Non-primary activities cost businesses in the United States up to $2.87 trillion a year. That’s a lot of money, which they could’ve used to expand or improve their products/services!
These non-primary tasks, although essential to businesses, aren’t core business activities. If your business is a restaurant, then whipping up food and planning a menu are its core tasks. Whereas accounting and bookkeeping aren’t primary — they’re admin tasks.
And they’re costing your business big time.
That’s good enough reason to outsource accounting services to a third-party CPA firm. But that’s not all.
Keep reading and you’ll learn why you should consider outsourced accounting services ASAP!
1. More Time for Core Activities
With all the days you spend tracking your accounts, you’re losing precious time for what you do best. For the reason you started a business in the first place.
Get that time back by delegating accounting tasks to professional accountants. They’ll free up so much of your time you can now dedicate to primary or core business activities!
2. Hire Them Only for What You Need Help With
Flexibility is the main reason why outsourced bookkeeping services have boomed. You can hire them to do only certain tasks, such as bookkeeping or payroll management. If you only need help with invoicing, then you can hire them just for that.
3. Comprehensive Solutions
Accounting outsourcing solutions can take all accounting tasks off your plate. That includes bookkeeping, invoicing, payroll, and even tax prep and payments.
Unsure which accounting duties to delegate? You may want to check out this guide from Ceterus that’ll help you decide what kind of service to outsource.
4. Keep the IRS Away
Back in 2013, accounting and tax errors led to almost $7 billion IRS civil penalties. Incorrect income reports and data entry errors were some of the most common mistakes. But almost all boil down to having little time and accounting experience.
Keep your IRS records clean by outsourcing your accounting responsibilities. These CPAs will ensure accuracy in all your forms and reports.
5. Tax Help
58% of small businesses spend over 41 hours a year on tax prep alone. That’s over a week’s worth of time you can save if you outsource tax-related tasks to pro accountants. Plus, because they’re experts at what they do, they won’t commit the serious tax penalties you may likely do.
6. On-Time and Accurate Payroll
Salary delays and inaccurate pays are the quickest ways to disgruntled employees. Conversely, DIY payroll can mean mistakes that lead to higher-than-necessary salaries. Either way, payroll mistakes can put a huge dent on your reputation and finances.
Outsource your payroll, and you can expect your people to be always paid right and on time.
7. Help You Find the Best Business Loan
You can also have outsourced accountants review your loan options. They can give you advice on which banks you have the highest chance of securing a loan from. They can also review your finances to determine if it’s a good idea to take out a loan.
8. Help with the Loan Application Process
Let’s say you decide to take out a business loan. The process isn’t only time-consuming — incomplete documents can get you denied. Luckily, your outsourced accountants can help with the application itself.
They’ll go through all the paperwork and verify the info entered in the forms. They can also track the status of your application for you.
Outsource Accounting Duties Now
Outsource accounting duties now, and you’ll give your business more time and room to grow. Plus, outsourced accounting solutions are way cheaper than an on-site accountant. FYI, the average yearly salary of a full-time accountant is $50,532.
Most small businesses can’t afford that, and it’s likely yours can’t too. Besides, why spend that money if you have more affordable outsourced accounting solutions?
Need more help with your business’ tax responsibilities? Then be sure to check out our list of tax-saving tips!