1. Reduce overhead costs
Employing an in-house accounts person is expensive. On top of salary, the costs can include superannuation, payroll tax, workers compensation insurance, recruitment, training, absenteeism and redundant time.
2. Save time
You didn’t go into business to run an accounting department, or to be a bookkeeper yourself. Small business owners should be spending time on their core business rather than tasks outside their expertise. By outsourcing your accounting chores you can spend valuable time doing what you do best.
3. Access to accounting expertise
Outsourcing your accounting gives you instant access to experts in accounting. The accounting and bookkeeping industry in Australia is regulated by the Tax Practitioners Board (TPB) who imposes strict training and practical experience requirements on membership. Together with membership of the TPB as a registered BAS agent, The Finance Dept is a member of the Institute of Public Accountants (IPA) and must adhere to the IPA’s professional code of conduct.
4. Staffing flexibility
Forget about sick and annual leave and the associated pain of bills not being paid, who will process payroll and chasing debtors. With a great offsite accounts team, the process will continue to tick along.
5. Cashflow
Juggling cash to pay employees and creditors while being able to pay yourself can sometimes be difficult to manage. Efficient systems optimise your cashflow by chasing debtors to pay on terms and paying creditors at the most appropriate time.
6. Save on hardware and software
There’s no need to buy extra hardware or software for your accounts team when you outsource. These days inexpensive cloud-based software means you’ll have access to real-time financial information 24/7.
7. Budgeting
Staying abreast of the financial condition of your business is critical. A professional accounts team can help you plan your future, manage your money and identify problems before they occur to ensure you have the best chance of achieving business success.
8. Improved efficiency
Less time is spent on mistakes when professionals are in charge. There is no substitute for experience and established processes.
9. Sound advice
Our vast experience means that we offer realistic, practical guidance on the best ways to grow your business, create value and improve the bottom line.
10. Peace of mind
Concerns about the status of your financial records can be stressful. Outsourcing affords you the security of knowing that your financial records are in order at all times. A reputable provider will keep up to date with changes in regulations and technology so you can concentrate on building your business.
The Finance Dept is a Brisbane-based practice servicing businesses throughout Australia. No work is sent offshore. For more information, or to chat about the best solutions for your business, please contact us today.
