LUTZ BUSINESS INSIGHTS
6 Benefits of Outsourcing Your Accounting During Times of Crisis
Erin Baas, client accounting services director
Your business has probably had to undergo serious changes since COVID-19 took hold several months ago. All of the uncertainty has undoubtedly taken a toll on your accounting procedures. If you’re doing well, you may have trouble keeping up. And if your company has suffered, it can be difficult to maintain a positive cash flow.
You don’t need one more thing to worry about just now. That’s one benefit of outsourcing your accounting during these turbulent times. Peace of mind. The knowledge that a critical element of your workday is being handled by experts.
There are numerous other benefits to outsourcing your accounting:
1. Is cost-effective.
Yes, you have to pay for services. But if you’re selling products and/or services that are in demand right now and you need to hire accounting help to handle the extra work, it can be less expensive than bringing on an employee. You only pay for the services you use.
2. Gives you time to plan.
In a time of crisis, your management skills and expertise are needed elsewhere. While you’re chasing down payments and trying to assemble reports, you’re not focused on steering your company through this chaotic period.
3. Ensures accuracy.
Whether you’re using software or doing your work on paper, it’s so easy to get distracted when our nation is in a state of flux, both in terms of the economy and the virus. You can’t afford accounting errors that jeopardize your relationships with your customers, your suppliers, and your employees. When you hire a trusted team, you know that it will keep you in compliance with best practices and rules.
4. Is flexible.
You don’t have to hand over absolutely all of your accounting work to an outside firm (unless you want to). If you want to continue to process your own sales and purchase forms and run simple reports, your external staff can take on the more time-consuming and complex jobs, like reconciling accounts and creating and analyzing the standard financial reports that can give you real insight into your financial status and possible future scenarios.
5. Keeps your company nimble.
The economic and national health landscape changes daily—even hourly—right now. You can hardly walk your dog these days without missing something major. You may have to respond quickly to changing conditions. When you outsource your accounting, you have an objective third party that can react to your needs when they shift.
6. Provides you with a reliable partner.
It’s easy to feel isolated and alone these days. Better times are ahead, but in the meantime, outsourcing your accounting gives you another outlet for personal and professional interaction.
Businesses have counted on us for their outsourced accounting needs since 1980. We can help you streamline your inhouse accounting or do the work needed ourselves. Contact us for a consultation, and we can come up with a plan to help you get through this crisis – and beyond.
ABOUT THE AUTHOR
ERIN BAAS + CAS DIRECTOR
Erin Baas is a Client Accounting Services Director at Lutz with over 15 years of experience. She provides business accounting and advisory services to a wide variety of industries with a special focus in private physician medical practices.
AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
- American Institute of Certified Public Accountants, Member
- Nebraska Society of Certified Public Accountants, Member
- Nebraska Medical Group Management Association, Member
- Certified Public Accountant
- BSBA in Accounting, Creighton University, Omaha, NE
- Nebraska Wildlife Rehab, Treasurer
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