From business owners to independent contractors, accountancy services are a critical piece of the puzzle when it comes to keeping your financial and tax records straight. One slip-up can cost you big bucks, not to mention the risk of getting into hot water with the IRS. Accountancy services take the guesswork out of everything from payroll processing and accounts receivable to corporate tax preparation and filing.
More and more small and medium business owners are moving to outsourced accounting services than ever before. Most such companies cite efficiency as their #1 reason for making the switch from in-house hires to outsourced firms. According to Forbes, the most commonly outsourced accountancy services include payroll processing, accounts payable, and accounts receivable.
Simplicity and Flexibility
Many business owners say they are looking to simplify their accounting services, to do everything from reduce how long it takes to close their books to developing more efficient benchmarks so they can better achieve regulatory compliance. And with so many accountancy services offering more than one function, the benefits increase exponentially. Business owners can customize when they want to process payroll, such as weekly, bi-weekly, monthly and semi-monthly. This offers more flexibility and choice, something SMEs crave.
In addition to basic offerings like payroll, another benefit of accountancy services is that they offer optional add-on services that further enhance the customer experience. These may include corporate tax preparation and filing, providing employees with pay cards (which essentially work as debit cards), and allowing employees to gain online access to their accounts. They can take a look at paycheck status, how much sick or vacation time they have left, what their tax and benefit deductions are, etc. Happy employees make happy business owners.
As business owners realize they need to increasingly leverage the power of their data, they are opting for outsourced alternatives that provide them with more skill, industry expertise and technological resources, such as software packages, than they may currently have in-house. By having access to strong analytics, companies can get a better grasp of their whole supply chain from end to end, all while helping to keep things standardized across the board and control costs.
Recent studies have shown that many small business owners assume they will experience a loss of control, even if they do save money and hassle on outsourced accountancy services. However, the truth is, quality, trustworthiness, and security of service is constantly improving due to higher benchmark standards that result in exponentially better performance.
Bottom line is, accountancy services offer an unparalleled way to embrace convenience, cost savings, flexibility and increased control.