Third Party Accounting Services: 5 Reasons You Should Outsource
Accountants play a critical role in helping modern companies succeed. They forecast cash flow, help with budgeting, and ensure compliance with all relevant laws. But hiring a team of accountants can be expensive, and managing them may not be the best use of your time.
That’s why third-party accounting services are becoming more popular. Here are five ways you may be able to benefit by using one.
1. Save Money
Consider the total cost of adding a new accountant to your team. You wouldn’t just have to pay their salary, you’d also have to cover benefits, taxes, and potentially unemployment.
These are all charges you can avoid by using a third-party accountant instead. You’ll only pay for the labor hours you need and won’t have to worry about all of the ancillary costs that come up after hiring a new employee.
2. Get Access to Expertise
Third-party accounting services also make it easier to get access to expertise when you need it. For instance, you might have a tough compliance issue that your regular finance team is struggling with.
You could use an outsourced accounting firm to bring in an expert quickly. It’s much easier to get access to high-level talent this way as compared to searching for it on your own on unreliable job sites.
3. Save Time
Next, you can save a lot of time by partnering with an outsourced accounting firm. When you bring in a team of experts to handle your finances, you no longer have to do the job on your own. That means more time in your schedule for the other tasks you complete to bring value to your business.
4. Gain Flexibility
One of the most important benefits of outsourced accounting firms is the flexibility they offer. Services can scale up or down as your needs evolve. That means you can pay for a small team during slower seasons and add to it quickly during busy times.
You’ll have the complete freedom to pivot as your business landscape changes. You can’t get that level of flexibility from a fully in-house team.
5. Access to Superior Tools and Processes
Many small businesses don’t have enough capital available to invest in the latest accounting tools and processes. This means losing out on some of the advantages that the latest industry technology offers.
For example, your basic accounting software may not generate the in-depth insights that the best tools offer. This can lead to subpar decision-making and inexact financial plans.
Accounting firms tend to already have the best tools and processes in place. You’ll get access to these when you use one. That way, you can benefit from the best technology without actually having to pay for it.
Take the Next Step Toward Your Business Finance Goals
If you think an outsourced accountant could be right for your company, get in touch with CFO Hub. We offer customizable outsourced financial service packages that can help your company become more efficient, improve its compliance, or chart a path toward growth, depending on your goals.
Schedule a free consultation today to learn more about how we can help.