We all know that business owners are extremely busy people. It’s hardly surprising, then, that many struggle to stay on top of financial management tasks like preparing management accounts and annual accounts.
If that problem sounds familiar, it may be time to consider outsourced accounting. An outsourced accountant can take these responsibilities for you, allowing you to focus on running your business. Let’s look at the pros and cons of outsourcing to an expert.
Advantages of outsourced accounting
1. Cost savings
Outsourced accounting services can prove more economical for businesses that would otherwise hire an in-house finance team or expert. By working with a remote accountant, you can avoid the costs associated with hiring, training and retaining full-time employees.
Of course, that doesn’t stop you from managing your books or preparing your accounts yourself. However, financial management can be complicated, so many business owners need to pay for expensive accounting software to streamline and simplify accounting processes.
2. Access to specialised expertise
Accountants are experts in their field, staying abreast of the latest regulations, tax laws, and financial best practices. By outsourcing, you gain access to a team of professionals with diverse skill sets, ensuring that your annual accounts are accurate and keep you compliant.
3. Focus on core competencies
As we mentioned earlier, business owners don’t always have enough hours in the day to complete their management accounts – let alone ensure that they are accurate.
So, by outsourcing your accounts to an accountant, you save a lot of time – time that you can spend training staff, reaching out to clients, working out a business plan or just enjoying your evenings!
4. Flexibility and scalability
As outsourced accountants, we’re able to scale our services up or down based on your business needs. So, if your accounting responsibilities grow or you need some extra help during a busy spell, outsourced accounting may be the solution you’re looking for.
Why outsourced accounting may not be the best option
1. Less control over operations
One of the main concerns that businesses have when it comes to outsourcing is the perceived loss of control. We get that – entrusting critical financial processes to an external partner can be a worrying thought.
However, just remember that reputable accounting firms, such as Team SAS, will always prioritise transparent communication and a collaborative approach so you always maintain a significant level of control over your accounting.
2. Security concerns
Some business owners are hesitant to work with remote accountants due to fears of potential data security breaches. Handling your accounts in-house might be able to give you some better peace of mind, as you’ll be able to safeguard your figures how you see fit.
However, just know that firms like Team SAS employ all proper data protection protocols. We do that so we can assure our clients of the highest standards in safeguarding confidential information.
3. Communication challenges
Communication gaps can sometimes emerge when working with an external accounting team, especially if you work particularly early or late.
So, outsourcing your accounting might not be appropriate for you if you have very irregular patterns – although we’d wager that most accountants will still be able to help you.
Looking for an accountant?
If you need support managing your accounting responsibilities, get in touch with Team SAS. As one of the experienced accounting outsourcing companies, we’re open, communicative, hard-working, and experts in our field.
From preparing your annual accounts to managing your day-to-day bookkeeping tasks, we’re confident in our ability to help you. Explore our outsourced accounting solutions to learn more.
For support with all your outsourced accounting services, outsourced CFO services and part time CFO services please get in touch, call 0118 911 3777 or email info@teamsas.co.uk.
