Entrepreneurs are known for their can-do spirit, indomitable will, big ideas, and ingenuity. However, oftentimes that isn’t necessarily synonymous with being an expert at accounting. Outsourced accounting can often be the solution for small businesses, entrepreneurs, and even medium-sized businesses that don’t want to host an in-house accounting team.
What is Outsourced Accounting?
Outsourced accounting is a service that provides a full accounting department for a business. Often things like day-to-day transactions, accounts payable, accounts receivable, payroll, P&L reports, and similar services fall under the purview of outsourced accounting.
Benefits of Outsourced Accounting
- Experience. It provides access to a trained group of accounting professionals. One accounting class in college is not enough to equip most business owners with all the tools they need to ensure compliance, profitability, and accurate record keeping when it comes to accounting.
- Cost-Savings. It’s more affordable than hiring a team of accountants in most cases, especially when you factor in things like salary, benefits, workspaces, and more.
- Avoid Turnover. By using a company for your outsourced accounting needs, you ensure continuity in your accounting systems. We all know the pain of having to retrain people when they move on to other jobs. Having to teach and train new employees can take time and often involves a learning curve. Avoid some of those issues by using an outsourced accountant to control the continuity of operations.
- Time-Savings. Life is busy. Owning a business and running can be incredibly time-consuming. You’re constantly pulled in different directions and it can be difficult to prioritize your P&L statements when you’re busy putting out fires in other places. By allowing someone else to manage that side of the business, you’re free to focus on the things you do best – running your business.
- Better Tools and Processes. Outsourced accounting firms understand the ins and outs of the financial side of a wide variety of businesses. They also have better software, often scaled for better pricing, that you would not normally have access to.
How ABCO Can Help
One of our primary services includes a full suite of accounting. Our team is incredibly experienced at accounting management, including accounts receivable (AR), accounts payable (AP), and payroll. They give you the freedom to capitalize on the talents you have and provides peace of mind to trust us with the accounting side. We pride ourselves on our ability to pair the right people in our organization with new partners to achieve shared success goals. If this sounds like a fit, complete the form on our website and let us know how we can help.