Small Business Accountants: How Using Outsourced Accounting Services Can Save Money


Starting and maintaining a small business can be a costly and time-consuming endeavour. The task list of a small business owner is usually long, but some services can be outsourced, including payroll. Reputable small business accountants such as Surebooks will not only take the stress of handling payroll off your hands but can also save your business precious money.




How Outsourced Accounting Services Can Help Your Business Thrive


Businesses worldwide are facing unprecedented challenges: the emphasis on virality in marketing, economic uncertainty amid a global economy recovering from a pandemic, and reduced spending power among clients, to name a few. The pandemic has taught many small business owners that the landscape of running a successful business has changed. Decentralised or work-from-home office set-ups have also helped small business owners understand that some functions can be outsourced.


Reliable business accountants, like those hired at Surebooks, can help your business with outsourcing, as this measure is often cost-effective and requires minimal administrative oversight. Completing tasks such as payroll, taxes, or even balancing the books can be time-consuming and labour-intensive, and outsourcing is one of the ways to alleviate that stress.


Here are the ways in which outsourcing accounting services can save your business money:


Reduces overhead costs:


Gone are the days when accountants could do their jobs with only ledgers, a calculator and excellent record-keeping. Hiring and training a full-time on-staff accountant can be costly.


Specialised software is also required to handle modern accounting services, some of which can be expensive. By making use of outsourced small business accountants, you will save costs by only paying the price of the service.


Allows access to specialised technology:


The technology and software used in accounting are ever-evolving, and keeping up with the latest updates and innovations – while beneficial to streamlining operations – can run up costs. Outsourcing your needs to small business accountants such as Surebooks will benefit your business’s financial operations.


Higher business efficiency:


Accredited and reputable accountants have received the necessary training and education to help your business thrive. By utilising their outsourced expertise, the risk of often expensive errors is reduced, opening finances to be invested in other parts of the company.


Less risk of fraud:


Financial fraud is an issue with any business and has the potential to cripple a burgeoning business. Outsourcing your needs to reputable accountants means there are expert eyes that can quickly identify any fraudulent finances, and this protects your business from significant financial loss.


More time to focus on other areas of business:


Managing your business’s finances can be time-consuming and tedious, and as any good business owner knows, many things need attention. Small business accountants can free up your time to focus on things such as improving service delivery, exploring new ways to attract clients and improving client satisfaction, among others.


The business assumes less risk:


When working with a reputable accounting firm, there is less risk assumed by your small business. This is because your accounting will be adequately handled regardless of whether an employee is ill, on vacation, etc.


Outsourced employees are typically more reliable than in-house staff, as numerous employees can ensure your financial demands are satisfied by the stipulated deadline. This means there is a zero to no chance of the ball being dropped when outsourced services are used.


Your business finances are kept “on track”:


Reliable accounting services are vital and the lifeblood of any business. Without proper record-keeping and balancing, it is straightforward for a small, independent business to fail. The movement of all business finances needs to be tracked, as inaccurate estimations on profit margins, supplier costs, etc., may contribute to improper spending and an eventual lack of capital.




How To Spot Reputable Small Business Accountants


Two challenges typically come with finding reputable accountancy services, and these are 1) understanding what your business needs from an outsourced accounting service and 2) finding the right fit for your business needs. The latter is significant, as the small business accountants will ensure that everything is financially sound.


More outsourced accounting options are available than ever, and the precedent of work-from-home culture has also meant that geographical borders are no longer an obstacle in finding a quality service provider.


Here are some tips on how to find reputable service that suits your financial needs:


There are several portals available to help you get started on the start for small business accountant services, including:


  • SAICA (South African Institute of Chartered Accountants)
  • CIMA (Chartered Institute of Management Accountants)
  • ACCA (Association of Chartered Certified Accountants)
  • ICSA (Institute of Chartered Secretaries and Administrators)
  • IRBA (Independent Regulatory Board for Auditors)
  • IFAC (International Federation of Accountants)
  • IIASA (Institute of Internal Auditors South Africa)
  • SAIPA (South African Institute of Professional Accountants)


Here, you can find local accountancy services to suit your needs, and some portals even allow you to check according to accounting specialisation. This is useful in helping to determine the small business accountants that will best suit and fulfil your business needs.


Once you have composed a short list of potential services readily available for the job, you can check their accreditation. Usually, this can be found on any accredited small business accountant’s official homepage, but you may also request proof of certification.


If you are satisfied with your potential small business accountants’ accreditation, you may also request a list of references. This will allow you to hear directly from other clients who have also worked with your shortlisted options and can honestly speak about the service’s quality.


Once you have created another shortlist based on the reviews you’ve received, arrange introductory chats with the candidates you feel most strongly about. Prepare some questions, and be clear about your small business needs, as this will help you find the right fit.


Questions To Ask


1.Which services do they offer, and what are their speciality areas? This will help you determine whether the accountants on your shortlist can service your needs and how much value their service will add to your business operations.


2.How much does the service cost? This will be one of the prime factors in determining the small business accountants you will be working with. Many different payment structures are in place; for example, some services charge according to workload, while others charge a monthly retainer fee, much like a subscription. Knowing which payment plan best suits your business needs can also save money.


At Surebooks, our customers can choose between various payment plans, allowing them the freedom to choose what suits them best.


3.How do small business accountants prefer to keep in touch, and how often? This factor will determine how well each accountancy service will factor into your daily operations.


4.How the small business accountants can help your business grow. This is a fundamental question, as this will determine the value an outsourced accountancy service can add to your small business.


While the above questions may help you find reputable small business accountants, there are also red flags to look out for when looking for a suitable candidate.




Red Flags While Searching For Small Business Accountants


While searching for reputable small business accountants, you may stumble upon some options that may not have your small business’s best interest at heart. Unfortunately, this may be difficult if you do not know what to look for. Here is how to spot red flags when it comes to accountants:


They are dishonest about accreditations and/or qualifications:


This red flag should never be ignored, as allowing incapable accountants to access your business’ financial records could result in significant losses. Honesty and transparency are two crucial pillars in the accounting and finance industries, and most – if not all – small business owners would be hard-pressed even to continue an introductory meeting with a dishonest accounting service.


Ensuring the accountants chosen are adequately (and above all, legally) qualified and certified will allow your company to thrive, as the frameworks are in place to deal with industry-specific challenges and calamities. At the most basic level, the accountants you choose should be knowledgeable on local tax laws, accounting, financial reporting, and local company laws.


Our Surebooks small business accountants are experienced, qualified and efficient. Reach out to us for a consultation today!


They do not understand the industry or sector of business:


Industry experience is nearly as crucial as being adequately qualified in accounting.


While there are many similarities in how businesses are operated, there are specific guidelines and regulations for different sectors or industries. If prospective accountants do not have a firm understanding and experience within your business’s specific industry, it will affect their ability to help your business thrive. Expert knowledge of a particular sector will help your business grow from strength to strength.


They make use of outdated accounting software and technology:


Accountants making use of outdated software have the potential to impact your business’ growth negatively. As new challenges emerge in the world of business, the world of accounting also grows to provide solutions to those issues. This means that outdated software can potentially leave your business and its finances ill-prepared for any woes that may be on the horizon.


They suggest making use of dishonest or illegal practices:


It is considered a major red flag when an accountant indicates that a small business owner engages in illegal or unethical practices. This can range from tax evasion to falsifying financial reports. No trustworthy accountant will recommend that your business does any such thing, and if they do, move along to a more transparent service such as Surebooks.


More About Surebooks’ Services


Surebooks provides several comprehensive services to streamline your small business accounting needs. Whether payroll services or full small business accountant access, we’ve got you covered. SAICA or SAIPA accredits all our accountants, and we pride ourselves on being registered tax practitioners at SARS.


Our leadership understands the needs of entrepreneurs and business owners, as they are business owners themselves and have extensive experience in blue-chip-level accounting practices. We have more than 20 years of experience in successful accounting outsourcing services. Reach out to Surebooks for a complimentary consultation ad quote at today!


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