Why Outsource Small Business Accounting

November 10, 2021

Did you know that almost half of small business owners name bookkeeping as their least favorite task?

Are you still handling your books in-house? If so, you’re probably putting yourself through a lot of unnecessary stress and expense.

Yes, you heard us right. Doing your bookkeeping in-house can cost a lot more than if you outsource small business accounting. This is just one of the many advantages of outsourcing your books. 

If you’re wondering whether you should outsource accounting for your small business, keep reading to find out the top advantages.  

Outsourced Accounting Is More Cost-Effective

Like we just mentioned, outsourcing business accounting can be a cost-effective move. If you’re trying to decide between hiring someone and outsourcing your small business accounting, the first option is going to trigger new overheads every month.

Accountants earn an average salary of $71,550. This alone is a big expense to take on. 

What’s more, you might not even have enough work to occupy an accountant full time. 

If you choose to outsource small business accounting, you only have to pay for what you need. You’ll save on overheads and payroll, and only pay for actual accounting, nothing else. 

You’ll Win Back Time if You Outsource Small Business Accounting

If you’re handling a lot of the administrative side of your small business accounting, this can eat up vast chunks of time. Reports state that 40% of business owners spend more than 80 hours per year on tax preparation alone.

Imagine if you could win back this time and devote it to growing your business?

If you outsource small business accounting, you can hand your time-consuming bookkeeping and tax prep tasks over to professionals.

You Might Save On Taxes

Another advantage of outsourced business accounting options is that you might be able to achieve tax savings. With outsourced business accounting services, you can get access to professional tax planning advice from a CPA or a CFO. 

They will be able to advise you on what tax planning strategies to put in place to legally minimize your tax burden each year. 

You Get Valuable Advice for Your Small Business

Tax planning isn’t the only advice you can access by outsourcing your small business accounting. You can also ask your outsourced CPA or CFO for advice on your business.

For example, here at CFO Network, not only do we take care of our clients’ books, but we help them control costs, gain visibility on operational costs, and provide actional data that can help you reach a new level of success in your business. 

Outsourced Accounting Is Easy to Scale

Besides being highly cost-effective, outsourced business accounting is also easy to scale. You don’t need to worry about hiring accounting staff if and when your business’s needs grow.

If you choose the right outsourced accounting service, they will handle your growing needs seamlessly. 

Are You Ready to Outsource Small Business Accounting?

Outsourcing small business accounting can save you money, win back time, give you access to savvy tax and business advice, and give you a competitive edge. 

If you’re ready to outsource small business accounting and start leveraging these benefits, we are here to help. 

We care deeply about the success of our clients, which sets our outsourced business accounting services apart. We get into the trenches with our clients and figure how to turn problems into opportunities and deploy effective solutions. 

Contact us to schedule a free consultation to discuss your needs today. 

Planning for Inflation

Planning for Inflation

For those of us on a calendar fiscal, we are probably getting into the process of planning for 2022 and beyond.  Since the GFC planning has been focused mostly around growth and a stable economy.  The 2022 planning cycle, given recent economic data points, could be...

What is Financial Analysis?

What is Financial Analysis?

Proper financial analysis for business is essential. Otherwise, you run the risk of encountering a large handful of different complications. In some cases, you may even find yourself facing legal issues. After all, the money at your business is its lifeblood. Not...

Understanding Outsourced Accounting

Understanding Outsourced Accounting

Did you know that outsourcing can save your business money? It's true! Outsourcing business functions like accounting can save you time and money. If you've been wanting to learn more about how outsourced accounting can actually save your business money, we've...