It’s rare for a company of any size to operate for more than a few years without growth, regulatory change, or turnover affecting its ability to provide accurate and consistent results. Traditionally, if a business has this challenge, they hire someone to handle financial reporting in-house. While some businesses prefer in-house bookkeeping and financial services, others look outside their organization.
Businesses may be apprehensive about turning to an outside resource. This blog will examine the key benefits of outsourcing bookkeeping and financial reporting, how outsourcing compares to traditional staffing methods, and how outsourced accounting from Rubino offers solutions to some common accounting challenges.
Outsourced services are a low-cost alternative to hiring in-house without sacrificing quality results. They work as an extension of existing in-house accounting functions. While these firms provide standard accounting and bookkeeping services, they usually consist of professionals who handle specific functions, such as tax, compliance, financial planning, and business advising. These value-added services help businesses build their capacity and solve complex issues as they grow.
Business decisions revolve around cost, and hiring an employee is expensive. Salaries, benefits, and paid time off add up fast for a full-time employee; this can be more expensive if your business needs specialized skills or knowledge. If the employee leaves, it’s your responsibility to replace them.
Where outsourcing saves cost is scalability. You pay for what you use, and this flexibility means accounting services are easily and effectively covered regardless of business size by certified CPAs.
Another area where scalability provides an important advantage is growth. Outsourcing allows a business to add to the team’s strength without increasing employee costs. When your business is facing a challenge like expansion, acquisition, compliance issues, or audits, a dedicated accounting partner can help you find the right solution and provide the specialized personnel you need without having to find and add an employee.
Outsourcing eliminates risk. While an in-house accounting team might provide control, lack of oversight may mean mistakes go unnoticed. Accounting is based on reliability and accuracy, and outsourced accounting partners make it a point to guarantee quality of work. Further, Rubino is staffed by professional CPAs with a diverse range of experience and specialities.
Is your organization growing? – Growth means increased overhead. Outsourced accounting helps you keep pace with your growth without increasing costs.
Do you need to replace staff quickly? – Turnover can seriously impede a business’s growth, and this is especially true for small businesses where employees handle multiple business functions. Outsourcing allows you to quickly fill the gaps and keep things running.
Are you falling behind with technology? – Accounting software and technology is hardly static, and solutions that may have worked five years ago may seem hopelessly outdated and insecure now. Modern accounting firms deliver the latest financial and business intelligence tools to their clients.
Is data security an issue? – Businesses in all industries sometimes struggle with maintaining consistent data security and following all necessary regulatory guidelines. A dedicated accounting partner has helped clients overcome these issues before, and they know what to do even in unique situations.
Do you need specialized help? – Mergers, acquisitions, audits, taxes, international business, and compliance are just some of the reasons your business would need specialized accounting resources.
A new challenge for businesses today is a lack of qualified applicants for open positions. The Great Resignation has seen historically high employee turnover rates even for professional functions like accounting. One of the ways businesses can maintain capacity when there aren’t enough people to hire is through outsourcing.
Rubino Is an Important Outsourced Accounting Resource
The goal of an accounting department is to organize and disseminate financial information, and at Rubino, we cover any accounting need. Whether your business is struggling to maintain the staffing you need to provide accurate results or you require specialized accounting services, we’ve got your back. We’re a nationally recognized leader in public accounting, financial services, tax advisory services, nonprofit accounting, and regulatory consulting, which makes us an important accounting resource.
With the Rubino team, anything is possible. Reach out to us today and let’s see what problems we can solv