The Benefits of Outsourcing Accountancy Services
There are hundreds of different rules and best-practices to both consider and understand when attempting to manage a business' or even an individual's accounts.
The consequences should you not operate within the rules can lead to hefty fines or in some cases, more serious legal action. Whilst the consequences of not complying with best practices can be slightly less severe, you may find that you are not working in the most efficient way and could be missing opportunities to save money.
Below we outline some of the main benefits we feel are true of outsourcing your accountancy services to an experienced accounting team.
Risk Minimisation
Potentially the most serious of all the benefits of outsourcing accountancy services is the minimalization of risk.
The consequences, should you make a mistake in your accounts can be devastating, no matter how innocent.
A qualified Chartered Accountant will have many years of experience in completing the exact work you are trying to carry out and is likely to have an understanding of every area that there is potential for mistakes to occur and know how to avoid these.
Accountants also have access to quality automated technology, enabling them to minimise any potential human error before it causes a problem.
Outsourcing accountancy services can be a huge relief for business owners, allowing them to focus on what they do best, safe in the knowledge that their accounts are in experienced and reliable hands.
Increased Productivity
By outsourcing your accountancy services, you will be able to streamline your workload, and potentially even increase productivity through tangible recommendations made by your accountant.
Areas such as your budget, invoicing methods and potential business development opportunities are all something that your accountant can advise you on, allowing you to focus on the ways in which these can improve your business' productivity and implement these ideas where possible.
Save on Costs
In order to meticulously track business accounts, a high-performance software such as QuickBooks is often used by business owners, sometimes, along-side other supporting technologies. The costs of these can vary dependant on your individual requirements, but it is worth bearing in mind the quality of software your chosen accountant will have access to, as well as their professional guidance.
When you take into account the cost of hiring, payroll, wages, training and anything else you may require, hiring a team member to complete your accounts in-house can often work out substantially more expensive than simply outsourcing an external accountancy service.
An experienced accounting firm will also be likely to produce a higher quality of work than you are may receive from a member of staff, due to being held to the high standards of their certifying body.
Expert Advice
By outsourcing accountancy services, you are likely to have access to a professional with higher levels of expertise than you may be able to afford as a member of staff.
Accountancy firms are required to continuously build on their skills and qualifications in order to remain competitive in the market. By hiring an external body, you will receive advice from an accountant who is both extremely qualified, and up to date with recent legislation and best-practices.
Scalability
If you have an employee who is responsible for your accounts, then should demand for their work increase or decrease, you are faced either with a lag time, or with paying the same wage for less work.
When you employ an external accountancy firm you pay by the hour and more often than not, are able to increase or decrease your retained hours as required.
Having the ability to scale your services without the concern of lag times can mean that you are paying for exactly what you receive each month.
We hope this has helped to summarise the benefits of outsourcing accountancy services for you, if you have any further questions or wish to speak to a member of our team about outsourcing your accounts then please do not hesitate to get in touch for a free, no-obligation quote.