Small and new business owners often find themselves juggling the day-to-day responsibilities of operating their business with complex, time-consuming accounting and finance tasks. As a result of the COVID-19 pandemic, management teams realize, now more than ever, that they need better visibility into their business’ financial position and accurate financial reporting. Outsourcing accounting and finance operations to third-party experts can lead to the following 3 benefits:
1. Reduce Business Costs
Hiring a full-time controller or bookkeeper comes with high costs for salaries, benefits, and technology. By outsourcing your bookkeeping to a third-party, you will pay a fraction of the cost of full-time employees, only pay for the services you need, and eliminate employee training costs and turnover.
2. Direct Access to CPAs & Minimize Reporting Risk
Never deal with mishandled accounts and unorganized reports again. Outsourced accounting advisors are typically CPAs and have extensive client service experience working at global and nation-wide public accounting firms. Often bookkeeping professionals do not have the formal training or certification needed to avoid costly reporting errors. In order to ensure accurate results and minimize financial reporting risk, it is recommended to have certified accountants keeping an eye on your business.
3. Increase Focus on Your Business Operations
Business owners end up spending valuable hours making journal entries, closing the books, ensuring the books are accurate, and trying to figure out how the business actually performed! Outsourced accounting advisors are the perfect solution to help you and your management team focus on your core business operations.
At CFOx, we help small or new business owners realize the benefits of outsourced bookkeeping. For more information on how we can help your business, please reach out to [email protected].