Why You Should Hire an Outsourced Accounting Department

By Guillermo Lopez
April 22, 2020

You’ve taken a lot of time to build your business from the ground up. From hiring the perfect team to ensuring your customers are satisfied, you’ve got a lot on your plate. Considering all the moving parts that make a business successful, why not hire an outsourced accounting department?

When you hire a firm to do your accounting and bookkeeping, you’ll be able to focus on your business, not to mention save on costs and solve capacity issues. Here is a list of the top reasons to outsource your accounting:

Time Saver

Running a successful business is no small feat. From meetings to paperwork, there’s enough on your plate without having to manage your finances, as well. When you hire an external accounting department, you’ll be able to focus on what you do best and let the experts handle the rest. 

Experienced Professionals

It’s one thing to be able to do basic accounting, but it’s quite another to be able to interpret what the numbers are telling you and what it means for your business. Analyzing the financial position of your business is an important task that you need to trust to the right person. When you outsource your accounting department, you know that your finances are in the hands of experts who know what they’re doing, and who can give you accurate insights to make informed business decisions. 

Navigating Taxes

There are many complex tax laws surrounding small businesses. If you’re not experienced in this area, it can be a very daunting and time-consuming task that has serious consequences when done incorrectly. Hiring a professional to take care of your taxes means that you don’t have to worry about making errors and rushing to finish when tax season comes to a close. 

When you hire a team of professionals as your outsourced accounting department, you’ll save more than time – an experienced professional knows how to save you the most money when filing your taxes, through filings such as charitable donations and medical expenses. 

Access and knowledge of top software

The market is saturated with different types of accounting software. You could do your own research into which are the best, but unless you have experience using them, you won’t be able to fully optimize the power of these platforms. 

Your external accounting team has used all of the top accounting software and can recommend which is best for your business. At Qmulus, we use cloud-based technology so that you can access your account wherever you are. 

Access to invaluable advice

Yes, Google often has the answer, but nothing compares to the advice of a skilled team who knows the ins and outs of your company. When you seek input from an accounting professional who is deeply familiar with your business, you’ll be getting the most informed and accurate advice on investment opportunities and other finance-related topics. 

Peace of mind

You can rest assured that your finances are handled by the right people and that all the boxes are checked. When you hire a team of professionals, you have multiple pairs of expert eyes on your transactions and P/L, which ensures that potential issues can be identified before they become tangible problems. 

An outsourced accounting department will distill your financial information into easily readable and understandable reports. That way, when it’s time for you to present your business’ financial standings, you’ll have all of the right information put together in a way that makes sense. 

Remember, it’s not just about managing your books, but it’s also about maintaining the foundation to drive profits, improve cash flow, and grow your business. The basis of a successful business is strong financials, so make sure you have the right people in charge of yours. 

At Qmulus, we have extensive experience as the outsourced accounting department for many different industries. If you’re ready to let the professionals handle your financials, schedule an appointment or give us a call at 647-476-2145 to get started.

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