Outsourcing Is Expensive
Unlike the previous myth, this is categorically false. There’s no definitive rate for outsourcing accountancy services. Some companies will charge a premium if they have a good reputation or provide quality services. However, even with this premium, outsourcing accountancy services is well within the budget of most businesses.
Besides the relatively low rates, outsourcing accounting also has several cost advantages. Firstly, it saves you time since the accounting process occurs simultaneously with your other business operations. Secondly, you also minimize accounting mistakes, which can land you in legal trouble. This second advantage leads us to the next myth.
You Can Do the Accounting Yourself
In theory, you can do your own accounting. However, you don’t run a business in theory; you run it in practice. If everyone could do accounting with the same efficiency, it wouldn’t be a profession.
Firstly, a businessowner has to monitor many operations. As the number of operations increases, so does the risk of making a mistake. Secondly, accounting isn’t what generates your company’s revenue, so it isn’t always prioritized. Lastly, accounting does involve a degree of expertise that most people don’t have. Dealing with contingencies and financial standards is best left to a trained accountant.
If you’re looking to outsource your accounting operations, get in touch with us at Duggal Professional Corporation. We’re an accounting company in Edmonton, Alberta, that provides full-cycle accounting, bookkeeping, and payroll services. Contact us to focus on your business operations.