Apprehensive about outsourcing? Don’t worry, you’re not alone.
Increasingly, business owners know that outsourcing accounting and financial management is a real and viable option, but they still have concerns stopping them from pulling the trigger.
We wanted to dispel some of those worries and explain why outsourcing your accounts could be the best thing you do all year.
Ready? Let’s get started.
3 Concerns Over Outsourcing
1. Security and Control
Placing your numbers in the cloud, and your trust in a group of strangers to manage them, can, understandably, be cause for concern. If you’re unfamiliar with cloud accounting, you might be wondering what’s stopping someone from hacking the software and stealing your sensitive data.
Well, the good news is, the leading cloud accounting platforms all employ bank-level security, keeping your information safe and secure.
What’s more, outsourcing is generally seen as safer than persisting with an in-house operation. While no single option can categorically rule out fraud, outsourcing your accounting means you’ll have multiple individuals overseeing your transactions and reports, all of whom will be accountable to a strict set of internal controls.
Contrast this with an overworked (and/or malicious) in-house employee, and you’ll soon see why it’s generally considered a good idea for small and medium-sized businesses to outsource.
2. Lack of Oversight
One of the major benefits of keeping your accounting and finance in-house is that you can simply wander down the hall and ask questions face-to-face at any given moment. And giving up this option can be something of a struggle for business owners.
However, when you work with an experienced accounting firm, you will only ever be a phone call or email away from having your questions answered. You’ll also receive weekly updates and monthly reports to ensure you’re kept up-to-date with your company’s progress and financial well-being.
3. Poor Communication
Transitioning to a fully outsourced workflow can be challenging, and a large part of that challenge comes in the form of communication. After all, the last thing you want is to be left chasing your tail, waiting on an email reply or a phone call being returned.
Of course, this will ultimately come down to the company you choose to work with, but it is a common push back that we’ve heard time and again.
That’s why we place a great deal of importance on clear and open lines of communication – it’s the only way outsourcing can work. If you have a question, it’s only reasonable that you receive an answer in a prompt and timely manner.
3 Benefits of Outsourced Accounting
1. Save Money, Gain Expert Advice and Insight
Having an in-house employee to fire questions at is all well and good, but are you really getting the most bang for your buck? It can be difficult for that person to stay on top of news, legislation, and best practices while also delivering a high-level accounting service.
By outsourcing your accounts, you’ll not only save money on overheads, you’ll also gain access to expert advice and insight from a collective of accounting experience. And all for less than the cost of a single hire.
2. Your Time Back
As a business owner, you certainly didn’t start your company to spend your time poring over spreadsheets and reconciling bank accounts. You want to spend time running and growing your business, and outsourcing can give you just that: time.
You’ll also have peace of mind that everything is being taken care of to a high standard, and that potential cash flow issues are flagged well ahead of time, allowing you to take the appropriate action before it’s too late.
3. Real-time, Accurate Numbers
Growing a business is tough enough without being found wanting when opportunities and threats arise. And having access to real-time, accurate numbers can make all the difference.
When you outsource accounting, you’ll typically receive access to a cloud accounting dashboard, where you can review your current situation and take better-informed decisions. This will, in turn, help you guide your business towards your next growth mileston, while avoiding potentially damaging cash flow problems.
Outsource with Stepping Stone – You’ll Never Look Back
We know that taking that first step towards outsourcing your accounts can be daunting – but when you do, you’ll never look back.
By working with Stepping Stone, you’ll have real-time information at your fingertips, expert advice on tap, and the time you need to grow your business.
Contact us today to get started.