On a regular basis, I speak with business owners who are reluctant to outsource their accounting and financial responsibilities. Often their reasons are based on myths surrounding the idea of outsourcing or even just the term itself. For the companies that do embrace this option, I’ve seen them experience higher efficiency, less stress, and more opportunity to grow their business.
To help you better understand the true benefits of outsourced accounting let’s bust several of its myths wide open.
Myth #1: “I already have a bookkeeper, I don’t need any help.”
Fact: Most bookkeepers are juggling too many responsibilities. Outsourcing some of those is a cost-effective way to complement your existing staff, allowing them to focus on key areas and have a more significant impact on the company.
Or maybe you require a deeper level of financial knowledge to support your growing business. It can be cost prohibitive for many companies to hire an entire accounting and finance department – outsourcing allows a company to reap the benefits of a high-level department without the cost and stress of hiring and maintaining one.
Myth #2: “If they are not physically present in my office then they are not really working.”
Fact: With today’s technology advancements location is a non-issue, and outsourced professionals naturally become an extension of your internal team. You won’t need to worry about when an employee goes on vacation or is out on unexpected leave – events that can cause significant disruption to a business.
The outsourced option allows you to widen your circle considerably versus hiring for an office location. It provides you with the ability to select the desired skill sets and level of expertise you need instead of choosing from a small pool of candidates within a certain radius of your location.
Myth #3: “I’ll lose control of my business.”
Fact: Utilizing the expertise of an outside professional to manage accounting responsibilities can actually provide you with even more control. Accounting processes will be standardized and followed each and every time, which results in more accurate and timely financial data. This enhanced control helps you to make better, more informed business decisions. By having your books kept up-to-date by experts, you gain better visibility into your financial health and can respond quickly to challenges and opportunities.
Myth #4: “Only large companies outsource.”
Fact: Often it is small to mid-sized companies that see the most value from outsourcing including increased profitability and meeting goals more quickly. For these companies, outsourcing means they don’t have to sacrifice financial well-being simply because of limited resources. Additionally, outsourced services are scalable and can undoubtedly grow along with your business.
Myth #5: “Outsourcing means I’ll have to train someone on our system.”
Fact: Our team is comprised of Deltek Vision experts which means there is little to no training involved to start making things much more comfortable. We know Deltek Vision inside and out and probably have a few tricks that you might not even be aware of. The best part is that we put all of it to work for you, easily navigating within Vision dashboards and reporting.
Bonus Myth: “Outsourcing is difficult and time-consuming.”
Fact: One of the primary goals of outsourcing is to make your life easier. To better understand just how natural the process is, we’re hosting a webinar that details the operations of one of the most common outsourced accounting tasks, billing.
Join us for this 30-minute webinar where we walk you through each step from start to finish and show you the level of visibility and benefits.
Don’t let false assumptions derail you from being in a better position financially and having confidence in your financial position, register today.