Debunking 4 Myths About Outsourced Accounting
If you’re a business owner hesitating to outsource your accounting, don’t worry—you’re not alone. There are a lot of myths out there about what it’s like to outsource your accounting.
That’s why in this blog post, we’re dispelling four of the most common outsourced accounting myths.
“I won’t be able to control my company’s finances.”
You’ve likely invested a lot into your business, so the thought of not being able to control its finances can be quite a scary thought.
However, outsourcing your accounting will allow you to take your business to the next level. Then, once maintaining your business’s books is off your plate, you can focus on more important tasks and projects that move your business forward.
Be sure to partner with someone who will provide you with full visibility to your finances so you can still make all decisions, approve invoices, and sign checks. With proper support from your partner, you may also receive insightful reporting that will help you make more informed business decisions.
“Outsourced accounting isn’t worth the investment.”
Outsourced accounting may seem like a costly expense, but the truth is that it’s more likely to save you time and money. That’s because you won’t have to go through the entire process of recruiting, interviewing, hiring, and training an entire in-house team. You also won’t have to worry about paying benefits or employees missing work because of sickness or vacation.
Instead, by outsourcing, you can receive the resources and support of an entire organization without adding anyone to your payroll.
“My company isn’t large enough to benefit.”
Many business owners think that outsourcing their accounting is only necessary for large companies that have a huge amount of financial data. However, flexible and agile accounting partners should be able to tailor their services to your company’s specific needs, all while keeping a careful focus on improving your ROI.
Plus, at many small and medium-sized businesses, the employees responsible for accounting may be wearing several hats. This can not only distract them from other important projects but also cause bookkeeping mistakes.
“They won’t do a good job.”
An outsourced accounting firm isn’t officially a part of your company, but a good one will make you feel like it is. The best accounting firms will act like an extension of your business, providing detailed and accurate financials every time.
Of course, that’s all easier said than done. Look for an accounting partner that exclusively offers their services to companies that fit your business model so you can feel confident that they understand your specific needs. In addition, check out what type of support they provide—is there a dedicated team of experts just one call or a click away?
We’ll maintain the financials. You build your business.
Ready to gain a competitive advantage as your firm grows and scales? Founded in January 2017 and based in Annapolis, Maryland, FinStrat Management provides B2B SAAS companies with end-to-end back-office accounting and administration service solutions. Let’s get started with a free consultation today.