Businesses and nonprofits that used to rely solely on in-house accounting departments are realizing that outsourcing to qualified accounting professionals often makes more sense. In fact, many find that they can’t afford NOT to outsource. Here are five reasons why.
Full-time employees are expensive. In addition to their salary and benefits, businesses have to pay to hire, train, and manage in-house staff members—the costs add up, especially for new and small businesses.
By contrast, outsourced teams do not receive a salary or healthcare or other benefits, and they do not require extensive training and management. Services can be provided on a part-time or temporary basis to meet the needs of different businesses.
It can be challenging to find and keep experienced accountants on staff, and every time one leaves, you have to repeat the hiring and training process. When you outsource to a trusted provider, you gain access to a team of highly qualified accountants with a range of bookkeeping, tax, audit, and other skills to meet all your needs.
Many businesses can’t afford to buy and maintain the latest finance and accounting technologies. Experienced outsourcing professionals rely on best-of-breed software that can give you real-time, relevant data to inform your key business decisions.
When business is slow, in-house accounting teams are a significant expense. When business picks up, they can be a bottleneck to growth if they lack the time or expertise to keep pace with new demands and complexities.
When you outsource, you are not burdened by high salaries during slow periods. And when your business grows, your outsourcing team simply grows with you to provide whatever services you need.
Unpleasant surprises are an unpleasant reality with in-house accounting. For instance, if an employee leaves for another position, retires, or goes on an extended leave, you’ll need to spend time and money to find, train, and hire a replacement, which takes resources away from business growth.
With virtual accounting, your team is always there to support you, at whatever level you need, using the latest technologies.
Contact FSS Group for assistance with reporting, budgeting, and planning for the year ahead. We offer strategic accounting solutions to businesses and nonprofits of all sizes, and our experts can provide a range of outsourcing services tailored to the specific needs of your organization.