5 Valuable Benefits Of Outsourcing Accounting Services

More and more businesses in Philadelphia are outsourcing accounting services in order to save time, money and gain advantageous expertise.

DGK Group specializes in small business accounting services. We see day in and day out all of the rewards businesses reap as a result of our services. We handle everything from financial statement reporting to small business support, forensic accounting, and business valuation and appraisal. If you’re still unsure if outsourcing financials is the right decision for your business, here are some valuable benefits to consider.

1. Improve Accounting Efficiency

Outsourcing accounting services to a qualified team of financial experts automatically gives your business a leg up when it comes to efficient accounting services. Certain technologies, platforms and programs are available to help improve efficiency, accuracy and overall insights provided by accounting data. Accountants are keen to these industry improvements and as a result your business benefits.

A recent Ovum study assessed over 100 large companies in the US, Canada and the United Kingdom. Researchers found that businesses outsourcing accounting services had something in common, almost all CFOsmentioned outsourcing F&A tasks to improve overall efficiency.

2. Save Money

If you don’t outsource financial and accounting services, you’re paying a team of people to run an in-house financial department. Hiring a team of qualified people to handle finances full time may be cost-prohibitive, which is why many businesses leave all financials to one person. This may seem like a good way to save money but it leaves you susceptible to a lot of costly mistakes. Hiring less experienced people to manage business accounting could also save you money, but that doesn’t mean the results are going to be good.  

Hiring DGK to take care of your accounting services is way cheaper than hiring an entire full-time team of qualified financial experts, but that’s exactly what you’re getting. By outsourcing an entire department you save money in terms of salaries, benefits, payroll taxes, paid-time off and so forth. Not to mention, CPAs know how to help you make more out of every last penny, saving your small business money in so many ways.

3. Save Time, Focus On Building Your Brand

Taking care of accounting in-house is time consuming for you and your staff. You could get a lot more done in terms of expanding your business by freeing your office from most financial tasks. Instead of hiring an entire team to take care of finances, you could hire a new social media team to generate buzz over a new product or campaign. As a result, you will be making more money thanks to increased customers. Even better, our team of financial experts is there to help your business make the most out of increased profits.

4. You Assume Less Risk

When working with a reputable team of financial advisers you assume less risk than hiring in-house. That’s because service providers are faced with much higher liability than standard employees. Contracted agreements give you more leverage if anything goes wrong. On the other hand, if your in-house team messes up big time the most you could potentially do is fire them and start fresh.

5. Add A New Team Of Experts To Your Bag Of Tricks

The value of experience, knowledge and passion is unmatched. Outsourcing financial services to a third-party provides you with a team of dedicated experts. CPAs must keep up to date on the latest bookkeeping and financial services in order to remain relevant among the competition.

On the other hand, in-house teams tend to get comfortable doing things one-way and don’t change systems unless something appears to be broken. Just because a system doesn’t appear broken doesn’t mean you aren’t wasting valuable time, money and resources on an outdated process.

6. Assistance For Start Ups

Many companies wait until they are making decent money to hire an accounting firm to take over finances. But, hiring an accounting firm from the get-go is incredibly valuable in terms of starting the right company (an LLC, C-corp or S-corp), getting a good loan and setting up shop so that you increase profits in your first year and beyond.

What Philadelphia Small Business Accounting Services Does DGK Group Offer?

We offer a wide variety of accounting services for small businesses, including creation of financial statement reports, bookkeeping and accounting, tax services, financial advisory, fraud detection, damage computation, royalty audits and so much more. You would need to hire an entire team of financial experts to get all of these same services in-house.

Contact us today to learn more about our small business accounting services.