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Do you regularly feel like you are crunched for time? Are you looking for ways to grow your business and increase your bottom line? If so, outsourcing your accounting operations can help you get back to what you do best, working ON your business…not IN your business. There are many other reasons to outsource beyond the time savings you’ll gain. Here are a few to consider:
Cost savings
Outsourcing your business’s accounting department could save you not only time, but also money. Your company may benefit from reductions to overhead costs such as recruiting, employee benefits, training, hardware, accounting software, supplies, and office space. Additionally, you won’t be responsible for managing the process, the training and system upgrades, which can occur regularly, and take attention away from what’s really important – growing your business.
Risk reduction
All businesses should have accounting processes that include checks and balances. Failure to include these checkpoints can result in consequences and financial mistakes that could negatively impact your business. Outsourced accounting ensures you have effective internal controls by providing a system of checks and balances to help you reduce internal fraud opportunities, as well as verify accuracy of your financials. For smaller businesses, it can be cost prohibitive to have enough staff to segregate duties. By outsourcing, you can be assured that policies and procedures will provide an appropriate level of internal controls.
Scalability
Outsourcing your bookkeeping and accounting allows you to expand and grow your business without the additional time and expense of adding resources. As your business grows, your outsource team will continue to provide the back office support you need without requiring you to invest in additional office staff to manage the financial side of the business. Because your outsourced accounting team understands your financial picture, they can often provide you with ideas that will help you grow.
Process improvements
Outsourced accounting teams and Bookkeeping services – CFO Accounts & Services providers use best practices to get the work done efficiently and effectively. Often times, companies who outsource have found they can reduce the average time it takes to close their books each month, which provides better visibility of cash flow.
Reports can be designed to give you exactly what you need on a weekly, monthly, and yearly basis. You gain the benefit of years of experience on financial reporting to give you the best reporting options customized for you.
Increase your company value
Having a good set of books and accurate financials can provide a potential buyer with the peace of mind they are getting a true picture of the financial health of your business. So, whether you are thinking about selling now or sometime in the future, you can feel confident that the numbers you are providing are accurate. This will increase a buyer’s overall confidence in your company.
If you have any questions about how SVA can assist your business, please contact SVA at info@sva.com or contact the author, Nancy Mehlberg, directly.
