Many people wonder why outsourcing their accounting is a good idea and what LHI can do to help them. There are many reasons to hire a professional accounting firm, especially for small and mid-sized businesses.
We have put together a list of top reasons why we think outsourcing accounting services is a good idea for any business, small or large.
Why you should outsource your accounting:
1. You can pinch a penny. Training and staffing internal accounting departments can cost businesses anywhere from 2 to 5 percent of their revenue. Although it may not seem like much, these small amounts can add up. Small to medium-sized businesses will find that an internal accounting department costs significantly more than an outsourcing or virtual solution. You will not only save money but also avoid costly financial mistakes by shifting the responsibility to a third party.
2. Time is more valuable than money. Your business can earn more revenue if you spend more time doing what you love. You will be able to provide better service and make a profit by reducing the time you spend on bookkeeping, payroll, taxes, and other administrative tasks.
3. Let the accountants do the counting. There is very little chance that your small business will have an accountant on staff. This means that the person who is responsible for managing your books might not be able to answer all of your questions and help you make the best decision for your company. Outsourcing your accounting will give you access to an expert with the expertise and knowledge to guide you.
4. As efficient as it is efficient, efficacious is also efficient. A business owner may forget that an accountant is the best person to help you structure your financial operations. Our accountants can see efficiency in areas that small business owners might not be able to. This can lead to business owners losing time and money. Outsourced accounting firms implement changes in the financial operations of a business that make it more efficient and increase its ability to succeed.
5. Balances and check trusted. Employees will steal money from more than half of small businesses. Small business owners sometimes have a hard time enforcing a system that prevents theft while not making employees feel untrustworthy. This can lead to employee turnover and low morale, which could result in a loss of business revenue. You can avoid these issues by outsourcing or virtualizing your accounting firm.
6. Serenity now. You will be able to make better decisions by having accurate and timely accounting records. You can rest assured that the financial information you receive from an outsourcing accounting firm is accurate because it was prepared by experts who are passionate about what they do.
LHI: How it can help
Our team is made up of dedicated, highly qualified professionals who are available to assist you in all aspects of finance, including bookkeeping, accounting, or any other financial task. LHI is a resource that has the knowledge to help you understand your finances and make informed decisions about your business. LHI offers many services, from fractional CFO services to elite membership packages to accounting experts. To determine if outsourcing accounting is right for you, book a free consultation with a financial professional and start focusing on the things you love.