Business clients often ask us: Should we outsource our accounting needs? What exactly are the benefits we can expect?
In small businesses, we often see owners or employees who struggle to effectively balance several competing job responsibilities. Examples include an office manager who is forced to manage human resource and administrative functions while trying to do bookkeeping as well. Other situations include business owners who try to manage their company’s growth but don’t want to relinquish control over the finances.
The decision to outsource bookkeeping and accounting enables businesses to increase their bottom line and create more opportunities to focus on their core business. By outsourcing, businesses gain access to a team of devoted CPA experts who stay focused on the company’s financial well-being, which allows ownership to concentrate its time and expertise where it is needed.
Businesses can also save money on salary increases, employer payroll taxes, insurance and fringe benefits through outsourcing. Recently, Brinker Simpson was hired to replace the controller of a $3M business and saved the company over $50,000 in salary and fringe benefits.
When partnering with an outsourcing firm, business owners do not have to worry about the cost of employee turnover or spending time looking for new staff. According to the Society for Human Resource Management’s new Human Capital Benchmarking Report, the average cost to hire a new employee is $4,129 and the average time to fill a position is 42 days.
As small businesses grow and hire more staff, many CEOs do not have the time to focus on accounting. With the business growing at an accelerated pace, more advanced reporting is needed, and CEOs rely on a variety of financial information to make informed decisions. They need a consistent and trusted advisor. Outsourced Accounting firms can assist with a variety of functions including monthly and annual reporting, budgeting and forecasting, cash management, and bookkeeping. Business owners can take comfort when the work is backed by a team of CPAs who focus on instituting processes and controls to maintain the security of company assets.
Brinker Simpson offers a variety of flexible solutions to provide excellent service to fit your company needs. If you would like more details on how your business can gain access to our team of experts, including tax, audit, and advisory professionals, please contact Donna Stilwell, CPA, CFE at firstname.lastname@example.org for a discussion on how we can help your business with outsourced accounting needs.