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Four reasons why a small business should outsource accountancy

If you are a small business owner who has never considered outsourcing their accountancy, this article is for you. Here, we give you an insight into how outsourcing your accounts will help your business:

1. Save time

Time is always short, but if you run a small business, time is an even bigger issue. Many owners try to do everything themselves, but any task you outsource will save you time. The hours saved can be reinvested in marketing and making more sales, so it can help a business to grow and prosper.

2. Better profitability

A good accountancy firm will produce detailed profit and loss reports for a business. These can be used to help the firm to understand which products or services are profitable and which are not, which in turn allows a firm to increase its takings and improve stability.

3. Better cash flow

Employing a reputable accountancy firm can help with cash flow. Most small businesses struggle to pay the bills at some point in the year; sometimes, it is because their services or products are seasonal, while at other times it is because a customer does not pay a bill.

Using professionally produced accountancy reports, a firm can see holes in its cash flow coming up and take action to avoid problems. Many accountancy firms also offer credit control services, chasing up invoices and making sure that they are paid on time. Again, this improves cash flow.

4. No problems with the taxman

One of the biggest issues facing firms is keeping up with changing legislation, in particular, changes to the tax laws. Employing a accountancy firm solves this problem. Professionals keep themselves updated with all changes in the law, and make sure their clients comply with the law.

These are the four main benefits of outsourcing accountancy tasks. It is not expensive to do so, and as you can, you see will save time, money and stress while increasing profitability.

Posted by admin
September 29, 2014

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