Many people ask why they should outsource their accounting and what Tentho can offer that they cannot do for themselves. We believe there are many reasons to outsource accounting to a professional firm – especially for small to mid-size businesses.
To help you determine if outsourced accounting services are right for your organization, we have compiled a list of some of the top reasons we believe it is beneficial for every small to mid-size business to outsource its accounting to a firm like Tentho.
Why You Should Outsource Your Accounting:
- Pinch a penny. Businesses typically spend between 2 and 5 percent of their revenues to train and staff internal accounting departments. While it may not seem like a lot, these small percentages can add up. For small to mid-size businesses, the cost of an internal accounting department is significantly more than that of an outsourced or “virtual” solution. Not only will you be saving money, but you will be preventing the liability of costly financial mistakes by shifting the burden to the third-party.
- Time is money. By spending more of your time doing what you do best, your business will have the potential to earn more revenue. The less time you spend on things like bookkeeping, balance sheet, payroll, cash flow management, taxes, and accounting software the more time you will have to serve your customers and turn your product or service into a profit. With freed-up time you will have the opportunity to generate small business ideas that move you closer to your goals.
- Let the accountants count. In any small business, the likelihood that you will have an a full time accounting expert or an accounting function on staff is slim to none. That means that whoever is handling your books may not be able to answer those important questions you need to know to make the right decision for your business. By outsourcing your accounting, you will have access to an expert who has the knowledge and expertise to help guide you.
- Efficient is as efficient does. One of the things that may business owners forget is that an accountant knows best when it comes to structuring your financial operations. We see efficiencies in places where many small business owners may not, and this can not only waste the business owners time; but can also cost them money. An outsourced accounting firm implements changes within the financial operations of the business which make it more efficient and enhances the businesses ability to succeed. Improving business operations can make a true difference for a small business.
- Checks and balances. More than one in five small businesses will have money stolen from them by trusted employees. It can sometimes be hard for small business owners to enforce a system of checks and balances within their business process or management software to prevent theft without making employees feel like they are not trusted. This, in turn through word of mouth, can develop into a morale and employee turnover problem which will cost the business money. By hiring a virtual or outsourced accounting firm, you will have an impartial third-party monitoring and auditing your money trail which will prevent these problems without issue.
- Serenity now. With timely, accurate accounting records and reporting, you will gain insight which will allow you to make more informed decisions. With an outsourced accounting firm, you can be assured that your financial information is correct because it was compiled by a team of people who are experts in their field and passionate about the work they are doing. Imagine a stress-free tax season, being a part of the year that you actually look forward to. A business plan that flourishes with reached milestones and financial clarity.
How Tentho Can Help
We have a team of highly qualified, dedicated professionals ready to help you with bookkeeping, accounting, and all things finance. Tentho has a wealth of knowledge and works to help you understand your financials so you can make better-informed decisions for your business. From fractional CFO services to elite accounting membership packages, Tentho offers a wide variety of services tailored to meet your needs. If you’re ready to determine whether you should outsource accounting for your business, schedule your free consultation to connect with a financial expert and get back to focusing on what you do best.