Is it time for Outsourced Accounting?
You have had a bookkeeper since you opened your business, but she is moving out of state next month and now you are scrambling to find her replacement. And you want to do it quickly before she leaves so she can help train the newly hired bookkeeper before handing the pencil and calculator over. The thought of having to interview many candidates and the learning curve for a new employee is overwhelming. If this sounds all too familiar, there are other options that are less painful. Have you considered outsourcing your payroll, quarterly taxes and federal record tax keeping?
Companies of all sizes are discovering this great option. It’s a win, win for both you and the company you are going to use. In today’s changing tax world, it is important to keep abreast of all the tax law changes. By outsourcing your accounting functions, you are giving up these tasks to the experts. All they do is accounting and tax services. And an outsourced financial service would offer more objectivity; they are not so close to your company that they won’t bring up those sometimes touchy subjects that an in-house employee may avoid.
And in the long run, you could be saving money. If you pay your in-house accounting manager $36,000 a year, which is the going rate, you need to figure in benefits; medical, vacation days, sick leave, 401k just to name a few. Realistically you are shelling out about $55,000 a year. The going rate to outsource your accounting to an expert will run you about $36,000. So, not even being an accounting major, that is a definite plus in your asset column. It is definitely something to consider and look into.
Benefits of Outsourcing Accounting
If you’re just starting out and are in need of accounting services, there are several reasons why you should consider outsourcing your accounting work to an experienced company that can handle the job at an affordable price. Here are five benefits of outsourcing accounting services to an outsourced company, such as Accounting Outsourcing Solutions. To learn more about how outsourcing accounting can benefit your business, continue reading below!
Save time with Outsourced Accounting
Outsourcing your accounting will save you time and energy. Dealing with clients, issuing invoices, managing tax returns, and other essential tasks can be time-consuming. If you’re overwhelmed by these activities, outsource your accounting to a third party who can manage your accounts on a full-time basis. It’s one of the most effective ways to grow your business without overworking yourself.
Avoid getting audited
When you’re a small business owner, it’s likely that you have to deal with your own accounting. A big red flag for an IRS audit is if your books don’t match their records, and audits can be time-consuming and costly. By outsourcing, you can ensure that your books are in order and reduce some of your tax liability.
Get an unbiased opinion
There’s no denying that going to an accountant or financial advisor is a great way to stay on top of your finances, but you don’t necessarily need one on staff. Instead, consider outsourcing for tax preparation, bookkeeping and other accounting needs. Hiring an outside service provider keeps business out of your office and lets you focus on what matters most—your clients. Plus, it can be easier and less expensive than hiring full-time staff, depending on your needs.
If you’re an expat, get proper tax advice
Tax laws vary greatly from country to country, so hiring a tax expert can help you keep your finances in order while living abroad. It’s also important to note that many expats qualify for special tax treaties that can reduce their global income taxes—and make it worthwhile (in terms of tax savings) to hire a qualified accountant to get it done right. For more info, check out Expat Tax Professionals.
Save Money with Outsourced Accounting
Hiring a bookkeeper or accounting agency has long-term cost benefits. Rather than spending an hour each month plugging numbers into your Excel spreadsheet, you can save that time and use it to run your business. Plus, many firms offer additional services, like tax preparation and payroll processing.
