When running a business, you are faced with three options when it comes to handling the finances of your business. You can either do the accounting yourself, hire an in-house accountant, or outsource to a small business accountant. We look into 6 reasons why your business will benefit from outsourcing your business accounting to a small business accountant, and why SureBooks is the best small business accountant to partner with.
6 Reasons to Outsource Your Business Accounting:
We have outlined the various reasons why your business can benefit from outsourcing your business accounting to a small business accountant.
A common misconception about outsourcing your business accounting is that it will cost your business more, which is why most businesses opt for in-house accountants. We have outlined the various other expenses an in-house accountant comes with that an outsourced business accountant will not cost your business.
Wage / Salary: All in-house accountants will require either a wage or salary. This will be a monthly expense that your business will have to budget for every month and incur enough revenue to cover. Additionally, depending on your business location and industry, the salary or wages may be higher for hiring an in-house accountant. When you outsource your business accounting, you only pay for the exact accounting or payroll services your business uses.
Taxes: With all salaries and wages comes PAYE taxes. You will be responsible for making sure you are compliant with these costs and will have to work these into your salary amount to ensure you are competitive with other businesses for employee sourcing. With an outsourced accounting service, you can enjoy the benefits of paying for your service without worrying about the taxes associated with hiring an in-house accountant.
Employee Benefits: Most companies offer employee benefits to make them desirable for employees, such as paid vacations, retirement packages, or the use of a company car. While this can be a benefit to your business, an additional employee is an additional expense as you will have to offer these benefits to them. By outsourcing your business accounting, you do not have to incur the extra expenses of offering business benefits to an in-house accountant.
Overhead Costs: In-house employees come with additional costs. You need to rent an office space, provide your employees with the correct equipment and supplies, and then train your employees. If you are a small business, the additional costs of equipment and accounting software for an in-house accountant may not be viable for your business. By outsourcing your business accounting, you avoid the expenses of overhead costs that you would incur with an in-house accountant.
By outsourcing your business accounting, you do not have to deal with these various expenses associated with an in-house accountant. SureBooks is an affordable small business accountant that will be a cost-effective way of accurately handling your accounting and payroll requirements for your business.
2) Professional Accounting:
Outsourcing your small business accounting will provide you with a professional accounting service. You can reap these various benefits of professional accounting services.
Errors: Errors in accounting can be devastating for your business, especially errors that go unnoticed. When you outsource your business accounting to a professional accounting service, you can rest assured knowing that all your business’s books will be consistently reconciled. If any errors do occur, they will be immediately noticed and rectified to ensure that your books are accurate.
Fraud: Fraudulent transactions can be detrimental to a business. An outsourced, professional accounting company will need to uphold its reputation by offering a trusted accounting service. This reduces your risk of fraudulent transactions that can negatively impact your business.
Legal Consequences: Inaccurate records, late tax payments, and fraudulent transactions can have severe legal consequences for your business. Inaccurate records and late tax payments can result from simple errors or missed deadlines, but they will still end up being an unnecessary expense for your business. When you outsource your business accounting, you reduce the risks of legal consequences for your business as your business accounting will be handled professionally.
Up to date: A professional outsourced accounting company will keep all your business accountants up-to-date. They will also ensure that you are continuously informed on the financial situation of your business so that you can make the best decisions for your bottom line.
Ultimately, an outsourced small business accountant is increased security for your business. You will receive security against errors, fraud, legal consequences, and from falling behind in your business accounting. You will also receive assurance that a professional outsourced accounting company will maintain the confidentiality of your work and protect your financial documentation from fire damages or theft.
Place your business accounting in the hands of professionals to ensure that your business receives high-quality management and security. SureBooks is a company comprised of seasoned accountants that will provide you with a professional accounting service that will benefit your business.
3) Latest Software:
As a business, you may not always be up-to-date with the latest accounting software, or you may not have the resources to change to the latest software, or you may not have the time to send your in-house accountant for training on the latest software. Using outdated accounting software for your business accounting has these various downsides.
Affected Business Decisions: An outdated accounting software will not have the latest reporting, analytics, or accounting intelligence that enables faster access to your business’s financial data. Outdated accounting software can then affect your business decisions as you are delayed by your financial information or cause you to make poor business decisions based on inaccurate financial information.
Increased Expenses: While you may feel that you are saving expenses by not updating your accounting software, outdated accounting software can have expensive ramifications for your business. Outdated accounting software can slow down your in-house accountants, which can cost your business on paying for their time if you pay your accountants hourly. Your business operations will become affected, which can damage your revenue opportunities. If your competitors are using the latest accounting services, you are also then providing them with the advantage to take over your revenue avenues.
You can either go through the effort of updating your accounting software or outsource your business accounting to a small business accountant that is already equipped with up-to-date accounting software.
SureBooks uses Xero, the latest accounting software, for your business accounting. By using Xero, SureBooks can keep ahead on accounting practices. Xero has numerous features that ensure that your business accounting can be done quickly, efficiently, and improve business operations. A few of these Xero features include capturing data automatically, bank reconciliation, accurate reporting, and instant VAT return calculations.
By partnering with SureBooks, you partner with a small business accountant that is proficient in the latest accounting software to benefit your business.
For businesses, time is an invaluable asset. You need to make sure that you are always spending your time wisely so that your efforts are going towards ensuring the success of your business is maintained and that you are growing your business. You need to have your attention fully focused on your business, which means that you need to hire the services of an accountant.
Finding an in-house accountant that understands your industry, will be easily integrated into your workplace culture, and can provide you with a professional accounting service that helps your business grow can be time-consuming. If accounting, bookkeeping, and financial advice are not your area of expertise, you will be spending a lot of time researching questions to adequately interview your prospective accountants. Then there is the time-consuming process of allocating days to the interviews. Overall, finding an in-house accountant can be highly time-consuming.
When you have an in-house accountant, you also run the risk of the time-consuming process of finding a substitute accountant if your accountant is sick, takes a holiday, or goes on maternity leave. You can then end up with a sub-standard part-time accountant that wastes precious business time as you have to get them quickly up-to-date with your business financial situation.
By opting for an outsourced small business accountant, you will know that your accounting is always being handled in a timely fashion, and not being side-lined by other day-to-day business requirements that can take up your time and attention.
SureBooks will take away the time you would need to spend on your accounting. We handle your business accounting promptly so that you always receive real-time updates on your financial situation.
5) Better Use of Business Personal:
Instead of hiring an accountant, your business may have delegated the business accounting requirements among your current employees. This decision was meant to save your business the expenses of an additional employee, but it can have expensive ramifications.
By spreading your accounting among your business personal, you increase the risks of errors, legal consequences, and employee fatigue. When you outsource your business accounting, your business personal can focus on their roles in your business and engage in revenue-increasing services.
SureBooks will provide your business accounting with the dedicated attention it requires and deserves to ensure the continued success of your business.
6) When Employee’s Benefit, Your Business Benefits:
A major aspect of business accounting is payroll for your business employees. If you are handling your business accounting, you run the risk of late or inaccurate employee payments. This can then upset your employees, and reduce their dedication or productivity levels in your business.
By outsourcing your business accounting to SureBooks, you receive peace of mind that your payroll will be handled efficiently. Your employees will be paid accurately, on-time, and we will also ensure that your payroll is SARS compliant. We make sure your employee payroll is professionally handled so that they continue to enable your business for success.
About SureBooks Small Business Accountant:
SureBooks is a small business accountant that offers accounting and payroll services. We are comprised of a team that is dedicated to ensuring the success of your business through accurate, efficient, and professional accounting services.
SureBooks is a trusted small business accountant that is the perfect partner for your business. We will add value to your business through our financial managerial efficiency and by assisting in business financial decisions that will help your business bottom line growth, and thus ensure the future of your business.
If you are interested in partnering with SureBooks for your outsourced business accounting, you can easily get in contact with one of our professional staff members. Alternatively, you can also fill in a quick onboarding form, and we will then get in contact with you when most convenient. SureBooks is the small business accountant partner that will always put your business and needs first.
Outsource your small business accounting to SureBooks to reap the numerous benefits for your business.