When and why you should outsource accounting?

By May 17, 2019 October 8th, 2019 No Comments

For many businesses, scalability and consistency are the cornerstones for making a sustainable brand. Have you been asking yourself the following questions lately?

  • Is there a better way to focus on growing my business’s bottom-line?
  • My business is growing, but I need to focus more on building quality control for my company’s products and services, rather than building and managing an accounting team.
  • As an owner, I am becoming more and more tied up having to hire and rehire accounting staff to sustain my business.

If so, one of the easiest decisions any business owner can make is outsourcing their accounting operations.  There are many reasons to do this besides just being rid of the hassle that comes along with bookkeeping. Let’s take a look at 5 reasons below.

Five Reasons Outsourcing Your Accounting Operations is the Best Choice

1. Better use of time

Free yourself and your team up by outsourcing your accounting operations. This frees up valuable time to focus on strategy and high level operations essential to moving your company forward. Every hour spent looking managing accounting processes on back-end office operations can be a huge hassle that takes away precious company time growing your brand. Outsource the hassle of accounting processes, and start building better products and services, or bringing in new interest to your brand. At Veraccounts, we’ve built our processes from the ground up to serve companies that want to scale, become more agile, and ultimately be more sustainable.

2. Reduce Internal Costs

Not only can outsourcing your accounting help drive down bottom line administrative costs, it will also lead to more efficient management of your accounting processes. Veraccount’s industry proven models of accounting is automated and managed by a team that is conscious of your bottom line and will look out for your company’s best interests. Completely eliminate the cost of hiring, on-boarding, and in the event of a turn-over, having to repeat that cycle all over again. Pay for what you need, provided by a team of accountants rather than just one individual that can leave your company at any time.

3. Reduced Fraud

Fraud is a topic seldom talked about when dealing with the benefits of outsourced accounting. Many small businesses have a limited staff or an over-burdened CFO that handles all aspects of the accounting department tasks. This is the recipe for not only accounting failure, but also an environment that can lead to both intended, and non-intended fraud. With Outsourced accounting small businesses can afford a CFO/controller who can look for fraud signs and implement proper fraud protection controls.

4. An Accounting Team Rather Than Just One Accountant

At Veraccounts you get the resources provided by our entire accounting team. Rather than just having one person assigned to your account, our team shares and distributes knowledge across our teams to be able to have consistent and reliable accounts management. You’re hiring a team of experts committed to ensuring the well-being of your brand. Get the right help when you need it with our team.

5. Collaborative Accounting Created a More Accountable Environment

If you want to go somewhere fast, go alone, if you want to go further, travel together. Having the Veraccounts team working by your side to ensure your accounting success is better than having a few in-house employees that are pulled in other directions other than accounting. Whether it’s you, a part-time accountant or full-time employee who takes on the task of accounting, the job is just not getting the proper attentions. Outsourcing your accounting operations affords you a team of people, all double-checking each other to ensure that all the right findings are being found.

This also means that you can have your departments separate from each other.  With just one in-house accountant, it’s too difficult to hold departmental purchasing and spending individually accountable.  This creates cracks for services to fall through. With a team of accountants, the man power is right for separating all of the departments and really getting down to the nitty-gritty of each sector, allowing the fine-toothed comb to find more ways for you to keep your money.

Finding the Best Accountants to Outsource Accounting

At Veraccounts, our process and our team is built to serve business looking to scale, become more sustainable, and are looking to work with a team rather than an individual to manage the health of their accounting processes. There are various accounting firms out there to assist you in taking control of the future of your business by delegating a little bit of your responsibility.