Afraid to Outsource Accounting? Don’t Be
By Kristen D. Berdar
MANUFACTURING, RETAIL & DISTRIBUTION
VIRTUAL ACCOUNTING SOLUTIONS
Afraid to Outsource Accounting? Don’t Be.
Even as more businesses shift from an internal-only accounting model to outsourced accounting, some businesses remain hesitant, and even fearful, of the change. Let’s explore three common fears and why they shouldn’t hold you back from outsourcing.
Fear #1: I’m afraid to trust outsiders with our finances.
Financial controls are critical—and outsourcing is one of the best ways to safeguard against employee power abuses. Make sure you hire a CPA firm that offers multiple levels of oversight, which means there are checks and balances around who has access to specific parts of your finances. With proper controls in place, outsourcing can be at least as safe, if not safer, than in-office accounting.
Fear #2: I’m hesitant to give up personal financial control.
Outsourcing does not mean handing over all your financial information and walking away. The right CPA firm will have numerous conversations with you to form a deep understanding and trusted relationship.
Another advantage with outsourcing is that CPA firms typically use the latest accounting technologies that are highly secure, automated, and easy to access. To protect against errors, fines, and compliance issues, make sure to hire firms that are up to date on the latest accounting changes and standards, like the new rule that changes operating lease accounting as of 2022.
Fear #3: It’s too difficult and time-consuming to outsource.
Businesses may be comfortable with employing staff because they’ve done it for years, but that doesn’t mean doing so is easier than outsourcing. In fact, it can be hugely expensive, time consuming, and difficult to find the right employee for the job, hire them, train them, and keep them happily employed for years.
Conversely, when you outsource to a trusted CPA firm, you get experienced experts who do not require much training, oversight, or management. They’re simply there for you when you need them. They won’t suddenly leave your company for another one, and they will use the latest technology without you having to pay for its upkeep.
Outsource to a trusted provider
You can count on BST to provide a holistic outsourcing accounting solution to meet your needs. Our Virtual Accounting Solutions (VAS) offers outsourced accounting and provides best-in-class technology solutions that are customized and scalable. Our team of experienced professionals understand advanced operational accounting, business processes, and workflows to manage your financials in the most efficient way possible.