Blog | 20 Nov 2023

Why You Should Outsource Your Finance Department (Part I: Save Time and Money)

By Shubhdeep Singh, Senior Accountant | Accounting, Advisory

Your business means the world to you. You invest many hours in crafting business strategies, devising marketing plans, overseeing your team, and handling client invoices. But this leaves you less focused on one of the most important things: actually growing your business.

As the head of your business, it’s important to properly delegate non-essential tasks to skilled employees who know how to do them best. Doing this will instead allow you to focus on the expansion of your enterprise. One area well-suited for delegation is financial reporting and planning.

In our new blog series, we’ll dive into why outsourcing your financial and accounting operations like bookkeeping, payroll, invoicing, and taxes should be left to the experts while you dedicate your energy to business growth.

What is Outsourcing?

Outsourcing involves one company hiring another to handle its internal functions. When exploring the option of outsourcing accounting or bookkeeping needs, you’ll want to find an external service to manage your business’ day-to-day accounting and financial operations.

Outsourcing accounting services has a number of benefits, with saving time and money being two of the most significant. Let’s explore why these areas make outsourcing a great choice for you and your business.

Saving Time on Tax Planning and Financial Statements

A business’ accounting can take a lot of time, especially if you’re the only person handling all of the bookkeeping. Additionally, the process of hiring employees (such as an in-house accounting department) can be incredibly time-consuming.

By outsourcing your accounting needs to a dedicated external team, you not only save time through quicker solutions but also eliminate the need to recruit and retrain an entire department. With an external firm, you gain access to a team of skilled accountants who are always ready to help.

At SBLR, we offer services to help you save time with your financial and accounting needs. These include:

  • Bookkeeping
  • Corporate and personal tax returns
  • Financial statements
  • Tax planning and minimization
  • Payroll processing
  • CRA accounts reconciliation

Saving Money with State-of-the-Art Software

Outsourcing your accounting services obviously comes with a financial cost. Taking into consideration the time spent on payroll calculations, pay statement distribution, tax preparations, and much more; outsourcing would be the most cost-effective way of covering all of these accounting responsibilities while budgeting for your business. In fact, if you were to outsource an accounting firm for tax matters, their hourly rates would most likely be lower than what you would pay yourself. This results in not only more time for you to focus on business growth but also gives you the assurance that an expert is carefully managing these responsibilities.

Additionally, accounting requires specific software and technology that can be quite costly. When you outsource your accounting to a firm, you’re cutting costs related to technology overhead. At SBLR, we bring together our experienced team of professionals with the latest cloud technology to provide you and your business with online solutions. With features like bank feeds and recurring entries, we ensure your financial data is updated in real-time.

A few other areas we can cover with our state-of-the-art software include: 

  • HST/GST filings 
  • Customized tech stack 
  • Payroll setup 
  • Catch-up bookkeeping 
  • Bookkeeping training   

At the end of the day, your business is both the heart and soul of your professional world. It’s important to decide which tasks require your personal attention and which can be delegated elsewhere. Outsourcing your financial and accounting needs will pay off in more ways than one. It’s not just about reducing overhead costs and saving time, but it also ensures that your accounting needs are in the hands of experts who excel in their field.

In the competitive world of business, your time and financial resources are precious. Partner with SBLR and let us help you manage your financial matters while you focus on taking your business to the next level! Stay tuned to find out how else your business can benefit from outsourcing your financial services, but in the meantime, schedule a consultation and learn how we can help you save time and plan ahead: request a consultation with us.

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