Running a successful business demands your full attention. But when bookkeeping tasks pile up, it can distract you from your primary goals. Managing your own books might seem feasible at first, but as your business grows, so do the complexities of its finances. Outsourcing your bookkeeping and controller level accounting needs can be a game-changer, allowing you to focus on what truly matters.
Want to take that heavy weight off your shoulders? Here are 7 reasons why hiring an outsourced Client Accounting Service firm could be the smartest move for your business.
Avoid the High Cost of Training
Hiring an in-house bookkeeper or accountant comes with hidden costs, particularly when it comes to training. New hires need to be trained on your accounting software, understand your company’s specific needs, and be kept up to date with the latest accounting and IT systems. This process is both time-consuming and costly.
Outsourcing eliminates these concerns. When you partner with a professional outsourced Client Accounting Services firm, like One 8 Solutions, you gain access to trained experts who use the latest accounting software and understand the nuances of financial forecasting, budgeting, and business advisory services such as cash flow management and risk tolerance to strengthen resiliency.
Another benefit is that outsourcing allows you to avoid the costs associated with frequent turnover. As your business grows, the complexity of your financial operations increases, which can lead to higher rates of employee turnover if your in-house team isn’t equipped to handle the added responsibility. The problem is solved when you sidestep this issue altogether, with consistent, high-quality accounting services without the headache of continuous training.
Save Money and Maximize Discounts
Let’s clear up a common misconception: Outsourcing your bookkeeping and accounting needs can lead to significant cost savings. While many business owners assume that in-house bookkeeping is more economical, that’s not always the case. For instance, One 8 Solutions is a Qualified Solutions Provider aka QuickBooks reseller, which allows us to offer exclusive discounts to our clients.
You could save up to 50% on the first year of the full suite of QuickBooks Online if you’re migrating from QuickBooks Desktop products or enjoy a 30% discount for new users on QuickBooks Online subscriptions and attachments, such as payroll and payments accounts. These savings, combined with the elimination of in-house training costs, make outsourcing a financially wise choice.
In addition to direct savings, outsourcing can reduce overhead costs associated with maintaining an in-house accounting team. You won’t need to invest in additional office space, equipment, computers, or software updates. The cumulative effect of these savings can significantly impact your bottom line so you can allocate resources toward sales, marketing, and growth initiatives.
Access a Detailed Financial Assessment
Ever heard this phrase? “Numbers don’t lie, but then again, numbers alone don’t tell the full story.” Jonathan Bello, Owner and Founder of One 8 Solutions, and Insightful Accountant’s top 100 ProAdvisors Award winner for seven years in a row, said it recently at a conference. He knows that comprehensive analysis and insight are necessary to understand the bigger picture of what’s going on at a company.
“We take the time to understand your business goals and customize our accounting services to help you achieve them. Being proactive, communicating often, and working closely with one of our account managers is the start. It’s important that we streamline your financial processes and that your reporting is done accurately and on time.”
Expert outsourced Client Accounting Service firms need to go beyond simply managing your books. They should provide in-depth financial analysis that can help you identify trends, optimize cash flow, and uncover opportunities for cost savings. Detailed assessments can help you make informed decisions that drive growth and improve profitability, giving you a competitive edge in your industry.
Free Up Time to Focus on Growth
Free time doesn’t have to be a dream; it can become real. By outsourcing your bookkeeping and accounting needs, there’s free time to focus on what you do best, growing your business. If you’re bogged down with day-to-day financial tasks and contemplating risks, it can zap your energy. Wouldn’t it be better to direct that energy towards innovation, profitability, and expansion?
Knowing that your financials are in expert hands, you can check items off your list; financial statements, reconciling bank accounts, tracking accounts receivable, monitoring cash flow, and consistent budget and forecasting updates. An outsourced accounting firm can keep you on track with your business goals.
Additionally, the time saved from outsourcing can be reinvested into strategic initiatives that inspire growth. Whether it’s developing new products, expanding into new markets, or maintaining 5-star customer reviews, outsourcing gives you the bandwidth to focus on the core areas that drive your business forward.
Leverage Specialized Knowledge
There’s also specialized knowledge and expertise that outsourced Client Accounting Service firms bring to the table. This is particularly beneficial if your business operates in complex industries like the trades, professional services, or manufacturing. Experience and trust count when choosing a firm that understands your business, the latest financial regulations, business advisory, and how to stay compliant to avoid any complications with the IRS.
Standard bookkeeping tasks are a given. But what about strategic advice and insights that are tailored to your industry? This helps you make better financial decisions to meet your short-term and long-term goals. In times of growth, transition, or economic instability, having this expertise can be a lifeline for your business. The Boy Scouts had it right, “always be prepared.”
Benefit from Flexibility and Adaptability
A Client Accounting Services firm offers flexibility and adaptability that an in-house team simply can’t match. Whether you’re expanding rapidly, facing seasonal fluctuations, or required to take a step back due to an employee’s unexpected family situation or illness, an outsourced firm can easily adjust its services to meet your changing needs.
Look for customizable service packages that can scale with your business. This flexibility allows you to pay for only the services you need, when you need them, making it a cost-effective solution.
In the face of change and uncertainty, outsourcing your accounting needs allows your business to remain agile. Whether it’s adapting to new regulations, scaling operations, or responding to market shifts, an outsourced Client Accounting Services firm can quickly respond to your demands without the delays and costs associated with training, or stress about downsizing your in-house team.
Enhance Security and Reduce Risk
Security is always a hot subject when it comes to handling sensitive financial information. At One 8 Solutions, we strictly adhere to IRS and FTC guidelines to ensure your financials are protected. We also work closely with leading Cyber/IT firms that focus on security, keeping our team up to date on the latest best practices. Plus, our workflows, like multiple approval points from bill entry to payment, provide you with added peace of mind.
In addition to protecting your data, outsourcing also mitigates the risks associated with internal fraud. By having an external firm handle your finances, you create an additional layer of oversight that can reduce fraud and uphold transparency in your financial activities.
Jonathan Bello knows this only too well. “Unfortunately, internal fraud happens more than you know and it’s a business owner’s nightmare. You’re so busy working, not checking the books, and trusting employees who’ve been with your company for years. Then all of a sudden, it’s too late. You’ve been swindled.”
How do you choose the right accounting partner?
Look for a firm with a proven track record in your industry. An outsourced Client Accounting Services firm’s expertise should cover all your needs, from tax compliance to financial reporting, business advisory services, with the ability to handle unexpected challenges and help a business become resilient. A company with deep industry knowledge can anticipate potential issues and provide solutions that are tailored to your business’s unique requirements.
Make sure they’re easy to reach and respond to your needs. Whether it’s by email, phone, client portals, video conferencing, or in-person meetings, determine the most effective way to connect. Choose an outsourced company that can accommodate your schedule — within reason of course. Urgent financial matters matter, and so does expert advice when you need it.
Timely responses and efficient service are crucial. It’s also important to find a company that’s quick to respond and can handle any issues or questions right away. Promptly addressing problems and maintaining smooth financial operations are vital for keeping your business’s integrity intact. Plus, being proactive to stay ahead of deadlines and financial reports. A reliable accounting partner always delivers services on time.
A good accounting firm keeps you informed about important updates. There will always be industry changes and potential risks, so clear and regular communication is fundamental to building a strong partnership. As accounting professionals, they should be able to explain complex financial concepts in simple terms, so you understand your financial position and the decisions that are being made.
Understand the costs and structure of outsourced bookkeeping services. Whether the firm charges for an assessment or offers a variety of customized packages according to the size of the company, make sure their pricing is transparent and aligns with your budget. Knowing exactly what you’re paying for helps avoid surprises, the kind that don’t come in little blue boxes. You should expect and receive value from your outsourced provider.
Final Thoughts
Hiring an outsourced Client Accounting Services firm is more than just a cost-saving measure— it’s a strategic move that can boost your business’s growth. By partnering with the right firm, you gain access to specialized expertise, time-saving processes, and valuable accounting insights that can help you scale your business.
In a sense, they’re outsiders who know what’s going on, on the inside.
At One 8 Solutions, we offer comprehensive, tailored solutions that allow you to focus on what you do best. Whether you’re in the trades, professional services, or manufacturing sector, we have the experience and capability to handle your business accounting needs with precision and care.
If your company is looking for a trusted partner to manage your accounting tasks and responsibilities, schedule a complimentary Zoom consultation today. Outsourcing your accounting could be the right decision as you gear up for Q4 and the upcoming year.
