If you’re reading this, chances are you’re a small business owner who’s had one of those moments—where you throw your hands up and say, “Aaagh! This accounting stuff is driving me crazy! I have got to find someone to help me with this!”
Every small business eventually hits that point where managing everything solo just isn’t cutting it anymore. Your business is growing, money is coming in, expenses are going out, and suddenly you’ve got employees and more complex tax issues…ah, how success is rewarded!
So now you’re faced with a decision: keep struggling to handle the bookkeeping and accounting on your own, hire someone in-house, or consider outsourcing.
Chances are you’ve been handling it on your own so far – how’s that working out for you? If you’re like most of the business owners we work with, managing your own accounting and bookkeeping is about as much fun as giving yourself a root canal.
Why Outsource? Three Big Reasons
One of the most cost-effective and time-saving steps you can take is to outsource your accounting and bookkeeping. Getting help may be what your business needs to keep growing.
There are three significant advantages to hiring an outsourced accounting expert vs. trying to do it yourself:
1. You Save Time
Your time is best spent growing your company, not crunching numbers!
You didn’t start your business to spend hours poring over spreadsheets unless you’re weird like us here at Patrick Accounting and you love the fact that your business is about crunching numbers!
Bottom line: outsourcing your accounting frees up your valuable time for work and play.
2. You Save Money
A full-time, on-staff accountant will cost a lot more than an outsourced one.
When you factor in the annual salary, payroll taxes, and benefits—not to mention the costs of dealing with sick days or turnover—you could be looking at paying up to 70% more than you would by outsourcing the same work.
Here’s a quick comparison to show you what we mean:
* Based on info from glassdoor.com
That’s a whopping 75% savings right there, just by outsourcing.
3. You Get Peace of Mind
Imagine knowing that all of your financial information is being taken care of for you by experienced professionals you know and trust.
When you outsource, you don't have to worry about whether your books are up-to-date or if you’ve made a costly mistake on your taxes because experienced professionals handle all of that for you.
You get timely, accurate financial information, so you can make informed decisions without the stress of doing it all yourself. Think of it as achieving financial zen—everything is taken care of, and you can focus on what really matters.
When Is It Time to Outsource?
To say EXACTLY when to outsource your bookkeeping and tax is different for every owner. Accurate bookkeeping and tax planning are vital to your business growth, AND they help you maintain proper compliance.
So, how do you know when it’s time to outsource your accounting?
Here are a few good rule-of-thumb indicators that will let you know it’s time to find an outsourced accounting partner:
You’re spread too thin
If you (the owner) are juggling too many business responsibilities, it’s time to delegate.
Your business is growing
If your annual revenues are approaching $1 million, or you have 5-10 employees and are still expanding, it’s probably time.
Businesses earning $500,000 or more in annual revenue see the greatest benefits from outsourcing, as it costs less than a part-time hire.
You need better insights
Off-the-shelf software and DIY accounting can only get you so far. If you’re not getting the detailed reports and insights you need, outsourcing can fill that gap.
Your accounting processes can’t keep up
As your business grows, your accounting needs become more complex. If you're outpacing your current system, it’s time for an upgrade.
You value confidentiality
If you’re not comfortable with your internal team knowing all the details of your financial situation, outsourcing keeps that information external.
You can’t support an in-house team
You are not able to hire, train, and develop an accounting team to handle all of the pieces that your accounting back office requires. An outsourced solution provides continuous, uninterrupted service without the hassle of hiring and training new staff, so there will never be a lapse in your bookkeeping.
Why Partner with Patrick Accounting?
By partnering with Patrick Accounting, you get to take advantage of our entire team of accounting professionals (conveniently housed and fed under our roof, not yours) for significantly less than what you’d pay someone to be a full-time employee.
We are experts in our field who stay up-to-date on the best accounting technologies and practices. We're a hands-on firm that still believes in the value of face-to-face meetings but recognizes the power and convenience of Zoom. We help you improve your processes, think strategically, and increase your productivity.
The result? A bigger bottom line for your business and significantly less stress for you.
Ready to Build a Better Business
Choosing the right accountant or bookkeeper is about more than just expertise—it’s also about finding the right fit for your budget. Understanding the cost of outsourced accounting services and the value they provide is your next big step.
To help you make an informed decision, check out "How Much Does Outsourced Accounting Cost?" and discover what monthly accounting services can do for your business.
Want to find out more about spending less time on accounting and more time on your business? Schedule a call with us, and let’s chat about how we can support your business. We’d love to hear your story and see how we can make your life a little easier.
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