Cash flow is the lifeblood of any business. How businesses manage their cash flow can mean the difference between success and failure. Every business needs a system for measuring, processing, recording, analyzing, reporting, and summarizing financial information. Accounting does exactly that. From preparing and analyzing financial records to computing taxes, accountants perform a number of tasks. Accounting principles and concepts are complex, to say the least. Rather than burdening your employees with accounting tasks, consider outsourcing your accounting to an accounting firm in Santa Rosa. Hiring expert accountants in Sonoma County who specialize in forensic accounting, management consultancy, recovery, taxation, and audit can provide numerous benefits. Here are some reasons why outsourcing your accounting makes sense.
For many businesses, outsourcing their accounting to an accounting firm in Santa Rosa is a viable and affordable alternative to hiring full-time employees. Outsourcing your accounting would mean you won’t have to spend on hiring, training, and supervising an in-house team. You will also save costs on payroll, tax, and benefits processing. A study estimates that outsourced accounting can save a business up to 40 percent in monthly costs.
Better Man-Hour Productivity
Want to get the most out of your finance department? Outsource your accounting to free up valuable man-hours that can be invested in more productive tasks such as creating and streamlining the financial policies and procedures of your business.
Accounting professionals understand accounting policies and procedures, payroll requirements, GAAP standards, and reporting requirements like the back of their hand. They have a keen eye for detail and are well aware of common accounting mistakes. An experienced accountant stays on top of the latest compliance regulations and tax code changes, and can help streamline your accounting.
Reduced Risk of Employee Fraud and Improved Data Security
Employee fraud is a major problem faced by businesses around the world. A study suggests that small businesses, on an average, lose $155,000 every year due to frauds committed by their employees. An accounting firm can help you detect fraud before it’s too late. Additionally, transferring your in-house accounting functions lowers the risk of data loss due to theft, natural disaster, and hacking. Accounting firms employ rigorous safeguards ensuring confidentiality, access control, and data backup.
Scalability and Flexibility
For many managers, scaling their operations and teams to meet the growing requirements of their expanding business is nothing short of a nightmare. It can take between 26-57 days to hire an employee. Plus, they will need time (can be up to as much as six months) to settle in their new job. Until the time the new hire reaches their maximum potential, your accounting team might suffer. In comparison, outsourced accountants can respond swiftly to your changing needs, and can increase or decrease resources allocated to your business on a short notice.
Whether you are eyeing expansion or seeking investment opportunities, your accountant will provide invaluable advice helping you reduce the cost of viable investments and avoiding the unreliable ones.
Looking for a reliable accounting partner? Look no further than Virtual Jeannie Bookkeeping Services Inc. We are a reputable accounting firm in Santa Rosa. Whether you want to build an accounting system from scratch or update an existing one, our team has you covered. To discuss your requirements, call us at (707) 664-1425.