If you’re interested in outsourcing the accounting services Cape Town has to offer, it’s important to be aware of the common myths surrounding outsourced accountancy. Not being able to separate fact from fiction can cloud your decision-making, which could rob you of the value that accounting services offer, especially if you’re a small business owner.
As a small business accounting firm, SureBooks is here to set the record straight regarding the accounting services Cape Town has to offer. In this quick read, we’ll be debunking some of the most commonly held misconceptions about accounting services and highlighting their value to small businesses.
What Is The Difference Between Outsourced Accounting & In-House Accounting?
While there are several similarities when it comes to their roles and responsibilities, outsourced accounting and in-house accounting are wildly different. If you employ an in-house accounting team, you’ll have to train your staff internally so that they can handle financial tasks. You’ll also need to set aside your funds to pay your in-house accounting team a full-time salary with employee benefits. Additionally, in-house accountants may have far less time to fulfill their duties due to a lack of resources or other responsibilities they may have to adhere to.
Outsourced accountants, however, are trained by external experts so that they’re fully equipped to manage the financial operations of a business as soon as they’re hired. With an outsourced accountant, you can gain access to reporting and tracking as they have more time and resources to dedicate to these kinds of tasks. Outsourced accountants are also far more affordable as you pay for the specific services related to the needs of your business. If you have specific areas in your company that need to be addressed but don’t have the funds to hire an in-house accounting team, outsourced accountants are the way to go.
Accounting Services Cape Town: Top 10 Myths About Accounting Services
As a small business, maintaining competitive advantage in such a rapidly changing business landscape can make or break your company. Accounting services, however, have emerged as a valuable tool for small businesses to keep afloat and pivot their company to success. Despite the many benefits that come with outsourcing accounting services, there are many misconceptions surrounding these services.
If you’re not sure whether to invest in the accounting services Cape Town has to offer due to these misconceptions, we’ve debunked some of the most common myths for you below:
Myth 1: Accounting Services Are Not Affordable
One of the main reasons why so many startup owners and entrepreneurs veer away from accounting services is that they believe outsourcing these services is too expensive. Small businesses have far less funds than large enterprises, which is why they are so careful about the expenses they choose to invest in.
While outsourcing the accounting services Cape Town has available may come at a cost, outsourced accounting is highly cost-effective for small businesses. In-house accountants come at a far greater cost that outsourced accountants as business owners need to account for hiring, training and retaining fees. The reality is that outsourced accounting services are a scalable alternative to in-house accounting.
Myth 2: You Lose Industry-Specific Expertise With Outsourced Accounting
A commonly held myth surrounding outsourced accounting firms lack the expertise to handle industry-specific needs. This, however, is totally untrue. If anything, outsourced accountants are the perfect candidates for having industry-specific expertise as they are highly trained in compliance and industry regulations as well as sector-specific knowledge.
Accounting firms like SureBooks go out of their way to employ professionals that are not only expert accountants but also have the flexibility to tailor solutions for unique business requirements. Whether you’re seeking assistance with property management or staffing, outsourced accounting firms are sure to have accountants that can see to your specific needs efficiently.
Myth 3: Outsourced Accounting Services Are Only For Large Corporations
Some small businesses owners opt for in-house accounting or managing their accounts themselves over outsourced accounting as they believe it to be valuable for only large corporations. While several small and mid-sized business owners may believe this misconception, it could not be farther from the truth.The truth is that the accounting services Cape Town and the rest of the world has to offer provide solutions for businesses of all sizes.
Instead of expending costs on hiring an in-house team, small business owners can gain access to professional expertise and finance management with outsourced accounting. This way, small and mid-sized business owners can reap all the benefits that come with hiring a professional accountant at a fraction of the cost.
Myth 4: Hiring Outsourced Accountants Leads To Hidden Costs
While the accounting services Cape Town has to offer come at affordable pricing, many small businesses owners believe there to be unexpected fees or hidden expenses when outsourcing accountants. In reality, however, outsourced accounting firms like SureBooks are fully transparent about the costs involved for the services they offer. With accounting services, you can ensure cost predictability due to their transparent pricing models.
So long as you’re investing in a reputable small business accounting firm, you can trust that you’ll be offered detailed cost breakdowns upfront without the worry of incurring additional fees without your knowledge. This way, you can budget effectively with the peace of mind that your finances are fully secure.
Myth 5: You May Compromise Your Data Security By Outsourcing Accounting Services
As a small or mid-sized company owner, you’ll know that data security is crucial. Without proper cyber security, enterprise owners run the risk of theft, breaches and internal fraud. If you want to protect your data, you should always ensure that customer data is secure and that the confidentialities of your business are safeguarded. While some business owners may believe that outsourced accountants may compromise your data security, this is a common misconception.
In actuality, small business accounting firms like SureBooks go above and beyond to ensure that your business data is fully secure. By adhering to stringent security protocols like multi-factor authentication and encryption, you can trust that outsourced accountants will implement strict security measures to safeguard your data.
Myth 6: Outsourced Accounting Services Don’t Maintain Transparency & Control
Another commonly held misconception regarding outsourced accounting services is that they completely lack control and transparency. This statement, however, is untrue.
The truth is that when you outsource your accounting services from firms like SureBooks, you’ll be gaining access to analytics and real-time reporting. This is because outsourced accounting firms maintain full visibility for the clients, they assist by implementing cloud-based accounting solutions. This way, you can access the financial records of your business at any time through performance tracking and structured reporting.
Myth 7: Investing In Outsourced Accounting Results In Compliance Issues
One of the main priorities small businesses owners need to look out for is regulatory compliance. Not only is compliance a legal requirement, but it also protects your assets, your employees and your business. As small businesses have significantly less funds than large corporations, every penny counts, which is why it’s important to avoid penalties and other potential risks with compliance.
Thankfully, you can trust that expert small business accountants will implement strict regulatory compliance no matter what. Here at SureBooks, our team of professionals are regularly up to date with evolving legal requirements so that you can avoid any compliance risks.
Myth 8: Quality Suffers When You Outsource Accounting Services
Some business owners believe that outsourcing your accountants leads to a decrease in quality for the business overall. While outsourced accountants may not be employed as in-house accountants, this does not mean that the services they offer are less valuable. If anything, outsourcing accountants could enhance the quality of your business.
Due to their flexible nature and affordable pricing plans, the accounting services Cape Town has to offer pair exceptionally well with small and mid-sized businesses. Accounting firms like SureBooks hire only the highest quality experts with experience in various industries to provide you with the best accounting services Cape Town has available.
Myth 9: Outsourced Accounting Offers Limited Resources
If you’ve ever outsourced an accountant or worked with a small business accounting firm like SureBooks, you’ll know that investing in their services provides you with a diverse range of resources and services.
Suggesting that outsourced accountants have a limited set of skills and services is completely unfounded as they are trained to provide a comprehensive suite of roles and responsibilities to your business. From audit support and bookkeeping to tax preparation and payroll processing, you can rest assured that you’ll be gaining a wealth of resources when investing in outsourced accounting.
Myth 10: Outsourced Accounting Is All About Maths
While accountants may work closely with numbers on a regular basis, this does not mean the scope of their services boil down to basic arithmetic skills. Becoming an outsourced accountant requires a great deal of skills, experience and industry knowledge aside from the ability to work with numbers. When you invest in the accounting services Cape Town has available, you’re investing in several essential services that can pivot your business to success.
Additionally, automation and modern software have significantly reduced the need for manual calculations, so your outsourced accountant is more likely to be spending time advising you of tax laws or solving problems than crunching numbers.
Accounting Services Cape Town: Invest In Your Business’s Success With SureBooks
Despite the many misconceptions held around outsourced accounting services, investing in small business accounting firms like SureBooks is well worth your money. Instead of allocating hefty fees to recruit, hire and train a team of in-house accountants, you can save on funds by investing in outsourced accounting services that can be tailored to the specific needs of your small business.
From the comprehensive suite of services to the industry-specific knowledge offered by accounting professionals, you can rest assured that you’ll be adding a wealth of value to your company with outsourced accounting services.
To elevate your business with some of the best accounting services Cape Town has to offer, put your trust in SureBooks. Our team of highly trained professionals are experts in bookkeeping, business management and more, giving you access to expert business advice. Take the next step and invest in your business’s success with SureBooks today.
