6 Benefits of Outsourced Accounting for Staffing Agencies

AdminAssist December 15, 2021
7-minute read
Financial statements, pen and a calculator

Did you know that nearly 300,000 jobs get outsourced every single year?

Companies continue to do it because it makes sense financially and allows teams to scale. And as a staffing agency, both of these things should be top of mind. Outsourced accounting can help staffing agencies save time and money by taking care of all their bookkeeping needs.

Outsourced accounting will take care of everything from payroll taxes to filing quarterly reports with the IRS. You won’t have to worry about a thing! Keep reading to learn more about how outsourcing your accounting can benefit your staffing agency.

1. Increased Efficiency

When you outsource your accounting, you can free up your staff to focus on their primary duties. This increases efficiency and allows you to operate more efficiently.

Why Is This Important for Staffing Agencies?

If time is money, then increased efficiency means increased revenue! Staffing agencies should always be looking for ways to run their business more efficiently. Outsourced accounting can help you save precious time that you would otherwise spend on bookkeeping tasks. This will allow you to focus more of your attention on other areas of the company.

2. Everyone Is on the Same Page

When you outsource your accounting, you get a team of experts working for you. These professionals will ensure that all your financial records are accurate and up-to-date. This means that everyone in your company will be working from the same information.

Why Is This Important for Staffing Agencies?

Accurate financial records are essential for any business. When you outsource your accounting, you can rest assured that all your financial information is accurate and reliable. This will help you make better decisions for your company and avoid any costly mistakes.

3. Reduced Costs

Outsourced accounting can help staffing agencies reduce their costs in several ways. For example, you can save money on software, hardware, and employee training.

Why Is This Important for Staffing Agencies?

Staffing agencies are always looking for ways to reduce their costs. Outsourced accounting can help you do just that! By taking advantage of the cost-saving benefits of this service, you can keep more of your hard-earned revenue in your pocket.

4. Peace of Mind

When you outsource your accounting, you’ll never have to worry about any type of financial problem again. From ensuring accuracy and compliance with industry regulations to handling audits and taxpayer notices, the experts at this service will take care of it all.

Why Is This Important for Staffing Agencies?

Running a staffing agency can be stressful. You’re always dealing with deadlines, clients, and employees. The last thing you need is to worry about your financial records. Outsourced accounting can give you peace of mind knowing that your finances are in good hands.

5. Timely and Accurate Reports

One of the biggest benefits of outsourcing your accounting is timely and accurate reports. The firm you work with will prepare all the necessary reports for filing taxes, preparing financial statements, and anything else your agency requires.

Why Is This Important for Staffing Agencies?

You can never put it off when it comes to staying on top of your finances. You have to ensure you are filing your taxes on time and preparing accurate financial statements. Outsourced accounting can help you avoid missing filing deadlines or accidentally sending the IRS the wrong information.

6. New Opportunities

When you outsource your accounting, you’ll have more time in your day to look for new opportunities. Whether it’s expanding your services or exploring new markets, you’ll have the time to do it.

Why Is This Important for Staffing Agencies?

The staffing industry is always changing. To stay ahead of the curve, you need to constantly be looking for new opportunities. Outsourced accounting can help you do just that! By freeing up your time, you can focus on expanding your business and taking your company to the next level.

How Can Staffing Agencies Mitigate the Risks of Outsourced Bookkeeping?

While outsourcing your accounting can bring several benefits to your staffing agency, it’s important to mitigate the risks before making a decision. Here are a few things to keep in mind.

You can lose your company’s identity:  Make sure that the firm you hire has a good understanding of your business and industry. If they don’t, it may be difficult for them to provide you with accurate reports and information.

Problems with the service provider:  Conduct a thorough background check on each firm you consider hiring. Make sure they have a long track record of providing excellent accounting services and look for reviews from their previous customers.

Communication breakdown problems:  Ensure that your new accountant has an easy-to-understand communication style and can communicate in a way that fits your business. Working with an accountant who is difficult to understand can cost you valuable time and money.

Data security risks:  Make sure the firm you choose has state-of-the-art data security policies in place. This way, you can ensure that your information is safe at all times.

Choosing The Right Accounting Service Provider

There are several things to consider when choosing an accounting service provider. Here are a few key factors to keep in mind.

  • The size of the firm: You want to work with a firm that has the resources and expertise to handle your accounting needs.
  • The type of services offered: Make sure the firm you choose offers a full suite of outsourced accounting services.
  • The range of industries they serve: Make sure the firm you choose has experience working with companies in your industry. This way, they’ll know exactly what types of information to provide and how it can benefit your company.

Get Started With Outsourced Accounting Today

As you can see, there are many benefits to outsourced accounting. If you’re looking for a more efficient, cost-effective way to run your staffing agency, outsourcing is the right choice for you! And as long as you mitigate the risks, you can enjoy all the benefits that come with this service. If you’re ready to get started, contact us today. We’d be happy to discuss your specific needs and help you find the perfect accounting solution for your business.