Managing a business’s finances requires the help of competent and capable accountants and bookkeeping professionals. However, not all companies are capable of hiring their own team of accountants to work for them. Sometimes, outsourcing help is the best solution. However, not all people see it that way. Some are hesitant to try outsourcing their accounting needs due to false information that is just unfounded. Here’s our attempt to disprove some of those misconceptions about outsourced eCommerce accounting.
Myth #1: Outsourcing is for Big and Successful Companies
Contrary to popular belief, outsourcing is actually better suited to small to medium-sized businesses that do not have the capability to hire, train, and invest in an in-house accountant. While the idea of outsourcing has always been associated with the giants in the business world, the same couldn’t be said about it now.
With accounting firms becoming increasingly efficient at what they do due to the many tools available to them, they now offer cheaper and more value-adding services. Even the exchange of data nowadays is much more convenient and fast than it ever was before, making outsourcing a perfect choice for small businesses.
Myth #2: Sending Financial Details to an Outsourced Firm is a Security Risk
It is a known fact that financial documents are always at risk of a data breach. The truth is, there will always be a risk of a data breach regardless of the data being sent within your organisation or outside of it. This means that when it comes to the safety of documents, you can never be too sure.
Outsourced accounting firms actually take even more stringent measures regarding the safety and security of the data they handle since they’re basically handling data from multiple clients. They also conduct regular audits of all the files they possess to ensure there was no breach. These firms know the risks of handling financial data, so they invest a lot in ensuring they are secured at all times.
Myth #3: I Can Always do the Accounting and Bookkeeping Myself to Save Money
While that is true, especially if you have experience in accounting and bookkeeping, the only question is, how long can you keep it up. As a business owner, the amount of work you do will only increase, and the time you have to accomplish them diminishes over time. Sooner or later, you’ll have to delegate other tasks to your employees so you can focus on actually developing your business. One such responsibility you need to delegate is managing the company’s finances. Only with the help of an experienced and competent accountant will you be able to make better financial decisions.
Myth #4: Outsourcing is Too Expensive
While some eCommerce accounting services charge by the hour or by project, making the final price tag go out of control, there are accounting firms that offer reasonable rates for their services. Typically, the amount you invest in an outsourcing firm is more than what you invest in hiring your own accountants.
However, imagine all the expenses and the work you put in the accountant’s wages, benefits, equipment, supplies they use, the software they require for their work, even IT-related expenses to keep your accountant’s work up and running. In the long run, you might actually be spending more on your in-house accountant than just hiring someone outside to do all the work for you.
Conclusion
Outsourced bookkeeping and accounting services have been a game-changer for many businesses through the years. They basically offer a more convenient way for you to manage your finances without worrying much about hiring, training, and investing in an in-house accountant. By avoiding these myths, you’ll realise that outsourcing eCommerce accounting services are a much more viable option for your small startup.
The Ecommerce Accountant is a trusted name in the accounting industry, helping small businesses and new entrepreneurs get on top of their finances. Our dedicated team will help you minimise your taxes and increase your profit to help you reach your business goals. Whenever you need eCommerce accounting services, our team is always here to help. Contact us today to book a free strategy session.