Earlier this year, a LinkedIn survey of 1,003 Australian employees found that 59% were planning to leave their jobs at some point during the year. While, on one hand, this emphasises the need for employers to prioritise employee retention strategies, on the other, it encourages business owners to consider what would happen if a key employee, such as a bookkeeper or accountant, decided to leave.
Most business owners don't have the time or financial expertise to take over the company's bookkeeping and accounting functions, but a sudden exit can leave them with no other option. Before you rush into a new hire, it may be time to consider outsourcing these functions.
The Key Benefits of Outsourced Accounting
Greater Peace of Mind
If your accountant does decide to leave, is there someone in your company that has the expertise to pick things up where they left off? Do you have the time or expertise to manage your payroll, reconcile accounts payable and receivable, or process tax payments and returns? Outsourcing your bookkeeping and accounting needs guarantees that an experienced professional accountant will always be there to manage these important functions.
A Broader Range of Knowledge
It isn't uncommon for small business owners to rely on the expertise of just one individual to manage their bookkeeping and accounting needs. But what happens when that individual leaves? All of their expertise leaves with them. Outsourcing your accounting functions will ensure that you are never put in this position again — relying on the joint effort of a team of experienced accountants rather than just one individual.
In addition, a great accounting firm has dedicated divisions that specialise in specific areas of accounting, such as international services, CFO services, or accessing industry-specific government grants. As your business continues to grow and your accounting needs start to change, an outsourced accounting team will be able to easily expand its scope through each stage of your business's lifecycle.
Improved Financial Processes
When an accountant exits a business, it often exposes inefficient or outdated financial processes that have remained unchecked. Outsourcing your accounting function can give you access to a team of professional accountants that is equipped with up-to-date software and industry best practices, which can greatly improve your timelines for reporting, processing payroll, and other important processes.
Reduced Costs
Small business owners usually choose to stick with a single in-house accountant in order to save money. After all, their business is small, their accounting needs are relatively simple, and one person is more than enough to fill the role — why would they need to engage a professional accounting firm? Well, when you consider the cost of recruitment, training, software, hardware, salary, and other costs of employment, outsourced accounting solutions can offer significant cost reductions.
Scalable Service Offerings
Let's say that you decide to hire another in-house accountant — they tick all your boxes and they are a great fit for the role. What happens when the needs of your business change? The individual you hired may be able to complete your day-to-day bookkeeping and accounting tasks, but what if you decide to undergo a merger or establish an Australian subsidiary?
An outsourced accounting team can easily scale their services, seamlessly expanding their scope of work as your business grows and your projects become larger and more complex. A great accounting firm can essentially become your one-stop shop for all of your accounting needs, giving you far more flexibility than a single in-house accountant and being far more cost-effective than hiring experts in each of these areas yourself.
It's Time to Outsource
If your accountant has put in notice, it may be a good opportunity to consider outsourcing your bookkeeping and accounting functions. A great accounting firm can offer you a number of advantages, from the peace of mind of having a full team of experienced accountants in your corner to having access to experts across all areas of accounting as the needs of your business grow.
Azure Group offers a range of outsourced accounting services and has a remarkable track record of achieving the best outcomes for our clients. Each of our dedicated divisions is led by experts in their fields, allowing us to meet the specific needs of your business. Together, they create a holistic, full-service offering for all of your professional accounting and advisory needs. Contact the team at Azure Group today to find out more about services.
Have you noticed our #FridayExpertTips? Here's one that relates to #Accounting...
“Not dealing weekly, or even daily, with accounting tasks is like piling up the stock in the warehouse and then trying to find the one item you need a month later. Tackling your accounting tasks daily and weekly will make the business financials flow more smoothly, and give you more energy to work on the business instead of in it. Get in touch to find out more about our Outsourced Accounting Services.”
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