One thing the internet and advanced technology offer today are substitutes for traditional accounting. Since accounting can take time that you probably don’t have to learn how to do it right, and you may not want to dip into your company’s expenditures by hiring an accountant part-time, outsourcing your accounting through an online accounting company may be the way to do it. Hiring an outside accounting firm, especially one offering SAAS and cloud services may not only save you money, but they may also put your company in better position to succeed in your industry. Companies like Keeping Your Balance are good examples of accounting services managed both by certified accountants as well as offering cloud and SAAS.
Added Benefits to Outsourced Accounting
Saving money is probably your first reason for outsourcing your accounting, and it can be nice not to have to pay employee benefits or added taxes on an accountant while instead paying flat fees to the outsourced accounting firm. But what a lot of outside accountants do is more than just payroll, taxes and other normal bookkeeping tasks as this website explains in their article. Not only do you want to make sure your tax and earnings statements are correct; you should have an idea of the direction your company is going. More and more outsourced accountants are now including data analytics in their services, so they can help you make better decisions for your company. SAAS accounting also gives you access to any statement or information you want without having to dig through stacks of papers to find it.
Tips for Shopping for Outsourced Accounting Firms and SAAS
There is a huge spectrum of services and systems that cloud and SAAS accounting companies offer, so it’s important to carefully read the fine print on what they offer when you sign up. You can check with your clients if you have a business-to-business relationship with them for reference on a good cloud accounting firm. Some of the key areas you want to know about the company you’re inquiring about are their reliability, the levels of security they use, and their overall customer service. You also may want to know if they’re with The American Accounting Association. As Investopedia explains, this association is an authority in professional accounting education and publishes important magazines and other documents of research into the accounting field. Being a part of this association adds to a firm’s credibility.
To sum it up, you can gain a lot of insights into your business as well as having improved accuracy of your records by leaving accounting tasks to outsiders. With cloud accounting and SAAS, there still are risks involved such as hoping their servers don’t crash or that there are no data breaches. But overall you can usually expect better quality of service and the investment is still low with only needing devices that can connect to the internet and not needing too much overhead. But with machine learning now becoming more mainstream, it’s worth the consideration to sign up for a cloud-based accounting company’s service.