6 Benefits of Outsourcing Your Accounting During the COVID-19 Pandemic
In the June 2020 issue of the Small Business Monthly “Financial Fitness” column, Karen Stern, Partner in Charge of the Entrepreneurial Services Group, discusses the benefits of outsourcing your accounting during your COVID-19 business recovery.
Small businesses across the country have been substantially impacted by COVID-19. On top of temporary closures due to local health recommendations, losing income and reducing staff, businesses might fall behind on accounting as responsibilities to get business moving again take precedence.
If your organization has been impacted by COVID-19 and you’re behind on accounting, 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. These services can take the place of internal accounting resources at a fraction of the cost.
The benefits of outsourcing a team of accounting experts during your COVID-19 business recovery include:
- Continuing financial operations while physical office spaces are closed and your business reacts to and evolves during these unique circumstances.
- Automating work processes and eliminating the need to use paper documents, which can be especially beneficial if working remotely.
- Providing insight into opportunities pertaining to cash flow, working capital or forecast of liquidity by involving an expert who can collect, analyze, and interpret the data.
- Maintaining proper internal controls and segregation of duties to ensure your organization is proactively preventing fraud and minimizing risk. This is an especially useful benefit if normal operations have shifted online.
- Eliminating the cost associated with recruiting, training, and managing additional accounting staff.
- Accessing additional experts and resources at a full-service CPA and advisory firm that can help guide you through these evolving times.
To learn more about outsourcing your accounting or evaluating other accounting solutions, please contact Karen Stern at 314.983.1204 or firstname.lastname@example.org.