Should Your Accounting Practice Be Outsourced?

While there are benefits to outsourcing for many businesses, it doesn’t mean it’s necessarily right for all.

If you’ve been thinking about outsourcing for your accounting firm, we’ve got 5 things you should ask yourself first.

1. Would you like to have more time to spend on customer relationships, business development or business growth initiatives?

Outsourcing allows you to hand tasks over to an external provider, so you can leverage their specialist skills. It gives you back the time and resource you need to instead focus on the business tasks that you do best, or allow more freedom and flexibility in how you want to run your business.

accounting tasks that can be outsourced

2. Do you find yourself doing mundane or repetitive tasks?

If you find that your time is often taken up with tasks that could easily be taken care of by someone outside of your core business – like data entry, or monthly reporting – then outsourcing could be the right option for you. With connectivity through cloud technology platforms, everyone can have access to the same information, and it’s easy for repetitive administrative tasks to be passed on. This gives you the time to get back to more productive work.

3. Are you hoping to grow your business, but don’t have the capacity to take on new clients?

Outsourcing is a great way to dramatically increase capacity, without adding extensive overheads to your practice. It also allows you more flexibility, so you can better adapt to changing market conditions, influxes of seasonal work or increased project workloads.

taking on new clients

4. Could you offer faster, improved or more cost-effective services to your clients with the help of outsourcing?

Where are the roadblocks in your business? Are your services limited by budgets, skills or access to resources? Outsourcing could be the answer to creating efficiencies in your firm, or accessing greater skill sets that help improve your offering – in turn resulting in greater profits, and happier customers.

5. What’s the value of your time?

Many business owners continue to juggle multiple business functions, with the belief that it will save them money by doing it themselves. But when you consider the cost of your time, and the amount of time you spend on non-productive tasks or tasks that take you away from growing your business, what is the real cost? When you consider the value of your time, you’ll likely see outsourcing as something that you actually can’t afford not to invest in.

If you’re still undecided, take some time to check out the pros and cons of outsourcing, which tell you a little more about why it could be the right move for your business, or see what it takes to get started with outsourcing.

If you want to know more about how outsourcing can benefit your firm, get in touch with our consultants today.