Outsourced Accounting: Is it Right for Your Business?
Deciding whether or not to outsource your accounting services can be a difficult decision. Here are some of the advantages:
First off, outsourced accounting is a lot cheaper. This might get you wondering: “If I’m paying so much less will the quality of accounting suffer?” The answer is no. In fact, the quality of accounting will likely improve because when you outsource, you essentially hire a team of expert accountants to work part-time on your business. It might seem strange that outsourced accounting firms can do more accurate work while billing at a much lower price, but firms like The Corner Office are able to do this for a few reasons:
1. Employees aren’t cheap. Things really start to add up when you factor in recruiting costs, turnover, severance, vacation, sick days, benefits and perks. If your in-house accounting department isn’t being used to its full potential—you’re overpaying. At the Corner Office, our people don’t scroll through Facebook if they run out of things to do. We work as much or as little as you need us, and when we finish—we’re off your clock.
2. The Corner Offices embraces cutting-edge accounting technology and software to eliminate any accounting processes that are needlessly being performed manually. This kind of targeted automation can generate big savings for small businesses.
3. Most companies can’t afford to hire CFOs (they’re expensive!), and so they miss out on valuable insight. The Corner Office is helping to bridge the CFO gap by offering the same services part-time. If you’re looking for CFO-level insights and expertise that can pay big dividends down the road, The Corner Office can get you what you need for less.
Outsourced accounting firms embrace cutting edge accounting technology that can help you get your financial information faster and more conveniently. Many aspects of the accounting profession have been automated in the past few years. Accounting apps and software have made huge strides due to recent advancements in AI, robotics, and machine learning. Apps and software can do many of the mundane aspects of accounting (like data entry) faster and more reliably than humans. Firms that provide outsourced accounting understand and embrace this new tech. Why? Because these technologies can save businesses money, and that’s a big part of good accounting. The Corner Office has done exhaustive research on the best accounting apps and software. They’ll get you up and running with the technologies you need to increase the speed, efficiency, and accuracy of the financial side of your company. (Not to mention saving you quite a few bucks along the way.)
Software like Quickbooks Online and apps like Receipt Bank (now renamed DEXT) will allow your company to collect, manage, and update financial information incredibly fast. These technologies allow you to automate billing processes, collection processes, expense tracking, labour cost allocation, and monthly cash flow projections. Instead of getting monthly reports, Quickbooks Online gives business owners up-to-date dashboard analytics on your phone, tablet, or computer. No more waiting for reports.
Not only do you get faster financial reporting with outsourced accounting, you also get scalability. If your business is growing fast and you have a much higher demand for accounting expertise, you can simply let The Corner Office know and they’ll dedicate more resources to your company. Say you land a big new project, or you’d like to refinance with the bank, or you’re looking at buying or selling a business, The Corner Office can quickly add the accounting resources—and senior expertise—you need to get you through these crucial moments. We’ll only increase our services when your demand increases. It would be very difficult to re-create this kind of reactive (and cost-effective) accounting in-house.
When you hire a firm like The Corner Office, you gain access to experts in the field of accounting who have worked with multiple businesses in almost every sector of the Saskatchewan economy. When it comes to accounting in this province—we’ve seen it all. Our experience will take a lot of the guesswork out of your decision-making. This kind of senior oversight and experience with risk management will help you alleviate any stress about whether you’ve made the right financial choices.
But we understand where that stress comes from. If you’re a business owner without an accounting degree—how do you know your accountant is doing a good job? If something goes wrong it could end up costing your business thousands of dollars. You can eliminate those concerns right away if you choose to outsource with The Corner Office because you’ll be using CPAs that are registered with the provincial body and are insured if you have a problem. There is no safety net if an employee makes a mistake that costs thousands of dollars. If you already have an accounting team in place, we can work with them to streamline processes, increase efficiency, and provide senior perspective on a part-time basis. Veteran accounting insights make for better business decisions.
Who Can Benefit?
At this point you might be wondering who benefits most from outsourced accounting. At The Corner Office, we’ve found our accounting platforms and expertise have made huge differences to small businesses, start-ups, and non-profit organizations. For start-ups, our scalability is a huge bonus. If a young start-up is showing rapid growth we can quickly match their increasing accounting demands. Nonprofits can also draw large revenue streams, but don’t always have the ability (or funds) to hire the senior accounting expertise they need to deal with the complex accounting situations that can arise. The Corner Office can bridge that gap by allowing nonprofits access to the accounting knowledge they require without having to hire a full-time employee; this helps these organizations direct the majority of their funds toward the vital services they provide. When it comes to small and medium businesses, The Corner Office is able to reduce labour costs while providing a customized accounting platform, and veteran accounting expertise that helps business owners make more informed decisions about their company’s future.
You should seriously consider outsourcing your accounting if:
You find yourself (or your accounting staff) overwhelmed with your current accounting situation.
Your business is experiencing rapid growth and you’re having a hard time managing the additional accounting demands.
You’re looking for a place to save money in these lean times.
You want more up-to-date and accurate financial reporting
You’d like more time to think creatively about the future of your company