By Kimberly Benevides, CPA, MST
Manager at Gray, Gray & Gray, LLP
In order to remain competitive, businesses today must remain nimble, run lean, and streamline operations. The result is pressure to do more with fewer resources. These imperatives run across all types and sizes of businesses.
One solution that many companies are taking advantage of is outsourcing select functions to achieve greater efficiencies and cost savings. Among the most common task being outsourced is accounting. Business owners who outsource their accounting find that performance in this critical business function often improves when it is performed by experienced, dedicated professionals.
What benefits can outsourcing your accounting deliver for your business?
- Meeting Compliance Requirements – It is difficult for internal accounting staff members to keep up with the rapidly evolving tax landscape. A complex new tax law, changing regulations, and increased reporting requirements are a challenge best handled by professionals who are focused exclusively on making sure your business remains in compliance.
- Saving Time – An overworked internal accounting staff cannot generate the reports and financial information you need to make time-sensitive business decisions. A dedicated outsourced accounting provider can set up a regular reporting schedule, customizing the data you receive specifically for your business, and can also turn around requests for special reports more rapidly and accurately.
- Reducing Costs – Adding more accounting staff to your payroll increases overhead, generally with higher salaried specialists. It is difficult to realize a full return on this investment. Outsourcing, on the other hand, generally helps to reduce overhead costs, and is easily scalable without placing an additional burden on your payroll costs.
- Improving Productivity – When you outsource accounting, your staff will be freed up to focus on essential in-house functions, and you will have the knowledge and data you need to make better informed decisions for your business.
How can Gray, Gray, and Gray help?
- We are the leading experts in our industry with a proven track record for helping clients strategize, develop infrastructure and standardize processes needed to operate successful, scalable businesses.
- We have the expertise in determining the right technology, workflow, and efficient solutions that work for you and your business.
- We are experienced in the diverse challenges that clients face on a day to day business which encompasses helping clients through economic, tax and other challenges. This means we know what works and what doesn’t work.
- The advantage of our wide range of resources and skillsets allows us to have a leg up over internal accounting staff, while still serving as an extension of your management team to help you achieve your long term goals.
Want to find out if outsourcing your accounting can benefit your business? Contact Gray, Gray & Gray’s Client Accounting & Advisory Services Practice Group at (781) 407-0300.
Gray, Gray & Gray’s Client Accounting & Advisory Services Practice Group assists start-up, emerging growth stage companies, and mature businesses with improving business operations processes while reducing costs. For more information on outsourced accounting and other services, please contact Manager Kimberly Benevides, CPA, MST at firstname.lastname@example.org.