It’s common for many business owners to handle their own accounting in-house, with the belief that they’re saving money and keeping track of the company’s dealings. However, the delicate processes involved with accounting for a business could be costing you time and money that could be spent more wisely elsewhere.

Here are the top five reasons why you should outsource your accounting, to benefit both your business and yourself.

1. Allows you time to build your business

If accounting isn’t your profession, you shouldn’t be wasting time on it. With outsourced accounting, you’re freeing up more time each week to work on growing your business. Outsourcing your accounting work can give you more hours each week to earn profits, rather than spending time paying bills, entering deposits, and reconciling accounts.

2. Fewer overheads

If you have an in-house accounting department or professional, you’re liable for extra costs such as more office space and equipment, paid leave, sick days, and more. With outsourced accounting, you only pay for the work that is done, with no additional overheads.

3. Leaves the job to a professional

Rather than attempting to learn the ins and outs of finances and accounting, you can feel reassured that an expert is dealing with your business and its money. With the latest software and industry knowledge, professional accountants ensure they are handling your money with the very latest information on hand.

4. Reduces the risk of internal fraud

According to statistics, more than one in five small businesses lose money due to internal fraud, equalling an average of $240,000 per loss. Outsourcing your accounting safeguards your money as a third party auditor can ensure everything is above board.

5. Adds additional privacy and security to your information

Taking care of your own accounts leaves your sensitive information open to a range of security breaches. When you outsource the job, you’re adding an extra layer of security to your personal and business information that can keep it safe from public view.

If your main goal is to grow your company’s bottom line and spend more time and money on making profits, outsourcing your accounting could be the smartest move you’ll ever make.

Here at Hart Partners, we’re committed to providing a tailored approach to streamlining the accounting needs of Melbourne businesses.

You are invited to call us, without obligation, on 03 9600 3220 to discuss how our services will help your business.