Outsourcing Accounting is Easy, but It May Not Be What You Need: 3 Considerations

By Chris O'Neal, CPA, MBA

Outsourcing accounting at the Nealson Group has several advantages. Namely, it saves our clients time and tens of thousands of dollars. There is also process improvement, access to new skills, and freeing up business owners so that they can focus on other facets of the business. Unfortunately, there are some drawbacks to outsourcing accounting. Here are three things you should consider before you try it.

 You Can't Micromanage

 If you want control over every facet of your business, do not outsource. Outsourcing accounting and business consulting firms have certain ways of doing things and are professionals in their field. They are bringing new skills and processes to the table. Outsourcing accounting puts the ball in their professional court. You can set down clear guidelines and explain to your outsourced accounting team exactly what you are looking for, but then get out of your own way and let them do what they were trained and hired to do. This is the point where you focus on what you do best and why you got into business in the first place, which let’s face it, it wasn’t to be an accountant.

 Quick Turnarounds

 If you don’t like quick turn-around, the Nealson Group outsourced accounting might not be for you. Business success comes from financial clarity and real-time information.  We understand that slow historical financial deliverables are the current norm, but that’s not how we do things. At the Nealson Group we understand to make real-time decisions you need real-time information and giving you a quick turnaround is in the best interest of your business. In the worst of cases, a slow turn-around could mean financials full of historical data, but too old and no longer relevant to help you in the decision-making process. 

 If you are not in a hurry, we may not be the team for you, however if need something done right and right away, outsource accounting from the Nealson Group might be the best decision for your growing business.

 Outsourcing Can Save You Thousands of Dollars

 One thing you should consider before outsourcing accounting is the considerable cost savings. Are you currently tax planning or strategizing for growth? No, well that is very patriotic of you. Giving more to the government than you are legally obligated to wouldn’t be our advice, but we understand a lot of people do it. Bear this in mind that keeping your wealth is a proactive venture, taken on by only business owners that like money, understand the importance of cash flow, and partner with the Nealson Group outsourced accounting.

 Outsourcing can be extremely helpful, but its drawbacks are substantial. You can avoid these drawbacks by building or keeping your inhouse accounting team. Just consider the total cost of building a team or keeping your current one. There’s hiring the right people, then training them, and then someone has to manage them. You’ll never have HR issues, and they’ll probably never quit so legal, and turnover shouldn’t be an issue. Be proud of yourself, you are taking on the responsibility for all accounting facets of your business and it will only cost you tens of thousands of dollars and bring you aggravation and sleepless nights.  Whoop Whoop!

Outsourced Accounting