SMEs, or small- to mid-size enterprises, elect to outsource their accounting services because, for most, accounting is not a core competency. In fact, only 42% of small businesses have a CFO or controller on staff. This is most likely the reason that 70% of small businesses outsource tax preparation and approximately 50% of small businesses outsource payroll.
Let’s take a look at the top six (6) benefits of outsourcing your accounting function:
- Outsourced Accounting Services Reduce Cost of Salary, Employee Benefits, and Errors
A small- to medium-size enterprise owner will spend approximately 8% of revenues to properly train in-house accountants (an average salary of $44,830 per accountant). Add onto those salaries the costs associated with employee benefits, software, hardware, and office supplies. Outsourcing your accounting with MBA Financial & Accounting Solutions will lower your total costs and eliminate potential negative consequences of a financial error where a small mishap from any one of your in-house accountants can cost you far more to fix than having the right outsourced accountant do the right job from the get-go.
- Outsourced Accounting Services Allow You to Focus on Improving Operational Efficiencies
Let’s face it! Your job, as a business owner, is to focus on managing and growing your business rather than managing or supervising bills, payroll, and reconciliation. While financial records success can be achieved by the outsourced provider, business success can only be achieved by using your expertise to focus on business goals, growth, and managing your day-to-day operations.
- Outsourced Accounting Services Give You Access to Expert Accounting Resources
As a small business owner, outsourcing your accounting will provide you access to a highly skilled and seasoned team of accountants. Each accountant that works with you is an expert in the niche that you require. To find and hire your own would be nearly impossible. With an outsourced accounting service such as MBA Financial & Accounting Services, your books will always be up-to-date, your payroll will be completed on time and you’ll never risk being subjected to penalties due to inaccurate paperwork and underpayments.
- Outsourced Accounting Services Save on Technology Costs
By outsourcing your accounting function, the hassle of updating your software and keeping up with the new technology is eliminated. MBA Financial & Accounting Services employs state-of-the-art accounting software to support your business, and more importantly, offers you the experience and know-how to properly use it to benefit your business.
- The Outsourced CFO
In addition to today’s cloud-based accounting software applications that allow you to access financial data and records at any time, from anywhere, outsourced accountants can now act as your outsourced CFO when needed. At your fingertips, you will have total visibility into the financial health of your business allowing you to make more confident and informed decisions.
- Confidence and Peace of Mind When You Hire the Right Outsourced Accounting Firm
By outsourcing your accounting services to the most experienced and seasoned financial and accounting firm, peace of mind ensues with the assurance that your financials are secured, protected, properly reported and that you will avoid potential threats of fraudulent activity. You can’t get that peace of mind with inexperienced employees or outsourced accountants. The confidence and security that comes with choosing the right outsourced accounting firm is what you and your business need so that you are free to focus on meeting business goals.