What Is Outsourced Accounting And Why You Should Outsource

What is Outsourced Accounting?

Outsourced accounting is a full-service accounting model offered by accounting companies. Businesses use outsourced accounting to handle most, if not all, of their accounting and finance. Typically, these services include bookkeeping, payroll, accounts payable, accounts receivable, financial reporting, and other finance-related services. Outsourced accounting has seen tremendous growth in recent years, partly due to the COVID-19 pandemic. In fact, according to Report Linker, it is predicted that through 2026, the annualized average rate of revenue growth in the outsourced accounting sector will be 5.9%.  

What are the Benefits?

Save Money.

Hiring a third-party accountant is typically more cost-effective than hiring an internal employee. This is due to the additional expenses that come with employees, such as payroll tax, health insurance, paid time off, training expenses, and more. At Accountison, we offer customizable service packages that are designed to be a staff alternative.  

Exposure to Expertise.

Being cost-effective does not mean you need to sacrifice quality. Outsourcing is actually proven to be quite the contrary. By outsourcing your accounting functions, you will gain exposure to higher level experienced professionals. The average outsourced accounting company is comprised of multiple tiers of professionals, ranging from junior accountants to controllers. This gives your company access to a team of experts.

Efficiency.

‍With an outsourced financial model, business owners can get back to doing what they do best – running their business! Instead of spending countless hours reconciling bank accounts and creating financial reports, let an expert do the heavy lifting for you.  

Tax Benefits.

Every business owner wants to save in taxes. When you use a traditional accounting firm, you typically give your financials to the firm during tax season. But, when you use an outsourced accounting company, you have a professional to guide you throughout the year to help you make good financial decisions that result in tax savings. At Accountison, we also offer tax filing for your business.

Ease of Scaling.

As your business grows, your accounting operations can become overwhelming. Having an outsourced accounting firm will enable your finances to flourish with your business, instead of hindering it. At Accountison, you will be working with an experienced professionals that has done this many times before.  

Industry Leading Software.

Learning new applications can be challenging and time consuming. By working with an outsourced accounting team, you’ll gain access to industry leading accounting software. At Accountison, our team tests many applications to find the best ones for your business.  

Who Should Outsource?

In the past, only large corporations were able to afford outsourced accounting services. But due technological advances, it is now affordable to smaller businesses and organizations. An outsourced accounting service is suited to serve:

Small Businesses.

Since small businesses typically cannot afford a CFO, but still require someone more experienced than bookkeeper. Outsourced accounting has grown in popularity in this sector.

Rapid Growth.

Scaling can be difficult, especially if your company is growing quickly. An outsourced accounting firm can help ease this process and become a long-term service provider.

A Company Who Cannot Find Quality Hires.

With so many changes happening in the workforce, it can be difficult to find the right person. Outsourcing can help mitigate the risk of hiring the wrong person, as well as the risk of employee turnover.

Anyone.

Outsourcing your accounting can be beneficial to any business. At Accountison, we customize your services to tailor to your specific organization.

Want to Get Started?

When looking to hire an outsourced accounting team, be sure to choose a trustworthy and reliable company. At Accountison, we believe relationships are built on trust. That’s why we have processes in place to ensure our clients get the services we say we will deliver.

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