Outsourced Accounting: What It Is and the Top 5 Benefits for Your Business

As a business grows, it's accounting, bookkeeping and tax responsibilities grow with it. In this article, we take a closer look at the benefits of using an outsourced accountant.

But first, what is outsourced accounting?

Outsourced accounting is when businesses outsource their accounting needs to a third-party provider. This provider is usually a professional accounting firm that specializes in services such as bookkeeping, payroll, financial reporting, tax return preparation and CFO advisory services. Outsourcing accounting gives businesses cost savings, improved efficiency and accuracy, and access to experienced professionals at an affordable price point. An outsourced accounting firm also has the ability to scale their service offerings based on the needs and growth of the business.

The Top 5 Benefits of Outsourced Accounting  

1. Save money.

Outsourcing your accounting department is a cost effective alternative to having an in-house bookkeeper or accountant. You save money that would otherwise be spent on costs associated with hiring and training, such as salaries, benefits, bonuses, insurance, paid time off and vacation time.

In addition to this, experienced accounting experts will be on the look out for tax saving opportunities specific to your business.

Finally, when you outsource, you will be able to tap into the knowledge base and expertise of a team of accountants at an affordable price.

2. Free up more of your time.

Accounting tasks can be redundant and time consuming, especially for a business owner who already has enough on their plate.

As your business grows, there are more accounting responsibilities, and conversely, less time to devote to things like reconciliation, budgeting and tax planning.

Outsourcing these tasks to an accountant who thoroughly knows the accounting and tax processes will give you back the time you need to work on all other aspects of your business - all while providing you with the peace of mind that your financials are being handled by experts.

3. Gain knowledge.

Outsourced accountants offer a fresh, unbiased perspective on your financials, and because their core focus is accounting and tax, they can provide you with insight that may otherwise be missed.

An outsourced accounting service like Cayde offers technology-based solutions, which in turn, enables access to real-time financial data. This allows you to make important on-the-spot business decisions confidently and efficiently.

Furthermore, an outsourced accounting team doesnt just meet with you at tax time - they meet with you regularly throughout the year.

This combination of both real-time data and year-round guidance gives you a clearer idea of where your business is financially and allows you to be proactive, rather than reactive, when making stategic decisions.

4. Have accurate and up-to-date books.

An outsourced accounting professional will keep your books up-to-date, while strictly adhering to accounting guidelines and best practices. They are dedicated to staying on top of your books and delivering regular financial statements.

Books that are professionally prepared and maintained reduce errors and fraud, prevent headaches down the road and make unexpected audits run smoother.

5. Meet compliance requirements.

Accounting professionals stay up-to-date with constantly changing tax laws and regulatory requirements. They are well versed in the intricacies of tasks like corporate taxes, sales taxes and personal taxes and are committed to meeting tax filing deadlines and tax payment due dates. Since your records are maintained year-round by the same accounting experts, you are better prepared for tax season and audits become less stressful.

In conclusion,

outsourcing your accounting tasks to a provider like Cayde can be a great way to save time and money. It can provide you with access to experienced professionals who can help you stay compliant with all the necessary regulations, and it can also help you to maximize your efficiency and accuracy. Additionally, outsourcing can help you to free up resources in your organization, allowing you to focus on other areas of your business. Finally, it can provide you with peace of mind knowing that your financial data is in the hands of qualified, experienced professionals.

Ready to take your accounting to a whole new level? Book a free, no obligation consultation with us today to find out how we can help!

Published Date
December 19, 2022