It is easy for business owners to do the books during the time they have just started up. However, as the business expands, it becomes a necessity to hire more staff. This could be an in-house team or remote accounting and bookkeeping service providers.
While having an in-house team of accountants has its own merits, below are some reasons as to why you should consider taking benefit of remote accounting and bookkeeping services.
Wide Accounting Expertise
In addition to taking care of the routine data-entry tasks, the team of virtual accountants also help with preparing financial statements, tax filing, payroll, tax reporting, cash flow management, advisory services, and much more while ensuring full compliance to all the regulatory norms at the same time. Basically, outsourcing helps eliminate the need to hire multiple employees for one service.
Large scale businesses kept apart, it is often not feasible for small scale businesses to invest in state-of-the-art accounting technology. In addition, it involves a heavy cost. Virtual accounting and bookkeeping service providers take considerable care in integrating the latest technology into a client’s business management system, extending them an ability to operate at a fraction of the cost.
Payroll Expenses Ruled out
Having an in-house accountant would incur costs related to payroll, worker’s compensation, health insurance, paid leaves, and more. This can be as much as 40% in addition to the employee’s actual salary. Having support of remote accounting and bookkeeping services will help avoid all these additional costs.
Another aspect of having an in-house accounting department includes costs associated with setting up the required infrastructure or workplace. This could also mean business owners would need to expand the already existing workspace by adding computers, data storage systems, backup servers and anything that will be required to perform accounting tasks efficiently. Outsourcing the accounting and bookkeeping services to remote service providers will award business owners the ability to go paperless and cut down on the overheads linked with space and work equipment.
Increased Focus on Growth
When business owners do not have the intricate accounting responsibilities over their shoulders, they are likely to invest time in taking care of the business growth. They get more time to bring improvement in the quality of services and set long-term plans for better profitability.
Better Work-Life Balance
Small business owners are always ready to burn the night oil, working hours and hours at once. Shifting the responsibilities over to an outsourced accounting service provider can help make the weekends relaxing. Moreover, what can be more satisfying than spending time with the family?
To summarize, it’s the peace of mind that you experience after engaging an external accounting team is only going to make you ready for any challenge that might crop up, and to further enhance the revenue of your business.