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Are You Paying Too Much for Accounting? Here is How to Fix It

There is a lot to be said in favor of outsourced account management services. You get better expertise at lower cost and you get timely services along with consultative guidance.

For some people the definition of accounting is simple. You keep track of your financial transactions. However, it works differently in business. Accounting is more than simply recording your day to day transactions. It is the pillar of your business decision making and the power behind your business growth provided you get the right accounting service and use it properly. Unfortunately, most business owners employ book-keepers.

They are fine for routine work but they may not have knowledge about taxation, projections, investments and planning or analytics of reports. When you need advice in any of these areas you must go to a consultant who probably charges by the hour. You end up paying more. Your accounting costs become prohibitive. How do you fix that? Here is how.

You may be paying more and not even know it

Your regular employees handle routine work. They work under pressure and under limitations so it is likely no one makes the effort to get the big picture. What happens?

  • You may not know it but you are spending more on unnecessary items and do not know it or cannot do much about it.

  • You do not get precise guidance on where to save on taxes and thus keep paying more than you should.

  • You do not keep tight control over debtor and creditor position. The result is incoming payments are delayed and delay adds to cost. You delay payments to suppliers and could end up paying interest charges or you do not have a strong position to negotiate better prices.

  • You do not know the overall position and financial health. You could end up making the wrong decision and lose money in the process.

  • Your accounting staff members do not possess advanced knowledge. You consult experts and pay more in the process.

There must be a fix. There is. You simply retain account management services. You get more and pay less for expertise.

What account management services do for you

Accounting is not something you handle piecemeal. It is best when you integrate everything starting with basic accounting bookkeeping to advanced business analytics and reporting. This is what account management services do for you. You focus on your business while they take care of everything starting with bookkeeping and business accounting services. There is more.

  • You even enjoy the benefit of financial analytics, guidance on loans, designing employee pay packages, stock options, investments, wealth management and future projections from a single source.

  • Offshored account managers employ people with a commercial qualification background and expertise in QuickBooks to handle bookkeeping. You also have access to top CFA and tax experts all from one source. These experts keep an eye on your operations and intervene with timely guidance to help you save cost, reduce expenses or otherwise invest and grow wealth. You do not pay an hourly rate or other exorbitant charges that would be the usual case were you to consult a CFA/CPA in the US.

  • They go beyond basic accounting to offering business advisory services after deep analysis of monthly financial statements and reports as well as internal audits. You can make adjustments to your business practices and stay ahead instead of finding out after six months that you have suffered losses or incurred unnecessary expenditure or lost opportunities.

  • You can expect account management professionals to come up with a suitable plan for your business growth and one for your personal finances. This means you can plan for your business growth and also secure your personal finances and make wealth grow.

  • Taxation is an important area where expert advice, tax planning, timely action and compliance can save you thousands of dollars. Laws keep changing and you could miss a chance to save on tax dollars or end up paying penalty. You avoid such situations by employing top professionals at bottom dollar by outsourcing to account management services.

  • When all accounts related matters are handled by one agency and at one source there is homogeneity. This means experts can identify warning signs or potential opportunities and alert you to take timely action.

Importantly, all your accounting transactions are kept fully confidential and secure since such service providers are bound by laws. Even more important, there is continuity from year to year. Think of the cost that goes into hiring new personnel in your accounting department and time it takes for such personnel to settle in. there are tangible and intangible costs you incur of which you may not be aware. Retain just one service provider and you do away with extra costs while gaining much more extra benefits.

Written By

Krupali Mandavia is a Content Strategist and Growth Head at Maharani Women a Women's Fashion Hub. She is fond of reading books on fashion and lifestyle.

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