Benefits of Outsourcing Your Accounting Function
In the February 2020 issue of the Small Business Monthly “Financial Fitness” column, Karen Stern, Partner in Charge of the Brown Smith Wallace Entrepreneurial Services Group, discusses the benefits of outsourcing accounting services for small businesses.
Savvy small business owners know the importance of accurate and timely accounting. Being on top of cash flow keeps businesses healthy and viable. If your business is growing beyond your expertise and capacity, it may be time to consider outsourced accounting services. Outsourced accounting services are proven, cost-effective solutions for businesses of all sizes, even those that have dedicated accounting personnel.
Outsourced accounting services can provide strategic expertise at a fraction of the cost. Additional benefits for outsourcing a team of experts include:
- Ability for owners to focus on core business competencies, competitive advantages, sales, customer relationships, management skills and building value in the business.
- Accurate and timely reporting to provide financial intelligence business owners can use to make informed decisions.
- Visibility into key insights pertaining to cash flow, working capital or forecast of liquidity by involving an expert who can collect, analyze and interpret the data.
- Proper internal controls and segregation of duties to ensure your organization is proactively preventing fraud and minimizing risk.
- Elimination of the time and expense associated with recruiting, training and managing additional accounting staff.
- Access to additional experts and services that can help positively impact your business performance and revenue, including strategic planning, tax planning and consulting, and succession planning.
To learn more about the benefits of outsourcing your accounting or evaluating other accounting solutions, please contact Karen Stern, Partner in Charge, Entrepreneurial Services Group at Brown Smith Wallace, at 314.983.1204 or firstname.lastname@example.org.