December 7, 2020
Accounting, Business, Insight article
Authored By GreerWalker
Hiring a third-party accountant isn’t exactly a new concept, but it might be new to your business. If you’re trying to decide whether to outsource your business accounting, you want to look for a solution that will provide you with as many advantages as possible. Your business exists to achieve its mission – and accounting can either help or hinder you in that journey.
GreerWalker is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries. Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources. For more information on how GreerWalker can assist you, please call (704) 377-0239.
Although many businesses consider outsourcing as a way to save time and money, they often discover many other benefits:
More time to focus on other things
By outsourcing the most time-consuming aspects of your accounting, you can free up that time to take care of the more important tasks needed to run and grow your organization. Outsourcing also means you won’t have to spend time hiring, training, and managing a financial employee.
More money to grow your business
In addition to needing more time, businesses must also find creative ways to save money. You might think outsourced accounting will be too expensive, but it’s actually a very affordable alternative to in-house accounting, especially when you can customize your level of service. Businesses who outsource can reduce their accounting costs by 20-40% over hiring their own employees and having to purchase, implement, and manage accounting software.
Better financial visibility and transparency
Businesses need real-time financial visibility and ongoing transparency to prove they’re using funds wisely. It’s hard to explain the financial state of your organization when you aren’t sure about it yourself. By working with an outsourced accounting team, you’ll be able to access real-time dashboards and customized financial reports by simply logging into a cloud-based solution.
Access to expert knowledge and analysis
When you work with an accounting firm with deep business experience, like the GreerWalker team, you gain a fresh perspective on ways to boost your business’s performance. Whether it’s through virtual meetings, emails, or phone calls, our team is here for you. Many of our business clients appreciate having a member of our senior team present during financial statements at board meetings.
Manage funds more effectively
Good budget management is important. Business accounting should track cash balances based on funds and restrictions, as well as keep track of spending and budgets at a very detailed level. By outsourcing your accounting, you can ensure that your accounting software—and the people using it—know how to help you manage budgets effectively.
Help employees feel invested in financial success
By gaining better financial visibility and having access to the best-in-market financial tools that include real-time dashboards, you’ll be able to help your employees understand their role in your organization’s finances. This will help them get on board with financial goals and give them the insight they need to make the best use of funds.
Secure more funding
In order to get more funds, you need to be able to present a clear and compelling financial picture to potential stakeholders. By outsourcing your accounting, you can be sure your data is accurate, up-to-date, and detailed. In addition, GreerWalker is here to help you not only capture your information but will also help you present it to your board.
Are you ready to reclaim your time and money from accounting tasks? If you think these seven benefits could help your business thrive, please contact us to learn more and create a customized plan to suit your organization’s needs.