As a business owner, you have many things to consider when making choices revolving around your accounting.
- What system will you use?
- What accounting basis is best for your business?
- Will you use a fiscal or calendar year?
- Are there regulations you should know surrounding these decisions?
- What do you need to know to be IRS compliant?
- Who will handle your accounting?
Today let’s discuss the “who” of your accounting decisions…
Should you hire in-office or outsource it? And why?
Outsourcing accounting duties makes sense for many reasons. I’ll give you three to consider!
First and foremost, it provides automatic checks and balances in your accounting system. Checks and balances are important to minimize chances of employee theft by having an outsider looking into your accounting records and practices.
Consider these stats…. Amount stolen annually from U.S. businesses by employees – $50 billion. Percent of annual revenues lost to theft or fraud – 7% … Percent of employees who have stolen at least twice from their employer – 37.5% Percent of all business bankruptcies caused by employee theft – 33%!!
Next, you cut your costs considerably when using an outsourced accounting practice. Employee training, costly mistakes, insurance, medical and vacation leave… all of these are costs you do not incur when choosing to work with outsourced accounting professionals.
Lastly, but certainly not least, when you work with an outsourced accounting professional, you have the peace of mind that your accounting is being done correctly, and you gain YEARS of experience by having a team of accounting professionals on your side. For example, here at Abacus, we have over 60 years of combined experience! You get all of our business and accounting acumen from our team for the one monthly investment. You only get the experience of one employee when you hire in-house.
Do you have some questions about your current accounting decisions?
Would you like to discuss how outsourcing would work for you?
Contact us today for a no-pressure, no obligation discussion!
We are here to help! Call or text – (352) 432-8104; email us at Kerry@chooseabacus.com