A popular way for employers to reduce their paperwork and compliance headaches is to outsource business functions such as bookkeeping and accounting. In fact, more than 55 percent of American businesses outsource some of their functions, according to one survey done by the Society of Human Resources Management. Among the reasons: It cuts costs and reduces potential errors, and provides expertise the company does not have.
The survey found that among the functions being outsourced:
- Retirement planning;
- Bookkeeping; and
Companies save money by not having to employ staff members with the experience and education required to handle all of these complex business needs. Employers are also concerned about accuracy and complying with changing laws and regulations.
Mistakes cost time and money and can result in penalties from the IRS and Department of Labor, as well as other federal and state agencies. With the myriad of red tape that most employers have to deal with, it’s not surprising they turn to professionals who specialize in these matters.
Contact us about outsourcing bookkeeping, accounting, payroll and other business functions. You can gain a competitive advantage by turning over these time-consuming tasks to our professionals and concentrating on growing your business.
Eric Cohen, CPA is the President and Founder of E. Cohen and Company CPAs, a full-service CPA firm serving nonprofit organizations, government contractors, professional service companies and other industries with audit, tax and business advisory services for over 26 years. The firm was commended as a SmartCPA Reader’s Choice by SmartCEO magazine and a “Best Accounting Firm to Work For” by AccountingToday magazine. For more information, visit www.ecohencpas.com or call 301-917-6200.