Outsourcing Defined
The trend today for many employers is to outsource any function of business that is not directly related to the generation of income. But what exactly is outsourcing?
Simply put, outsourcing is the long term contracting of a company's business processes to an outside service provider, helping to increase shareholder value by reducing the costs of non-core functions.
Of course, outsourcing is not a new concept. For years companies have outsourced their legal, advertising, printing, and computer services so they could benefit from professional expertise without substantially increasing overhead.
Outsourcing Your Accounting Is a Positive Idea for Your Business if Any of the Following Applies to Your Current Situation:
- You are spending too much time managing your books and not enough time growing or running your business.
- You find that you are cutting corners, or you are uncomfortable with your accounting because it is too time consuming, or you do not really understand how to do some of it.
- You want professional grade accounting but either cannot afford or simply do not have the need for a full time accounting person or department.
- You have a basic understanding of financial reports, so that you can stay informed about your business on an "at-a-glance" basis.
- You are not afraid to ask questions if you notice things on financial statements that you do not understand.
- You want the flexibility to examine your accounts whenever and wherever you'd like, combined with the peace of mind that your books are being maintained by dedicated professionals.
Outsourcing Benefits
- Outsourcing Is Cost Effective.
- Employing a bookkeeper in-house can be expensive. That cost is not just comprised of salary, but the other direct costs such as employer payroll taxes, worker's compensation, medical insurance, retirement plans, and other benefits.
- Additionally, there are employee vacation and sick days to consider.
- And don't forget the time and expense involved to place classified ads, as well as interview, screen, test, and train an employee.
- Our fees to provide service to your company are quire competitive by comparison.
- We also provide flexibility in adjusting the level of service to meet the seasonal needs of your business.
Outsourcing Reduces Your Year-End Work and Fees
Since we maintain your general ledger and subsidiary schedules as part of the ongoing recording of data and preparation of documents, your year-end work can be significantly reduced. That translates into lower accounting fees and faster turnaround time in preparing tax returns and financial statements. Goss Bookkeeping can work with your tax professional throughout the year to ensure that your books are tax ready. As you accounting department, Goss Bookkeeping is not independent and so cannot conduct an audit of your financial statements.
Outsourcing Investment
Each business is unique. Goss Bookkeeping calculates a monthly/hourly fee for each prospective client by actually diagnosing the existing accounting files, followed by a conference call with the owners and management team to review the results of the diagnosis. During the call, Goss Bookkeeping and the prospect will explore the challenges and issues related to the accounting function to determine the scope of the work.
