5 Reasons Why E-commerce Brands Should Hire An Outsourced Accounting Firm
Updated: Feb 17
In 2019, 9 out of 10 businesses failed, and one of those reasons was because of the low cash flow. There are currently 31.7 million small businesses in the United States, which make up 99.9% of all U.S businesses. Given the number of failed businesses, why is there such a high percentage fail?
Is Outsourced Accounting the Right Decision?
Whether you like it or not, some eCommerce small businesses have to compete with some well-established corporate brands. Thus, they need a well analyzed-strategy accounting service under an affordable budget to stay afloat or even manage all of their business's financials.
Business owners need an effective and an affordable accounting strategy, which you can only find from an outsourced accounting firm to help scale your business.
Here are 5 reasons to hire an outsourced accounting firm for your eCommerce business.
1. You Can Focus On Your Core Business
Suppose you choose to hire an outsourced accounting firm. In that case, you can spend all the time and effort to concentrate on core activities that will help you increase profits and ensure your company's best possible opportunity to thrive. Here is my blog that provides accounting tips to help run a successful online business.
To facilitate growth, many businesses choose to outsource their accounting department to scale operational efficiencies. An outsourced accounting department can offer specialized services such as tax strategy plus Virtual CFO services so you can focus more on running your business.
2. Outsourcing Saves You Money
You may think that maybe a bookkeeper can be your overall finance and tax strategist, right? But do you know that only a CPA can interpret your data? It is tempting to hire a less expensive bookkeeper to keep the costs low, but not having the right support from the beginning will only lead to more money being spent as your business grows. If you hire an outsourced accounting department, you get the advice and oversight of the accounts and CPAs without the cost of hiring them individually.
3. Reliable, Responsible Support
Eliminate your worries about retaining, interviewing, and company orientation if you choose an outsourcing accounting department instead. When you hire an outsourced department, they will only have to abide by the contract obligation and make sure to give you weekly or monthly reports of how your business is doing. They can help you relieve stress, knowing your accounting is managed correctly.
4. Get Full-time Access
Even if you hire an outsourced accounting firm, you will have one point of contact for all your queries, so eliminate your worry about going back-and-forth finding the right person to speak with.
On top of that, another benefit of outsourcing your accounting is that you don't need to worry about any accounting blunders. They can point out any red flags ahead of time. Outsourced accounting firms are equipped with highly experienced teams, so don't worry and free yourself from your company's accounting aspect.
5. Simplify Your Tax Accounting Services.
A bookkeeper is qualified and can handle various financial matters, but one of the biggest things they cannot do is represent your business before the IRS. Only an accounting firm, tax attorneys, or enrolled agents can do this on behalf of you. That's why most companies choose to outsourced an accounting firm to prepare their records for the tax season.
Why Choose Right Choice Accounting Solutions?
Right Choice Accounting Solutions support eCommerce and online businesses that want a strategic accounting and tax solution. We are your one-stop-shop for all things accounting, and our outsourced accounting department is our flagship accounting and tax solution for our small business partners. In this package, we provide bookkeeping and tax strategy plus Virtual CFO services where we will work with you to provide high-level strategic analysis and guidance on how to run your business based on the numbers. In addition to basic bookkeeping and tax strategy, this package includes budget support, projections, forecasts, and much more. We provide the most value for our partners because it simulates an entire accounting department for a fraction of the cost.
Are you ready to make the right choice for your outsourced accounting firm? Schedule your free consultation today!