contact Wilson Lewis today. For additional information call us at 770-476-1004, or click here to contact us.