01.24.19
Is it time to Outsource?

“What do you need?”

Most people answer this question with either saying they need more time or money. Many people say both. Let’s discuss the potential for both.

Doing things accurately the first time around will always save you time and money in the long run. So why not ensure your company’s finances are in order now? Think you can’t afford a professional accounting firm? Think again! Today, we’re sharing some thoughts on outsourcing your accounting services.
Thanks to technology, outsourcing has never been a more viable option than it is today. In many cases, outsourcing is more efficient and cost-effective than hiring an employee to focus on your accounting needs. If you’re a small business owner, you may be wondering “How do I know it’s time to make the switch?” The answer to this question will vary from one company to the next, but it’s generally a good idea to outsource if you:
  • Want to save money.
  • Want to save time.
  • Need financial or accounting expertise.
  • Want more control over your financial processes.
  • Want an extra layer of protection for your finances.
  • Plan to grow or expand.

Regardless of how new your business is, it’s better to outsource from the beginning when things are still small. The larger your company gets, the harder it will be to maintain your own accounting staff.  Remember, it will save you time and money to have things taken care of accurately from the beginning. In fact, smaller companies can really benefit from the expertise and guidance that only a professional accounting consultant can offer.

While it’s scary to consider, you should keep in mind the type of employee you may hire while you’re small. In the early days of business, funds are usually tight. You may not be able to attract the type of employee you need if you can’t offer the same salary and benefits packages as larger organizations. In this situation, at best you can expect an inexperienced employee. At worst, you may be making yourself a target for fraud. In fact, fraud is a much bigger issue for small companies than for large corporations.

Thankfully, you can bypass these issues and focus on what you do best by outsourcing. You’ll be able to manage fewer people and leverage our experts who know what they’re doing from the start. They can offer you valuable insights based on their knowledge of GAAP and IRS procedures. Plus, you can expect greater efficiency due to their expertise and fine-tuned processes.

If you’re considering outsourcing your accounting, contact us for more information. We’re always happy to discuss and go over your unique situation in more detail. Please reach out to a Purk and Associates team member at(314) 884-4000. We’re always happy to help!

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