Accounting & Bookkeeping
6 Reasons To Outsource Your Accounting
Have you looked into outsourcing your business' finances? Discover 6 reasons businesses should outsource accounting to a firm like Tentho.
Hiring Tentho vs. in-house finance team.
As the administrator of a private school, you know that every dollar counts when it comes to maintaining a balanced budget. You need to be able to trust that your school's financial needs are being managed by a team of professionals who have your best interests at heart. But you often wonder, is it a better choice to outsource your financial needs to a team of professionals, or hire that team in-house? Here are the top 4 reasons why outsourcing to Tentho is a smart choice for your private school:
Asia Gelker
Jun 8, 2023
As the administrator of a private school, you know that every dollar counts when it comes to maintaining a balanced budget. You need to be able to trust that your school’s financial needs are being managed by a team of professionals who have your best interests at heart. But you often wonder, is it a better choice to outsource your financial needs to a team of professionals, or hire that team in-house?
Here are the top 4 reasons why outsourcing to Tentho is a smart choice for your private school:
ONE: Cost Savings
Outsourcing your accounting and finance department to our firm is significantly cheaper than hiring a team of accountants and finance professionals in-house. You can save thousands of dollars annually by making this switch. For example, according to Glassdoor, the average salary for a financial controller in the United States is $149,177. This number can vary greatly depending on location and experience, but it gives a general idea of the cost of hiring someone in-house.
Conversely, hiring in-house staff does not provide cost savings and will likely require higher cash salaries, benefits, and other associated costs (such as technology) that will add up quickly. Not to mention, you will have to account for the costs associated with the workspace of those employees. Office space, work equipment, etc. Costs that do not exist when outsourcing.
TWO: Continuity of Operations Guaranteed
Outsourcing to a team of experienced and knowledgeable finance professionals ensures the continuity of your organization’s finances and operations. Meaning, we would never quit on you. If turnover occurs, it is our responsibility to replace immediately so there is never a delay in operations.
Conversely, hiring in-house does not provide this guarantee. Staff may leave suddenly, resulting in a disruption of your organization’s finance department operations.
THREE: Collective Repository of Knowledge
Our team has a wealth of experience and expertise in all facets of financial operations. This collective repository of knowledge can be tapped into for guidance and support whenever necessary.
In-house staff may not have the same breadth or depth of knowledge, which could lead to costly mistakes.
FOUR: Holistic View on Financial Needs
Tentho has a comprehensive understanding of the financial needs of private schools like yours. We can provide a holistic view of your financial situation and recommend solutions that will best meet your needs.
In-house staff may not have the same level of understanding or be able to provide the same level of support.
Not convinced yet?
We’re detail-oriented.
We understand that there can be a lot of moving parts when it comes to managing a private school’s finances. That’s why we take a detail-oriented approach to our work so that nothing falls through the cracks.
We’re proactive.
We don’t just sit back and wait for things to happen – we discuss your short-term and long-term goals from our first conversation and proactively address these through our monthly work. For example, an aligned goal may be to seek out ways to improve your bottom line. We may offer ideas and suggestions for additional revenue streams or consolidation of costs without compromising the quality of education you provide.
We’re responsive.
We know that you need timely information to make informed decisions about your school’s finances. During onboarding we will request your schedule of deadlines or create the schedule with you based on our experience of best practices for your industry and organization setup. We offer various methods of communication to ensure the team dynamic for daily inquiries.
We’re flexible.
We understand that each school has its own unique needs, so we offer customizable solutions that can be tailored to fit your specific situation. And if your needs change over time, no problem – we can adjust our services accordingly.
Why trust Tentho?
Why do business owners trust Tentho? Our cautious and reliable approach to handling finances has earned us a reputation among businesses as a trustworthy company. They know that we will always act in their best interests, and they can rely on us to provide accurate and insightful advice.