Authored by: Cindy Grieco, CPA, Tax and Lead Business Services Partner
The economic shifts over the last several months have been nothing short of earth-shattering. As businesses picked up the pieces, many were forced to make changes of their own. Service models were revamped. Staffing rosters were reduced. Internal processes were reworked. Now, without an end to the coronavirus pandemic in sight, it’s hard to imagine when, if ever, operations can return to normal.
If you’re a business owner grappling with the impacts of COVID-19, you should know this: There are actions you can take today to position your business for a better future. One such action is to consider outsourcing your accounting.
Here are four ways outsourced accounting could benefit your business in the age of COVID-19:
- Reduce payroll costs.
Outsourcing your accounting allows you to pay for only what you need (i.e., an expert accountant) without the cost of a full-time employee. At a time when every dollar counts, being able to limit your payroll costs can be beneficial. In addition, an outsourced accountant already works remotely, you don’t have to provide a physical space or work-from-home setup.
- Avoid surprises.
One of the most significant benefits of outsourced accounting is the ability to achieve consistency in your staffing and your internal processes. By hiring an established CPA firm as your outsourced accountant, you won’t have to worry about staff turnover or potential layoffs disrupting your business’ accounting. You’ll be able to keep your accounting processes intact, regardless of how the COVID-19 situation unfolds.
- Enhance your technology.
One of the challenges presented by COVID-19 is remote work. Many businesses had to quickly shift gears to accommodate the need to operate within a virtual space. Outsourcing your accounting gives you peace of mind that your accounting technology is up to speed. From your accounting system to accounting processapplications, your outsourced accountant can ensure you’re leveraging the right technology for your business.
Outsourcing accounting platforms can deliver real-time reporting with metrics that matter to a business’s key stakeholders while keeping its leaders in constant position to make the best financial decisions.
- Get access to accounting expertise.
No one can say what the future will hold. Now, more than ever, it’s critical to fully understand your business’ financial state. Working with an outsourced accountant gives you access to accurate financial information and an expert who can advise you on what it means today—and tomorrow. From keeping up with CARES Act developments to planning for 2021, your outsourced accountant can help you prepare for what’s next.
Explore your options for outsourced accounting
In a time of heightened uncertainty, outsourced accounting could give your business an invaluable measure of stability. To learn how KHA’s outsourced accounting team could support your business, contact us today.
These sources are simply included for informational purposes. KHA Accountants, PLLC, its partners and others do not provide any assurance as to the accuracy of these items or the information included therein. As such, KHA Accountants, PLLC cannot be held liable for any information derived from referenced sources. There are many unknowns at this time regarding what other stimulus (grants or other loan options) may become available with pending and future bills, executive orders, or emergency declarations to follow, that may become laws. Consult your legal and business advisors prior to making financing decisions. This is intended for illustrative and discussion purposes only.