If you are considering working with an outsource partner and have doubts, you are not alone.

As a business owner, outsourcing your accounting and financial management is a viable option, but you may still have concerns stopping you from making your decision.

In working with our clients, we have addressed many concerns and we can dispel some of those by explaining why outsourcing your accounts could better help you run your business and remain up to date with the changing regulations.

• Security and Control – Placing your financial data in the cloud and placing your trust in an external company to manage them can be a cause for concern. If you’re unfamiliar with cloud accounting, you may think what’s stopping someone from hacking the software and stealing your sensitive data. The positive news is leading cloud accounting platforms all employ bank-level security, keeping your information safe and secure with the back-up policies to ensure your data is available and not lost.  Outsourcing is considered safer than maintaining an in-house operation. While no single option can completely rule out fraud risks, outsourcing your accounting means you’ll have multiple individuals overseeing your transactions and reports, all of whom will be accountable to a strict set of internal controls. Contrast this with an overworked (or disgruntled employee, and you may soon see why outsourcing considered a viable solution for small and medium-sized businesses.

• Lack of Control – One of the major benefits of keeping your accounting and finance in-house is that you can ask questions face-to-face at any time. Giving up this option can a concern for business owners. However, when you work with an experienced accounting firm with an online and documented process, you can access your financial reports instantly and you will only be a phone call or email away from having your questions answered. You may also receive weekly updates and monthly reports to ensure you’re kept up-to-date with your company’s progress and financial well-being. This is an advantage if you are frequently out of the office.

• Poor Communication & Processes – Transitioning to an outsourced business workflow can be challenging. The biggest issues come in the form of lack of communications and documented processes. It is the greatest frustration to be left waiting on an email reply or a phone call being returned. Of course, this will ultimately come down to the company you choose to work with and how this is managed to strict processes and accountability. A good partner will invest in understanding your requirements and setting up the platforms and processes to work with you. This is the only way outsourcing can work.