Outsourcing your accounting and bookkeeping is always a great move for a business! It allows organizations to focus on building their business without worrying much on the technical details. It also ensures that good managerial accounting decisions are being made.
The outsourcing move is recommended because its something that is easily done and takes care of your accounting headaches. Without a proper understanding of the numbers there is no way to grow or make proper decisions about how to run the business, so you can quickly get this solved if you outsource.
Outsourcing accounting leads to a few key benefits:
- Saves the business owner time so that they can focus on their own business and passion (or maybe even take some much needed time to themselves!)
- Maintains accuracy and ensures a smoother year-end tax preparation period.
- Helps to see the “bigger picture” in the numbers so that more accurate decisions can be made. Without good numbers a business owner is “flying bling” and making decisions based on feelings, not facts.
- Reduced hiring cost and upkeep cost of accounting department.
Remote bookkeeping has become the latest trend in the accounting and finance industry because quality bookkeeping can be brought to a business owner from anywhere. Your accountant can be located anywhere and is still available wherever there’s wifi to provide top of the line service. With Beacon Cloud Accounting, creating invoices, tracking sales and purchases are easily entered without needing to hire someone trained in accounting software while giving your outsourced Accountant real-time access to collaborate and review accuracy of information with you.
Having an in-house team may be preferred by some businesses for a multitude of reasons which includes having a dedicated team or to process daily financials.
In-house accounting gives you the following benefits:
- Faster processing of financial needs for those who has higher volume of transactions to handle.
- Real-time advise on critical decisions.
- Faster preparation for year-end tax period.
- More cost-effective for larger organizations.
In cases where in-house accounting is preferred, a cloud based accounting system allows seamless and real-time teamwork between departments and the management. Using cloud software such as Beacon Cloud Accounting gives your business the flexibility to operate out of office and not limited by licenses or hardware compatibility issues.
*Choosing the right cloud software is important in the long run, a good software provider offers updates at no additional cost and is willing to support business needs for any customization and integration. Data access is always available even after subscription ends.