Oct 15, 20208 Reasons to Outsource Accounting
Traditional accounting can be a labor intensive, reactive process. Although necessary for a thriving operation, most business leaders don’t wake up in the morning to update the books (unless your name is Nimbl, of course). Working with an outsourced accounting partner is a reliable way to shed the excess business weight and focus on what you do best—running your business. Here are some reasons why we are strong advocates of outsourcing your accounting services:
1. Focus on Your Core Competencies.
An hour spent on accounting is an hour spent away from your strategic competitive advantage. Once you learn the principle of opportunity cost, you’ll never be the same. Businesses that truly succeed—we’re talking skyrocketing—
focus on their core competencies, or what they do better than anyone else in the market. The more mental energy is expended on your core competencies, the greater the advantage gap becomes between you and your competitors.
2. Save Money and Reduce Overhead.
For small to medium-sized business, in-house accounting comes with a lengthy list of surplus charges and fees. In addition to the salary of the person completing your accounting, you also need to pay for training, accounting software, hardware, and office supplies (oh, and an external auditor if you want to sleep at night). In the long run, hiring a third-party accounting service is generally the more cost effective way to go. Additionally, Nimbl offers a variety of service levels, so you can select the option most compatible with your budget.
3. Step into the 21st Century.
Automating processes allows clients to bid goodbye to antiquated accounting —manual data entry, paper invoices, etc. Cloud-based software generates real-time reports, eliminating the need for the slow but prominent accounting practices that are still alive in the industry. Alternatively, resident accounting staff at a company can shift their focus to pain points like servicing invoice discrepancies with clients or customers.
4. Uphold a Watertight Security Standard.
With cloud-based accounting services, critical data is backed up and stored with military-like protection, guarding you against the frequent cyber-attacks that have increased exponentially in the last ten years. Since your data is encrypted and stored to the cloud, you can forego the tedious (and costly) back-up procedures
undertaken by many who keep their accounting services in house.
5. Access Expert Accounting Resources.
If a small business is doing its own accounting, it likely has one or two resident bookkeepers who aren’t master accountants. If you’re lucky, someone on staff may have a modest background in accounting, but it’s not their bread and butter. By outsourcing, you’ll have access to a team of professional accountants with a rich background of industry experience, guaranteeing you the top notch accounting services you deserve.
6. Reduce Risk.
Although an inexpensive option, accounting undertaken by amateurs reeks of risk. Would anyone like a messy lawsuit in the first 3 years of business? No, thank you. The pillars of checks and balances can be hard to enforce as a manager already juggling a million responsibilities, so leave the technical and legal jargon to us.
7.Share and Collaborate Efficiently.
Working with colleagues and sharing data with your team is a straightforward process that allows you to analyze, report, and track important financial metrics anywhere, anytime. Instead of trying to organize fragmented and incomplete reports, you’ll be able to see a concise and accurate report of your data.
8. Confidence and Peace of Mind.
During our present circumstances, who couldn’t use a little more peace of mind? With timely, accurate financial records, you will be able to see a snapshot of your business health and gain insight into important strategic moves with access to reliable data. By outsourcing your accounting, you can be sure that you avoid
potential threats of fraudulent activity and that you are always in the know with your company.
At Nimbl, we hire only the best accounting experts who are assigned to your account to provide top-tiered services that meet your needs. The decision to outsource your accounting can seem like a daunting task. Should I outsource? Who should I partner
with? What exact services do I need? Resolve these questions with a Nimbl expert in a free consultation. Everyone knows 2020 could do with a little less stress.