Hiring the temporary use of a third party has become a popular practice in many areas of the business world. Whether you maintain a small business or a large corporation, a new start-up or a nationally recognized brand, accounting is an important area of keeping your company afloat. But what if you are unable, or simply unwilling, to keep an accountant on staff at all times? Where do you go when you need a professional eye on your statements and expenses? Many business owners have asked the same question, and they have all turned to outsourced small business accounting in Nanaimo.
Reducing Costs and Fees
One of the main benefits to outsourcing small business accountant in Nanaimo is the cost savings. When you keep a financial advisor on staff, you are obligated to pay a regular wage, cover benefits, and provide office space as well as the tools and equipment of the trade. This may include computers and expensive accounting software which is updated often and may require a monthly usage fee. Third party financial assistants are already receiving their benefits from their full time employer; they are already set up with an office, computer and required software too. Those expenses are never your responsibility. Whether you need outsourced services for a temporary time, or several times throughout the year, the fee is usually adjusted to your unique needs. Unlike a salary which could lock you into paying a month by month, or minimum of 6-month cost.
Security and Accurate Reporting
Your financial information will be kept safe and secure through data encryption while in the hands of the third party firm. This can give you a peace of mind knowing there is no risk for your delicate information being leaked. Should the time come that your financial statement needs to be mailed to a vendor, reporting agency, or other entity, it can be transferred instantly online or via cloud-based solutions. This not only gives you complete control over who has access to your statement, but can help you gain loans and new vendor agreements for inventory. For example, you may want to arrange a regularly scheduled shipment of raw materials for your manufacturing plant from a select vendor. By providing that vendor with your financial statement, you can effectively show them that you are a profitable business and will settle your debts paid. This could allow that vendor to issue you a line of credit without any issues, allowing you to keep production up in your company while balancing finances in the background.
Don’t leave your finances to chance; trust in the services of Controllership Focus Online for the right small business accounting in Nanaimo.
