As a small business owner, you have a lot on your plate. And trying to focus on growing your business can be tough, especially when you have to deal with auxiliary demands, such as accounting. But, by outsourcing the accounting work, you can free up time and energy, and devote yourself to the number one goal: increasing your revenue.
Benefits of Outsourcing
You wouldn’t hire a plumber to fix a computer, or an electrician to be your chef. Likewise, accounting shouldn’t be done by those who are not trained to do it. A good accountant, who is well versed in everything from source documentation to financial analysis, can benefit your bottom line and identify ways to improve revenue that you might not have thought of.
However, hiring an accountant as an employee is costly, and if you’re a small business, providing them with the required benefits may strain your finances. This is where outsourcing comes in. Firms that offer accounting outsourcing services often have a much higher degree of expertise, because they’ve worked with clients from across multiple industries and have their staff take continuing education programs and certification courses.
Additionally, objectivity is always crucial when it comes to money. A firm that offers acconting outsourcing services may be more willing to guide a business owner on sensitive money matters than an employee would be.
The Cost of Small Business Accounting Services
But, let us return to the financial calculus. A recent survey by Northwest Staffing Resources found that employees typically end up costing 57 percent more than their intended salary. So, if you have an employee making $50,000 a year, they actually cost you around $78,500.
An outsourcing firm, on the other hand, typically costs about $3,000 a month, or about $36,000 a year. For a bootstrapped business, that’s a hard deal to pass up.
The Bottom Line
An accounting firm with outsourcing services can give you a competitive edge in the marketplace; you can scale more quickly, and gain more market share ahead of your competitors. The accounting firm can handle everything, from auditing and assurance services and bookkeeping services, to payroll and cashflow/budgeting analysis. Which leaves you to grow your business and watch it thrive.
Are you interested in accounting outsourcing services for your small business? Contact us today to learn more about the benefits of outsourcing services offered by Washington DC small business accounting firm, Charles P Myrick CPA. (202) 789-8898