Top 4 Reasons Why an Outsourced Finance Department is Right for Your Business
Updated: Oct 19, 2018
As a small business owner, you or a close friend or family member has probably been doing your books since day one. The idea of turning over day-to-day financial responsibilities to someone else seems crazy, right?! But is it? Is managing your company’s finances the best use of your time? Probably not, and here’s why.
1. You Should Focus on Your Core Competencies
Back-end office operations are a challenge that can consume much of your valuable time. Your business would be better off if you spend on your time on core competencies such as marketing, customer service, and improving your product offerings. Allow yourself to focus on what you do best by outsourcing your bookkeeping and accounting functions. You didn’t go into business to count money; you went into business to make money.
2. You Can Get More for Less Money
Smart entrepreneurs who operate on a tight budget know that outsourcing can significantly reduce operating costs. When you outsource your finance department to an accounting firm, you only pay for the accounting they do and nothing more. Having an in-house accounting staff means you have to deal with HR issues, wages, time off, payroll taxes, insurance, office space, and much more. Castle Business Accounting offers fixed-rate monthly pricing, so you will know the fee up-front and won’t get hit with a large hourly bill.
3. Professional Accountants Can Do a Better Job
You have expertise in your field. Accountants have expertise in the financial aspects of running a company. The CPA-led team of people who are going to handle your account are experts in small business bookkeeping and accounting. They have the experience necessary to maintain your books correctly and knowledge on tax and financial reporting rules to avoid accounting errors. Furthermore, the outsourced team will maintain your books in a timely basis all year long, making year-end tax prep a breeze and enabling you to have your taxes prepared early in the tax season and without the need for extensions.
4. You Can Grow Your Business with Ease
As your business grows, an outsourced accounting team can grow with you. All financial staff can be supplied through Castle Business Accounting and you can expand your company without having to hire and train additional finance department staff. Our firm will provide you with flexible options depending on your budget and goals.