You have built your business, formed your team, and implemented processes to ensure your enterprise grows. It’s crucial that all employees and partners are on the same page about driving business forward.
However, as part of your leadership, you have a decision to make regarding your back office: you can manage it yourself, hire a team that will handle all the required tasks, or partner with a skilled firm that offers back office management, otherwise known as outsourced accounting services.
What Are Outsourced Accounting Services?
When you outsource your accounting services, you gain all the perks of an accounting department without spending what it takes to maintain a full-time, in-house team of accountants or bookkeepers. At ClaytonCarter, our outsourced accounting services take all back-office tasks off your plate, including:
- Accounting and bookkeeping
- Payroll services
- Bill pay
- Tax preparation
What Are the Benefits of Outsourced Accounting?
Along with having fewer back-office duties on your to-do lists, small to midsize businesses benefit from outsourced accounting services from a qualified team in a multitude of ways, including:
Significant Cost Savings
Remote back-office management from a team that provides service as needed is much more cost-effective than hiring even one person to take care of those tasks for you. If your operation is small enough, you may get by with hiring a single full-time individual to manage your accounting and bookkeeping duties, payroll, and bill pay tasks. However, the national average salary of an in-house bookkeeper is more than $46,500 per year. If your department requires more hands on deck, you can expect to double, triple, or possibly quadruple that expense.
And did we mention the cost of onboarding, training, benefits, bonuses, PTO, and overhead?
With outsourced accounting services from a reliable firm, you only pay a fraction of that salary while receiving all the same benefits an in-house team or employee would provide.
It can feel like there is never enough time in the day to achieve the tasks you want to achieve. And when you have to take care of the necessary but time-consuming back-office tasks on top of your daily production operations, it eats up even more of the precious time you need to complete other jobs. Plus, you didn’t go into business to balance ledgers, reconcile books, and process payroll, and performing these tedious tasks can feel draining and make it seem like there is no time left for anything else once you’re done.
When you outsource your accounting duties, however, you add time back into your day to focus on what you really want to do—produce products, perform services, and drive business. Your partner firm will cover all your back-office duties so that you can see to other important tasks, attend meetings, develop new processes, or achieve anything else necessary for your company’s success.
An outsourced accounting team completes the daily, weekly, or monthly tasks necessary to keep your business on track financially. Because of that, you benefit from a team of experts whose only job is to actively monitor things like your budgets and cash flow. You’ll also benefit from clear explanations about any ups and downs between months, if needed. For instance, instead of having to guess why you saw a dip in profits one month, your accountant can show you how certain decisions led to the dip.
As mentioned, you didn’t launch your company to better understand accounting and bookkeeping. If that were your interest, you probably would have become an accountant. Instead, you are a business owner with probably a good grasp of your company’s financials. However, having a set of financially focused eyes on your books can help uncover aspects of your finances you’ve never noticed before.
Outsourced accounting services from a dedicated team of accountants and financial professionals ensure you receive a supportive but unbiased evaluation of your finances and insights into where you can make improvements to boost operations, cash flow, and more.
Reap the Benefits of Outsourced Accounting Services. Talk to the Team at ClaytonCarter!
Cristen Carter is a CPA and business advisor with over 30 years of experience serving clients in Georgia. Her firm offers outsourced accounting services that save you time and money. Plus, she monitors your finances and provides valuable insight to help make improvements or rethink processes. To change how you do accounting at your business, contact our team today! (478) 621-4145