We recently met up with Donovan Blake-Shepherd, one our accountants on Freelance Cape Town.
Below Donovan shares some valuable advice and reasons why we should outsource our accounting.
7 Reasons to outsource your accounting
If you’re a small business owner, you’ll understand the pressures of growing a business. In these tough economic times, keeping your head above water, let alone flourishing, is becoming increasingly more difficult, and it takes some creative thinking and innovative developments to increase your bottom line. One solution many SME’s are turning to is to move away from in-house finance departments or large and impersonal accountancy firms, and to outsource their finances and accounting. Here are a few of the reasons it is a good (no, great) idea to follow suit:
Increase productivity (and ultimately performance)
The first, and probably the most obvious, benefit of outsourcing your accounting is that your time is far better spent on growing the business, and not struggling to balance the books each month, or trying to understand the mountain of ‘red tape’ requirements that come with running a business. Let the experts do what they do best, and leave you to run your company.
More cost effective
Following on from the above point, then why not hire an internal accountant or accounts team to handle the finances? Because it’s far more cost effective to outsource it. Why pay a full-time salary (with benefits), when you can pay only for what you need?
Expert team at your disposal
A specialised accounting firm will comprise a team of experts with knowledge and access to the latest cutting-edge technology, software, compliance regulations, and innovations. Plus, you will effectively have an entire team at your disposal, constantly collaborating and strategizing to find the best possible solution for you.
Focused and vested in your business
Unlike a staffer who knows they’re going to get a pay check at the end of the month, an outsourced solution will have a vested interest in providing you with the best possible service, because he will want to retain your business, and so will work extra hard at maintaining a life-long relationship.
Quicker turn-around time
With a team working around the clock to meet a deadline – that has access to all the necessary resources – the turn-around time will be faster and treated with a professional urgency.
Rather than a one-size-fits-all approach, you have the ability to choose which options suit your company’s needs. Do you require a once-a-year audit, is it a monthly bookkeeping service you’re after, or perhaps you need the full-service financial treatment? Whichever it is, you can pick and choose, and you pay accordingly.
An external company will have the means and resources to implement proper fraud protection controls, detecting and preventing all forms of fraud, which can potentially cripple any small business.
Now that we’ve explained why you should be outsourcing your accounting, the next step is to find the right people for the job.
One such company is Profijt, a modern, virtual accounting solution for start-ups and the progressed SME business. They pride themselves in understanding modern business challenges, expert knowledge of the latest technologies to ensure your company’s progression, fast turn arounds, lifelong client relationships, constant collaboration, and fair fees.
Not only is Profijt’s end-goal to make their clients wealthier, they’ll talk to you in a language you’ll understand.
Services on offer include the full range of accounting and financial services, which can be tailored to your individual needs. These include, but are not limited to:
- Monthly bookkeeping, payroll and management accounts
- Annual financial statements, corporate tax and other compliance duties
- Strategic guidance and independent business valuations
- Expert consulting and finance-related registrations etc
SPECIAL OFFER TO MEMBERS!
Great news! Profijt are offering all Freelance Cape Town members an exclusive offer where you can save a whopping R10,000+ on their products and services:
- Free set-up of Xero accounting system; a modern, advanced accounting software hosted in the cloud, which includes all data conversion and training. Work on your current accounting system today, and work in the most beautiful-, cloud-based accounting system tomorrow! (Save over R6,500 excl)
- Save 30% off your first 12-month Xero subscription (save up to $12 a month)
- Free consultation, where you can ask any question, not necessarily related to Xero. Perhaps they can help you with another pressing challenge. (Save over R3,000 excl)
T&C’s apply to all offers.
Is it time for your company to progress? With savings like these, there’s no time like the present to progress to Profijt.
For more information on Profijt and the Xero accounting solution, visit http://profijtca.com/
Article prepared by Kirsten Curtis for Profijt Chartered Accountants