Whether it’s sales, operations, management, financials, etc., sometimes it can be difficult to do it all. As a business owner or member of the management team, you are responsible for making it happen, but sometimes there is a great benefit to hiring a team of professionals to handle those details for you. Here’s a list of ways outsourced teams can help.
1. Outsourced accounting consists of more than just bookkeepers. Many outsourced accounting professionals have experience working in corporate accounting departments up to the controller/CFO level. They are experienced in GAAP accounting and keep up to date on the current accounting regulations while also ensuring that your financial statements are accurate and presented in the clearest way possible.
2. Outsourced teams tend to work closely with tax departments. If you are currently receiving assistance on tax return preparation or are looking for help in that area, tax and outsourced accounting teams can work together to prepare this information. This will result in more efficient tax return prep, and possibly save you fees as the teams collaborate to assist each other with the information that they need.
3. Knowledge of best practices from an accounting standpoint. Whether it’s making sure you are implementing the right technology or assisting with industry specific knowledge and benchmarking, outsourced teams can make sure that your accounting is handled correctly and efficiently given your specific situation.
4. Hiring and firing employees is difficult and expensive. When you outsource accounting solutions, you are able to scale up and down as needed with the help of your outsource team. Most internal employees are not kept at 100% utilization, meaning that you are paying them for down time or time not spent working on your financials. With outsourced accounting, you only pay for the work completed. Outsourced teams are also available for hire seasonally or on a contractual basis depending on your need.
The goal of an outsourced team is to take the accounting and finance work off of your hands so that you can handle the management and operations side of your business. This added benefit of efficiency and expert insight could help you make your operations more profitable.
At Whitley Penn, our WP Edge team provides all of the above benefits and more. For more information, please reach out directly to a WP Edge representative or visit our website by clicking here.