{"id":32950,"date":"2020-02-14T09:26:21","date_gmt":"2020-02-14T14:26:21","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=32950"},"modified":"2020-02-14T13:41:29","modified_gmt":"2020-02-14T18:41:29","slug":"outsourcing-accounting-services-can-be-a-benefit-to-some-small-business-owners","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/02\/outsourcing-accounting-services-can-be-a-benefit-to-some-small-business-owners\/","title":{"rendered":"Outsourcing Accounting Services Can Be A Benefit To Some Small Business Owners"},"content":{"rendered":"<figure id=\"attachment_32951\" aria-describedby=\"caption-attachment-32951\" style=\"width: 195px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-32951\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/02\/outsourcing-accounting-daly-c-195x300.jpg\" alt=\"\" width=\"195\" height=\"300\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/02\/outsourcing-accounting-daly-c-195x300.jpg 195w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/02\/outsourcing-accounting-daly-c.jpg 434w\" sizes=\"(max-width: 195px) 100vw, 195px\" \/><figcaption id=\"caption-attachment-32951\" class=\"wp-caption-text\">Accountant and bookkeeper Lisa Daly of Daly Accounting in Queensbury.<br \/>Courtesy Daly Accounting<\/figcaption><\/figure>\n<p>By Rachel Phillips<br \/>\nIn business, accounting is the day-to-day tracking of financially operations, both in the short term and the long term.<br \/>\nNot only does accounting serve the purpose of tax compliance and record keeping, but also recording metrics used for evaluating business performance. As such, it is a vital function for success in business.<br \/>\nHowever, with improving technology and the internet, it has become easier than ever for certain business tasks to be done remotely. As a result, recent years have seen an increase in businesses using outsourced accounting services.<br \/>\nWhen a business outsources accounting, they hire an outside professional to organize and evaluate their books and records.<br \/>\nAccountant and bookkeeper Lisa Daly of Daly Accounting in Queensbury said outsourced accounting can be a smarter financial decision for small businesses. <!--more--><br \/>\n\u201cThe cost of hiring an employee to perform the accounting function in-house is an obstacle that many small businesses choose not to absorb,\u201d she said.<br \/>\nAlong with cost savings, Daly said outsourcing accounting frees up time for business owners to focus on running the business and generating revenue.<br \/>\nKevin O\u2019Leary, CPA, managing director of Marvin and Co. that serves Glens Falls, Saratoga and the North Country, said outsourcing accounting tasks can be a cheaper alternative for small businesses.<br \/>\n\u201cSome smaller companies might not feel they need a full- or part-time employee to handle the operations \u2026 As businesses grow, both financially or otherwise, their internal person might not be able to handle the growth. At that point, it might be nice to outsource to help the internal person do the day to day stuff.\u201d<br \/>\nDaly said having an objective third party involved, who has experience in many different industries, can be beneficial to small business owners who might not have as much experience with accounting.<br \/>\n\u201cI strongly recommend that a new or start-up business owner seek out an accounting professional right from the start. New business owners can benefit greatly from the extensive experience of the accounting professional and subsequently, avoid making costly mistakes,\u201d said Daly.<br \/>\nO\u2019Leary said outsourcing accounting tasks can be a great way to supplement and corroborate an in-house bookkeeper or accountant\u2019s work.<br \/>\n\u201cThey could get someone with some higher skills to give them a little extra help,\u201d said O\u2019Leary. \u201cIf they\u2019re outsourcing it to a team, they\u2019re not necessarily depending on just one person to do it.\u201d<br \/>\nAccording to O\u2019Leary, even with the popularity of programs like QuickBooks that allow small businesses to manage their finances more easily than ever before, it\u2019s still a good idea to have a professional with an accounting background look over a business\u2019 books and records.<br \/>\n\u201cIf the work is being outsourced, maybe the [outsourced] person has more of an accounting and taxation background. You get more consistency, and less risk than just depending on one person.\u201d<br \/>\nO\u2019Leary cautioned that it\u2019s still important to have someone managing a business\u2019 numbers every day.<br \/>\n\u201cI think one of the main disadvantages to outsourcing is that not having someone internally there in the trenches with you isn\u2019t good for a lot of business,\u201d said O\u2019Leary. \u201cI think accounting is essential for all businesses. There\u2019s no difference between outsourcing or having someone internally, but you just need someone to look at those numbers regularly to make sure you\u2019re seeing them. If you\u2019re outsourcing, you\u2019re not going to be their only client, so you need to find someone who\u2019s really going to commit the time to get to know your business.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Rachel Phillips In business, accounting is the day-to-day tracking of financially operations, both in the short term and the long term. Not only does accounting serve the purpose of tax compliance and record keeping, but also recording metrics used for evaluating business performance. As such, it is a vital function for success in business. [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":32951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Outsourcing Accounting Services Can Be A Benefit To Some Small Business Owners - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/02\/outsourcing-accounting-services-can-be-a-benefit-to-some-small-business-owners\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Outsourcing Accounting Services Can Be A Benefit To Some Small Business Owners - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Rachel Phillips In business, accounting is the day-to-day tracking of financially operations, both in the short term and the long term. 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