6 benefits of outsourcing your accounting

Here are some unique pros that small businesses should have in mind if they decide to outsource their accounting.

Time is precious

Outsourcing most of your financial accounting can free your time and resources and allow you to concentrate on your company’s primary capabilities rather than the back office. Also, accountants can help supply you with the timely data you need to help make informed decisions for your firm’s best benefit and success.

The accounting firm you choose should specialize in identifying the most critical drivers of your business and creating actionable reporting systems based on your key performance indicators (KPIs). 

Finally, accounting industry knowledge and expertise will help you make timely strategic changes based on managerial data.

Access to high technology

Initially, most large organizations have retained the accounting department in-house, as it is difficult to differentiate it from other operations. However, increasingly small firms are starting to outsource accounting companies, mainly because of the widespread use of online technology.

If your accounting still needs to be cloud-based, consider it an option. Adapting to changes can be difficult, but if you’re committed to upgrading your accounting services, consider delegating work by outsourcing and adopting cloud computing. Additionally, using an outside party will allow you to obtain skills that may not be readily available locally.

Relying on outside assistance to outsource accounting can also enable you to recruit talent that might not be offered locally.

All-in-one solution

It is common for companies to keep their tax and accounting departments separate. But if you choose to have your accounting outsourced, you will need to project manage and assist with coordination between the two departments. Consider all your possibilities, then choose wisely whether this works for your conditions and requirements.

Keep in mind that if you opt for an all-in-one solution, you will be able to access a more extensive range of skill sets, knowledge, and a good backup by contracting out your finance and accounting services, from the CFO down to the bookkeeper.

Not only do these firms have access to sophisticated software and systems to streamline financial processes, but their services are created to free up time for entrepreneurs to focus on growing their businesses instead of getting buried in paperwork.

Cost efficiency

The cost of engaging an outsourced accounting firm is typically lower. In addition, delegating can save money on overhead expenses like paid time off (PTO), health insurance, retirement, vacation, workers’ compensation, and sick days that come with hiring people.

The benefit of having an entire team’s collective experience as opposed to only a single person’s skill (or more) also includes reduced risk of experiencing issues with non-compliance and unreliable financial reports.

Shared expertise

As a small business owner, trying to do everything yourself can be tempting, including managing your finances. However, partnering with an accountant can save you valuable time and increase profitability. 

A skilled accountant keeps track of complex financial information and helps you make informed decisions about expenses and investments. In addition, they can offer guidance on tax laws and filing deadlines.

If you need clarification about the onboarding process, contact a small business accountant specializing in small businesses for a detailed step-by-step guide through bookkeeping, taxes, and financial planning.

Piece of mind

As a small business owner, it’s essential to understand your financial situation clearly. And by now, you have probably figured out how hard it is to simultaneously be a business owner and accountant. 

Hiring a qualified professional means keeping tabs on expenses and income, maintaining organized records, and staying on top of taxes. These financial professionals have the expertise and experience to handle your financial needs, providing peace of mind that everything is in order and done by a professional. 

They can provide peace of mind knowing that your finances are being managed accurately and efficiently. They can also offer valuable insights into ways to save money and improve your financial flow.

With a small business accountant on your team, you can focus on running your business instead of struggling to keep track of its finances. And at tax time, they’ll ensure you’re taking advantage of any deductions and credits available, saving you money and nerves in the long run.

What is Power BI?

Microsoft Power BI is a web-based platform offering business analytics and data visualization capabilities suitable for enterprises and organizations of various sizes. Power BI can monitor critical organizational data and application usage. The tools in this platform are designed to quickly analyze, transform and visualize data, with the ability to share reports across-functional departments and users.  

To answer the question, is Power BI the same as SQL? They are not the same. However, they share similarities that make them interconnected. To explain, Power BI offers SQL Server Analysis Services where users can quickly build reusable models using the overall data.   

The software can provide users with the ability to integrate their applications to deliver reports and real-time dashboards. A unique advantage of Power BI is that it offers self-service access to major third-party cloud sources such as GitHub, Zendesk, Marketo, and Salesforce. 

Want to know if Microsoft Power BI is the Same as Microsoft SQL? Continue to read more below and learn the differences between the two, what makes each unique, their features, and use cases, so you can decide on the best platform for your project.

Power BI features and use cases

• Users can make better decisions that are data-driven utilizing powerful dashboards and visualizations making data easier to understand.
• The platform enables better control over data with the help of actionable reports that align with key performance indicators (KPIs) and the company brand.
• Available AI tools can provide valuable insights into the most complex of questions in basic, conversational language.
• Capability to connect all data sources to analyze and share information with accuracy, consistency, and security.
• Employees can work on the same data, collaborate on reports, and share interactive data visualizations via other Microsoft applications such as Teams and Excel.
• Available geo-mapping with Bing Maps.
• Access to Data Analysis Expressions (DAX) scripting to create measures and columns.

What is Microsoft SQL?

Also known as Microsoft SQL Server, it is one of the main relational database management systems (RDBMS) which serves a broad range of software applications. Companies usually adopt this solution for their business intelligence and data analysis needs. Microsoft SQL Server is built using Structured Query Language (SQL), which is a domain-specific language used in programming and designed for managing data held in a relational database management system (or for stream processing in a relational data stream management system).  

SQL features and use cases

• Ideal for storing information in relational databases. 
• Able to manage data without complications due to its visual interface and other tools.
• Categorization ability of customer lists, product catalogs, multimedia content, etc. 
• Includes rational engine in charge of processing commands, queries, storing files, tables, and data buffers.
• Other functions include memory management, programming, and administration of requests and response interactions with the servers that host the databases.

Deciding which platform to use

Organizations today are using the insights gained from their data to make informed business decisions that lead to better operational efficiencies and streamlined processes. In addition, there is a great demand for the ability to perform data analytics that can be easily communicated and understood by employees and stakeholders. 

Therefore, the need for the continual enhancement of reporting and database solution platforms within the IT infrastructure and departments of an enterprise is ever-increasing. If you are interested in a data solution, but are unsure which one to choose (either Power BI or SQL Server) it is helpful to ask yourself “Which one will best help me perform my duties in data management, data visualization, and the query of data?”

Power BI and SQL Server are tools that can handle and present your data in a variety of ways. They are both designed to help you make the most of the data you collect and to put it to work depending on your project or business need.

Let us compare some key differences between the two: