Myth #1: Outsourcing is expensive.
Of course, there are expenses associated with bringing in an outsourced firm, no matter the department. But if you crunch the numbers, as we all love to do, outsourcing can actually save you money in the long run. Consider the cost of hiring one salaried employee, providing benefits, paid time off, sick time, the time it takes to train that person, and onboard them to get them up to speed with the skills you need. When you compare those costs to the cost of hiring an already-formed, fully-functioning, highly-skilled outsourced team, the math always points to outsourcing.
Myth #2: Outsourcing is only for large companies.
Many people believe that large companies are the only companies to benefit from outsourcing services. In fact, small to midsize companies can actually benefit just as greatly from outsourcing their accounting services. At TGG, we specifically choose small to mid-sized businesses to work with, as we believe that is where we can move the needle most. We’ve found that informing small business owners of their ability to live by the numbers provides the most value for our clients.
Myth #3: An outsourced team won’t understand your business.
Outsourcing companies want to see your business succeed. As an outsourced accounting firm, we want to partner with your business to get a better understanding of how you run day-to-day. It’s really a win-win situation, if you succeed, we succeed! We know how to implement accounting strategies and processes to set you up to make better business decisions based on the numbers. With weekly check-in calls and our own internal collaboration, we get to know your company inside and out.
Myth #4: Your data is being shared.
We understand how important your data is to your business, and we understand that as an accounting firm we are handling some of your most sensitive and important information. We take this extremely seriously, and ensure that we are keeping your information safe. Not only do we internally keep your information safe, but we are also able to detect potential fraudulent activity from an outside perspective. If we detect discrepancies or vulnerabilities we are able to put processes and procedures in place to help protect you from future fraud. 68% of fraud targets small to mid-sized companies and is perpetrated by internal people whose controls got lax or who have little to no oversight. An outsourced team looking at your finances every day ensures that fraud cannot go undetected.