[Updated on 26 January 2022]
Have you wondered why successful small-business entrepreneurs choose an outsourced accounting service to grow their businesses?
Some businesses like to keep many functions, including accounting, “in-house”. Others choose to engage part-time staff, contractors and freelancers for niche tasks and irregular assignments.
Many successful business owners choose to outsource some functions and tasks on either a piecemeal basis or in full. They commonly outsource functions such as marketing, accounting and IT. To some outsiders, these decisions may often seem irrational.
There are many reasons why successful small-business entrepreneurs try an outsourced accounting service. Many acknowledge their own limits and capabilities.
Many know what they are good at and what they need to focus on. They know when to keep functions in-house and when not to.
If you’re ready to grow your business, this article will help you understand the advantages of outsourcing. It’ll also help you recognise the possible warning signs that it’s the right time to outsource.
It’s possible that not all of the reasons highlighted below will apply to you. But hopefully it will help you identify signs that suggest you may be ready to take the next step.
1. You Like the Certainty of Fixed Monthly Fees
Have you been searching for virtual accounting services that offer the certainty and predictability of fixed monthly accounting fees? If you hate hidden surprises, and want to reliably budget your accounting fees, it might be time for a change.
Providers offering an outsourced accounting service will mean you get what you want – when you want it.
2. You Value Your Security and Privacy
Never a week passes without the news’ headlines highlighting the latest data security breach. Information security is not confined to cyber-criminals stealing valuable company information.
Unauthorised use and privacy of confidential and sensitive information in the office is often overlooked. Staff with access to the company’s accounting information have been known to unscrupulously share details about the company’s financial situation.
Using an outsourced accounting service provider would help prevent staff having direct access to the company’s financial records.
3. Your Business Has Grown
Perhaps you’re still stressed and doing things the same way. You don’t want to do it. Or your business has grown to the stage where you don’t want to do your own bookkeeping. Sound familiar?
4. Your Staff Already Work Remotely
You may already have staff working from home, multiple locations, telecommuting or on flexi-time. If you do, your operating model is already geared up for outsourcing.
5. You Already Use Cloud-Based Accounting Software
Is your accounting already managed using “cloud-based accounting software”? If it is, transitioning to an outsourced accounting service would be relatively easy to achieve.
RELATED ARTICLE: 9 warning signs you need to hire a virtual accountant
6. You’ve Had Bad Experiences with Bookkeepers
Unfortunately, bookkeepers are not created the same. Some lack integrity and attention to detail; some have had their “hands in the till”.
Many small-business owners have suffered their fair share of bookkeeping horror stories. If you’re fed up of continually testing new bookkeepers, try a professional virtual accounting service.
7. You’ve Had a Gutsful of Office Politics
So much energy and time is wasted with “water-cooler” chit-chat and office politics. It’s often avoidable in office environments. Personality clashes, egos and job-titles are often the chief causes of poor productivity and anxiety.
8. You’re Tired and Want To Scale-up
Watching your pride and joy grow was initially invigorating. The shine has now vanished, your energy levels have evaporated, and you miss important family time. Your success has outpaced your ability to manage everything.
You need scalability and you know you need help. You want to grow your business, access the accounting skills and knowledge, so you can focus on your own skills and strengths. A virtual accounting service will help you achieve all of these.
Are you still weighing-up your options? We can help you decide if an outsourced accounting service would work for you.