Accurate and timely accounting is not just a necessary but vital to company growth. Here are a few reasons why outsourcing may be the best choice for you.
Smart business owners realize that accurate and timely accounting is not just a necessary but vital to company growth. Yet, as business grows, most owners find that their time becomes best utilised when they focus on building the core business of their company.
So, when you as a business owner, are no longer able to be involved in every aspect of a business, one of the easiest decisions you can make is to outsource the accounting function. Other than getting rid of the headache that comes along with bookkeeping, here are a few reasons why outsourcing is the best choice for you:
1. The right man for the job.
Every minute you spend poring over the bank statements or checking if the numbers tie up, is a minute you aren’t growing your business. Research[1] shows that knowledge workers spend 41% of their time on things that slow them down. Accountants are trained to do your books better and more efficiently than you, but no one can grow your company better that you can. So, while you focus on growing your business, the outsourced accountant can give you the assurance you need to know that all your compliance needs are met.
2. It’s worth it!
Hiring an accountant in-house sets you back by at least $2.5k a month. Considering CPF, and other employee benefits, that sum increases to an average of $3.5k. A good outsource accounting firm may charge you between $400 - $600 a month and that price tag comes without having to worry about managing extra staff.
3. Access the cloud.
Choosing the right accounting, reporting or payroll software can be tough and expensive; getting started on it is definitely tougher! With technology rapidly transforming the accounting landscape, accounting can now be done more efficiently in the cloud, providing you with real-time data to make the best business decisions. A good accounting team is in the business of knowing all about the best technology solutions to suit your needs.
4. Scalable options.
Growing your business fast is great, but it can be a real hassle if your accounting team can’t scale quickly with you, or provide you with the professional advice you need to take your business to the next level, for example, how to:
go about raising capital through investors,
leverage through loans, or
generate the right reports internally to aid in the best decision making.
Good outsourced accounting firms have accountants who now double up as business advisors; engaging them gives you access to an infinitely scalable team of knowledge workers who can be assigned to your account on an as-needed basis to grow with you.
Finding the best accountants to outsource your accounting to.
Now that you see how beneficial outsourcing your accounting really is, the next step is finding the right one for your business. There are various accounting firms out there to assist you and finding the right fit may be a tedious process, but once you’ve found the one, you can be worry free to focus on your wildly important goals!
[1] https://hbr.org/2013/09/make-time-for-the-work-that-matters