As a growing business, it helps to focus on your core operations to grow your business. However, this is near impossible, as most growing businesses are typically a one-person affair or understaffed, as they do not have the financing to hire sufficient staff.
You will often find a single person has to juggle multiple tasks like invoicing, tax filings, payroll, marketing, and accounting. That person does not have the expertise to complete all the tasks competently, introducing inefficiencies, which can cost you up to 30% in revenue.
That’s where outsourcing the accounting function comes in handy. Let’s examine how outsourcing accounting tasks can help support your growing business.
1. Cost Savings
When you outsource your accounting needs, you don’t have to worry about staffing overhead, purchasing accounting software, or maintenance that comes with running an internal accounting department.
Rather than paying a full-time accountant a set salary, you can pay for their services on an as-needed basis through outsourcing.
2. Industry Expertise
Different types of businesses require different accounting approaches. If you hire an accounting company, you can take advantage of their expertise in areas like tax readiness, bookkeeping, audit readiness, and consultation.
For instance, Litrivis CPA PLLC has plenty of experience serving Fortune 500 and small and mid-size companies. We have served clients in diverse startup industries, such as:
Family-owned stores
Construction
Real estate
Fashion
Marketing/branding/advertising firms
3. Enhanced Decision-making
Outsourced accounting teams can provide reliable financial reports and analysis when needed. They can even provide access to real-time insight and data.
You can use this information to make data-driven decisions for your company, which makes your firm 3-times more likely to improve decision-making.
4. Scalability and Flexibility
When you work with an outsourced accounting team, you can scale up or reduce the scope of your accounting services as needed. As a result, you can easily adjust your accounting services to accommodate the fluctuating needs of your business, whether due to seasonal variations or rapid growth.
5. Time Savings
Outsourcing your accounting functions gives house staff more time to focus on the company’s core activities. Your team will no longer need to spend countless hours retrieving, updating, and sifting through financial data.
Final Word
For growing businesses, outsourcing accounting functions can be a smart move. It allows you to save money, access industry expertise, save time, scale up when needed, and concentrate on your core activities.
If you need assistance streamlining your accounting processes, don’t hesitate to consult Litrivis CPA PLLC’s team of qualified accountants. Contact us today to learn how outsourcing your accounting services function to our firm could benefit your growing business.
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