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A successful business requires in-demand products and services, a robust marketing strategy, and a commitment to customer service. But the numbers bring it all together. As a business owner, you need accurate accounting that can help you assess how your business is doing and make decisions for the future. To ensure you’re on the optimal track, you may need to outsource your accounting.

Outsourcing financial services offers countless benefits including cost savings, reduced financial risks, access to expertise, and more time to focus on your core business. At DHJJ, we provide businesses with customized accounting services as well as tax prep, tax planning, and interim CFO services. Take a look at the benefits.

1. Cost Savings

Coworkers discuss outsourcing financial services

Outsourcing financial services to a professional accounting firm offers a lot of financial benefits. When you outsource, you only pay for the services that you need. In contrast, hiring an in-house team requires you to incur costs related to recruitment, onboarding, and training. Then, you have to pay wages, payroll taxes, time off, and office expenses. This can add up, and if you have a high churn rate, the costs can become unsustainable.

Additionally, when you outsource your accounting, you also build scalability. With an internal team, you may need to bring on new staff as your accounting needs grow. This can hinder your ability to scale and create patterns where you alternate between being understaffed and overstaffed. When you work with an external accounting firm, they can take on your increased needs as they come.

Most importantly, working with a team of experts ensures that you have accurate records. You don’t have to worry about costly mistakes, and you can be confident that your accounting statements have the details you need to make the best possible decisions for your business.

2. Expertise and Access to Technology

When you outsource your accounting, you get access to the accounting firm’s team of experts. Often, businesses don’t have the budgets to hire professionals with extensive industry experience. By extension, their internal teams lack the experience the business truly needs. By working with a third party, you can rest assured that experienced pros are handling your accounting.

In addition to getting expert-level service, you also get access to the firm’s technology. Bookkeeping and accounting software can be very expensive. When you outsource, you don’t have to pay separately for these costs. Instead, they are rolled into the fee that you pay the accounting firm. This can be especially helpful when you just need a tool for a one-off project.

You also get access to a network of professionals. Firms that offer outsourced accounting typically offer related services such as tax prep, tax planning, audits, and CFO services. That means when you need these additional services, you don’t have to start from scratch to find help. Instead, you can just contact the company that does your accounting and ask for these additional services.

3. Risk Mitigation

Your financial records are one of the most important aspects of your business. Mistakes can hinder your ability to make decisions, take out loans, or attract investors. Errors in your accounting records can also translate to mistakes on your tax returns, which can have financial and legal repercussions. By outsourcing, you reduce the risk of errors.

At the same time, you also reduce the risk of fraud. When businesses don’t have the right safeguards in place, they increase the risk of internal fraud. In a worst-case scenario, this can go on for years before the business notices the issues. Outsourced firms have strict controls to eliminate the risk of errors or fraud.

They also pay keen attention to security, and their processes ensure that you don’t have to worry about data breaches or losses. This can be critical if you need to demonstrate compliance for clients, vendors, or other stakeholders.

4. More Time to Focus on Your Business

As a business owner, your to-do list is never-ending, and if you want to be as successful as possible, you need to ensure that you’re putting your efforts into the most optimal places. Often, new owners start by doing everything. They handle sales, marketing, accounting, human resources, and accounting. Being able to wear multiple hats can be critical when you’re first launching.

Business professionals discuss outsourcing financial services

However, as your business grows, continuing to handle all the administrative work can become detrimental to the rest of your success. Founders often get locked into an administrative loop that draws their focus away from growing their business. You need to be able to outsource these activities so that you can focus on your core business activities.

Ultimately, outsourcing your accounting lets you focus on growing your client base, increasing your revenue, and improving customer satisfaction and retention rates.

Outsource Your Financial Services with DHJJ!

Arguably, your financial records are one of the most important aspects of your business. Creating accurate records requires a very specific knowledge set as well as the right training and experience. At DHJJ, we have a team of professionals who are exclusively focused on accounting, and we would love it if you leveraged our expertise to grow your business.

In addition to outsourced accounting services, we also offer tax prep, tax planning, audit, help with exit strategies, and interim CFO services. If you need help with individual finances, our estate and financial advisory services can guide you toward the best path for your situation. In all cases, we customize our offerings around your unique business and personal goals. To learn more, contact us today.

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630 420 1360