Benefits of Outsourcing B2B Accounting
If you own B2B (Business to Business) company, you need to find your way to manage the books. Should you choose an in-house accountant (or the whole department) or would it be better to outsource your accounting needs? We’ve asked accounting experts from Smith and Associates, P.C. to tell us about major benefits of hiring an outside company to help B2B companies with their accounting tasks. Here’s what we’ve found out!
First of all, outsourcing accounting work leads to financial savings. Instead of hiring a full-time employee, providing them work space, equipment, office furniture, you can match amount or work hours of projects to your own needs. In addition, you would avoid unemployment taxes, payroll taxes, paid time-off, insurance benefits and similar employee expenses.
Time savings associated with outsourcing bookkeeping are significant, too. Calculate the weekly hours your staff would need to manage in-house accounting work. Wouldn’t it be better if your employees would spend time on business activities and relationship-building more aligned with the mission of your company? If you choose to outsource bookkeeping, your service provider will handle hiring, recruiting, overseeing and retaining staff, so you’ll have more time to focus your resources on things and activities that matter most.
Although money and time savings are important, the quality of service is higher when you hire third-party service providers. These experts specialize in the work they do, they hone their skills constantly to increase the quality of their service and keep up with their competition. Simply put, when you hire professionals, you can be sure you’ll get excellent service and that they will handle your accounting well.
Finally, in-house staff faces lower liability than accounting service providers, and that makes the latter less of a risk for your B2B company. In general, experts are more likely to follow through on their contractual obligations due to the fact that they will lose more in case they do not. In addition, dealing with the agreements and contracts of outside service providers is usually less complicated than dealing with the employee management, hiring negotiations and similar HR issues associated with employees.