The secret of a successful business venture lies in its well-kept financial records and accounts. However, new business owners find it very difficult to handle time between managing their business and keep track of daily tasks such as bookkeeping.
One of the solutions to this issue of keeping your finances on track could be hiring a bookkeeper for the job. However, the hired individual may or may not meet all your demands and will also be on the company payroll. This might end up costing you a lot more money than you decided to spend on. Thus, another option will be to outsource your bookkeeping services which will cost you a lot lesser and get your work done on a daily basis as well.
Around one-third of small businesses outsource a business process. Accounting has become one of the most common processes that are outsourced by small to medium companies. Currently, Canada has emerged as top markets to outsource your bookkeeping. In fact, the accounting industry in the U.S. generated a revenue of around $6 billion in 2018.
Not all companies can afford to hire a dedicated bookkeeper. Outsourcing your accounting lets you access world-class talent at a fraction of the cost. You don’t need to keep an in-house team and can access authoritative skillset on-demand basis
Getting outsourced accounting services Canada may put you on a fence, but here are the top 5 reasons why you should go for it.
Data security might be one of your major concerns for giving up your bookkeeping services but it actually helps your business the most. A hired individual in your company will have access to most of your private data and may leak it out of the company as well. On the other hand, a firm handling small business accounting in Canada will be bound by a contract to protect your data and will have to pay you if it gets compromised.
Scalability in business means hiring more Corporate Accountant in Toronto for your company, resulting in you spending a lot more money out of your pocket. When you outsource these services, a team manages all of your financial data and can easily scale the operations for a fractional amount.
A team that manages your financial records specializes in the job and will understand your business finances in no time. Therefore, you will end up saving all the time, money and resources of training a new individual to understand and manage your accounting services.
A new hire requires time, money and most importantly, resources from your company. For a new business in Canada, resources are the most sacred entity and thus, need to be managed well. Therefore, if you have a small business, it's always a better idea to outsource your bookkeeping services to a company that uses its own personnel and resources in keeping track of your finances. Thus, you will be able to put your company resources to better use.
Since a team of accounting consultants from an outsourced firm come with their own set of skills and specialize in certain areas, they will be able to produce results at a faster rate regularly. Therefore, you will be able to get all your daily finance reports on time, every day without any worries.
Maroof HS CPA Professional Corporation; Tax Consultants, Accountants and Bookkeepers in GTA offer some of the best outsourcing services to small businesses in Canada. However, it is always advised to find an outsourcing firm that has great market experience, good clients as well as fits your budget.
Our outsourced accounting services are not limited to Toronto or Greater Toronto Area but are extended across the whole Canada. If you are a business in Northern Ontario, please contact us today to get benefit of our ongoing “Northern Ontario outsourced accounting services promo”.