WHY IS IT GREAT TO OUTSOURCE ACCOUNTING REQUIREMENTS OF SMALL BUSINESSES?
In house accounting is usually very expensive. Expertise costs very high. Low wage earners, bookkeepers make so many mistakes that you need to pay even more in order to correct those mistakes.
Also, you never have UpToDate -error free financial information at the time of decision making.
One bookkeeper at the rate of $20 to $25 would cost you anywhere between $40000 to $50000 per year.
Year end tax preparation, CPA expenses around 7500.
So total cost would be around $47500 to $57500.
Outsourced Accounting: On the other hand, you can have a professional, outsourced accounting firm doing your accounting in professional manner with accurate tax submissions and other things in a timely and professional manner at the fraction of the cost.
And we are not talking about offshore outsourcing – but a local, Canada -based, high-performing accounting team working for you, all while understanding your business and constantly working to optimize your financial processes and day-to-day tasks.
Working with a remote, outsourced accounting department can bring you the stability and peace of mind you’ve been seeking for your financial operations.
YOU’RE NOT A BUSINESS ACCOUNTING EXPERT
YOUR TIME COSTS MORE THAN YOU THINK
INACCURACIES DRIVING UP YOUR CPA EXPENSES
YOU CAN’T TRUST YOUR NUMBERS, SO YOU DON’T USE THEM
YOUR SOFTWARE COULD BE OUTDATED, BUT YOU’RE NOT SURE
Unfortunately, the proper management of a business's bookkeeping and accounting are oftentimes neglected or treated as a stepchild.
Frequently for small companies, the bookkeeping process is delegated to a single person.
Bookkeeping is completely unavoidable, and negligence always comes back to bite you in various forms, from minor inconveniences to CRA troubles to the actual profitability of the business.
Downtime between employees and the hiring process can be extremely taxing, and it means valuable time is spent in bookkeeping crisis mode.
With a single bookkeeping employee, you are at the mercy of their experience, honesty and reliability.
This means bookkeeping duties are delegated to another employee, regardless of their accounting knowledge.
Finally, the costs associated with bookkeeping usually have a significant impact on small businesses.
The True Costs of In-House Bookkeeping & Accounting
streamline your day to day bookkeeping function
give you access to accurate historic and current financial data
devise data-driven decisions and financial strategies
provide heightened financial security
improve efficiency, organization and operations
improve cash flow and increase working capital
increase revenue, profit margins, profits and grow your business
Outsourcing some or all of the bookkeeping and controller support functions can provide relief from these bookkeeping pains, as well as offer timely and accurate financial information.
For a growing business facing any or all of these common bookkeeping issues, outsourced bookkeeping and management accounting services can alleviate the pains so the business can stay focused on the bigger business picture.
Instead of hiring a full-time bookkeeper and absorbing all of the costs and risks associated with that function, businesses can benefit from the expertise of an outsourced bookkeeping company to do the hiring and training of a bookkeeping team.
Bookkeeping is completely unavoidable, and negligence always comes back to bite you. Maintaining records in some semblance of order is extremely important in order to understand the financial health of your company.
Some common pains we hear from business owners include:
Hiring - Finding competent bookkeepers
Training - Frequent turnover
Workload Balance - A struggle to separate bookkeeping tasks and duties
Costs - Dealing with the costs of time management, efficiency, and peace of mind