Outsourced Accounting Services Near Me
There are a lot of decisions to make when you’re outsourcing your accounting services. You’ll want to consider the type of accounting services provider that’s best for you, the options they provide to you, their location, and be certain that it’s a good fit for your business.
Let’s look at some reasons why companies both large and small may choose to outsource their accounting services, and look at whether you need a local option to take the best care of your business.
Why Do Companies Outsource Accounting?
Once upon a time, small and midsize companies were most commonly those associated with outsourced accounting and other business services. Today though, as the demand for lower costs and more efficient performance has increased, businesses of all sizes are opting to outsource.
Outsourcing accounting services comes with a myriad of benefits, but first and foremost is likely cost savings. In fact, a Deloitte study found that 70% of businesses which outsource do so because of cost. And when you do a little cursory math, it makes sense; hiring a full time accountant costs salary, plus benefits like healthcare, hiring costs, and more. And that’s for one person. To get the most out of your bookkeeping, you’ll ideally have two or more to diversify skill sets and ensure you’re getting the right kind of analytics to keep your business performing at its best.
When you outsource accounting, you get a full team that can analyze your numbers as well as provide insights and helpful data that can lead to better decision making and get you to your financial goals faster.
Beyond that, most accounting services providers offer more than just bookkeeping. Their services may range from accounts payable and receivable, to payroll, to sales invoicing, daily transaction recording, and more. In some instances, they may serve as an outsourced CFO that can help you make important strategic decisions that are in the best financial interests of your company.
Outsourced Accounting Versus Offshored Accounting Services
Many confuse the words “outsourced” and “offshored,” or even worse, use them interchangeably, but they’re distinctly different. Outsourcing means that you’re using another company or individual outside of your company to perform a business function, regardless of their location.
Offshoring refers to when businesses perform a specific service or a type of labor outside of their own country. Typically companies offshore because it provides a cheaper workforce. It’s usually in relation to manufacturing and not necessary administrative tasks associated with running a business, though in a global economy it does happen. In fact, it’s not uncommon for outsourced accounting firms to offshore things like bookkeeping services to keep costs low—at the expense of transparency and a more intimate relationship with clients.
So if you’re trying to find an outsourced accounting company in the USA and that’s where your business is located, you’re outsourcing, not offshoring.
Do I Need Outsourced Accounting Services Near Me?
If there’s anything that the pandemic taught us, it’s that we can continue working together—both inside and outside our companies—without being in the same place. Sure, it’s certainly nice to have a face-to-face meeting, but we’re no longer letting that slow us down. Video conferencing tools like Microsoft Teams and Zoom have made it easy to work with coworkers and clients in different places, sometimes in different states entirely.
Thanks to a wide range of fantastic cloud-based business applications, accounting functions can be performed very efficiently in a remote environment. There is no need for an accountant to come into your office or to deliver hard copies of documents. Most outsourced accounting services also use a variety of software tools to both communicate with their clients and manage their finances. The end result is a paradigm shift for small business owners that provides a cost-effective accounting solution that delivers better information to make informed decisions.
For these reasons, it’s not necessary to choose an accounting service near your business unless you very specifically want to be in the same room with them. But one of the benefits of hiring an outsourced accounting service is that you don’t have to oversee your books as closely and can focus the rest of your time and effort on running your business.
When you are not limited by geography, you’re opening up your options significantly. Not just in terms of location, but also in capability and fit for your business. Strive to find the best outsourced accounting services, not just the closest. Some outsourced accounting services provide specific services that may be helpful—like offering financial insights and suggestions that can help grow your business or meet other financial goals.
When you’re ready to outsource your accounting, contact Milestone, and we’ll help—from near or far. We use the latest cloud software combined with expert accountants to keep your books up to date and provide you the information you need to make smart decisions. We’ll handle your finances, and let you spend more time running your business.
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