How outsourcing helps small business
Outsourced accounting is the new “it” thing these days as many companies, both small and large, see the perks of outsourcing their accounting duties to professional firms. There are many benefits for outsourcing those troublesome accounting duties.
First, and likely the most important, the process cuts costs and saves capital that can grow a business and allow it to invest and push more capital into revenue producing activities.
Second, outsourcing offers efficiency and precision. Professional firms have the resources to start projects right away; unlike an in-house department which may take weeks to get up to speed and trained. Hiring the right accountants that understand the project would decrease expense and decrease the likelihood of faulty financial statements. Outsourced accounting can give your firm an important competitive advantage needed in an unstable economy.
Third, outsourcing your companies accounting reduces risk. About 90% of small businesses fail in the first 5 years because of an unstructured business and lack of focus to details. The 10% that do succeed maintain strong financial statements that allow the company to take a given direction with the right analysis of capital. Outsourced accountants know how to manage this risk for all businesses.
An outsourced accounting firm, like DeepSky, focuses on your business and through financial data can give you insights into your resources, in hopes of helping your business grow. Accountants take great pride in their work, and at an outsourced accounting firm you get the best of the “best.”