Outsourced Accounting Services have become a great option for even the largest of companies these days, but are they really all that great? We're biased, so we think so. Here are eight reasons why you might want to consider using a virtual accounting team.
#1 - Prebuilt Processes
Using outsourced accounting services means that you're buying into efficient processes as long as the company you work with is established and has a proven track record. They will have systems in place for reconciliation, invoicing, bill pay and more. Easy.
#2 - Technology
Online accounting companies have to be streamlined in order to do their jobs. Without today's technology, it would be impossible to manage all of the data, invoices, and more. This means that you get access to all of the best tools.
#3 - Experience
An outsourced accounting service will have several clients in several industries giving them a view of best practices across multiple disciplines. Applying that expertise to your business is invaluable.
#4 - Privacy
When you hire in-house, you have someone on the inside that knows all the payroll data and other info that can cause damage to your company's culture. By using an online bookkeeper, that risk is removed completely.
#5 - Security
If you work with an established team like Ignite Spot Outsourced Accounting Services, you'll gain access to a suite of security measures to protect your data. For example, we use LastPass to protect all of your passwords and login data. We also have extensive firewall and station-by-station virus managers. We also implement a separation of duties policy so that no transaction runs its entire course through a single set of eyes.
#6 - Speed
Accounting is a system. When you use a virtual accounting team, they're motivated to get the job done, and to do it right the first time. Unlike employees who can lounge around, work overtime, and complain about limitations -- your outsourced team has an agenda and an outcome. This is especially true if the company you choose charges a set monthly fee like Ignite Spot. We don't charge by the hour. It keeps us motivated and focused.
#7 - The Cost
Everyone knows that outsourced accounting services are more affordable than an in-house accounting team, but by how much? That all depends on what state you live in and how much support you need. On average, we see companies save 30% to 40%.
#8 - It's All Under One Roof
Some companies will be full service, meaning you can get both tax preparation services and CFO services from them as well. If that's the case, you only have one phone number to call for all of your accounting needs. That's a powerful combination.
Outsourced accounting services are a great option for businesses interested in scaling growth with a finance team in step. These seven benefits will make a huge difference to your company and the bottom line.