Accounting and bookkeeping are vital functions in any business as they keep track of all financial transactions and ensure the company maintains its financial health. More and more businesses across Australia are looking to outsource accounting services as it gets rid of the need to hire a full-time employee. Not only that, but accounting outsourcing also carries many other benefits that help a business grow.
What is accounting outsourcing?
Accounting outsourcing is the process of hiring a third-party individual or business to do activities such as:
- Accounts receivable
- Accounts payable
- Payroll
- Taxation
- Financial Reporting
Benefits of Outsourcing Accounting for Small Businesses
Provides significant cost savings
The biggest reason why small business owners opt to outsource their accounting functions is that it is highly cost-effective. Hiring a full-time employee to do all these tasks will require you to spend on salary, tax, office equipment and the like. By using an outsourced accounting firm, you only need to pay accounting fees for the same amount of work.
Ensure quality accounting work
Accounting firms consist of qualified accountants, bookkeepers, and tax agents who have years of experience in helping businesses. By outsourcing to them, you can ensure that the quality of work is professional and top-notch.
Make use of advanced accounting technology for less
Since they are focused on providing accounting services, firms usually use the latest and most high-end accounting and bookkeeping technology to minimise errors and streamline the process. You can be sure that your financial statements are stored on a high-end and secure platform without having to purchase a subscription.
Gain access to expert business and financial advice
Accountants are very knowledgeable about how businesses work. Not only can they manage your financial data and prepare your tax returns, but they can also provide you with valuable business advice on managing cash flow, budgeting, and improving profitability. They can also advise you on valuable tax-saving strategies to minimise your tax liabilities and, in turn, help you save money.
Allows you to focus on improving your business
Using outsourced accounting and bookkeeping services allows you to free up time and resources that you can put back into the business. You no longer need to dedicate a huge amount of time to manage your business’s finances. Instead, you can focus on running your business and the things that matter most to you.
Looking to outsource your accounting and bookkeeping functions?
Craig Allen & Associates is a team of professional tax accountants and business advisors who are dedicated to helping clients meet and exceed their financial and business goals. Staying true to our tagline ‘we’re in the business of making yours a success’, we aim to get you the best possible outcome—now, and in the long term.
