Ten years ago, the thought of having someone outside of your office manage your accounting was ludicrous. It conjured up images of lost paperwork, security risks and who knows what else. But today, the world has shifted. The concept of outsourced accounting is better understood and far more developed.
Why Outsourced Accounting Has Become Popular
#1 - It's Meant to Save Money
Most business owners realize they are paying too much for their in-house accountant and that spurs the initial online search. It's not until they see additional value that they other reasons below come into view. As you shop for an outsourced accountant, you should expect to pay 40-60% of an in-house accountant. You should experience this kind of savings as long as you hire a good firm. Unfortunately, not all accountants are created equal, and hiring the wrong one can be costly down the road.
#2 - You Need an Expert
Many business owners realize they can't get an expert for their industry or specific accounting software by drawing on a local pool of talent. That means looking outside of the walls of their own offices and opening up to experts around the country.
#3 - You're Wasting Too Much Time
Another popular reason for considering outsourced accounting is the amount of time a business owner loses when it comes to managing the finances. They spend a lot of time on the books themselves, or fixing the problems their current accountant is causing. Because of this, they often turn to Google to find a better solution.
#4 - You're Not Getting Reports
There's nothing worse than trying to run a business in the dark. We often speak with business owners who turn to a company like Ignite Spot because they're fed up with not getting timely reports. This one need alone often drives people into a better accounting solution.
#5 - You're Not Controlling Costs
As important as this one is, I place it at the bottom of the list because some business owners feel like it's hard for an accountant to help control costs if they are not physically in the office. It's a legitimate concern. Some accountants are great at this and others are not. As you interview your potential accountant, make sure to ask them what they do to keep their thumb on costs.
If you're looking around for an outsourced accounting firm, make sure to check out our blog post on firm reviews and pricing.