Blog

The Benefits of Outsourced Accounting Services

By May 6, 2022 No Comments

Have you considered how much time, energy, and cost is associated with accounting for your business? Spoiler alert: it quickly adds up. It’s time to consider the benefits of outsourcing your accounting services.

In-house accounting personnel for government contractors can be costly. Employers pay wages and benefits, overhead expenses, recruitment costs and provide continuing education opportunities – all at a significant financial cost.

The latest Bureau of Labor Statistics data shows:

$ – Mean annual wages for Accounts and Auditors = $83,980

$ – Bookkeeping, Accounting, and Auditing Clerks wages = $29,120 to $61,980

$ – Accountants and Auditors wages = $47,970 to $128,970

$ – Financial Mangers wages = $77,040 to $191,860

How Much Could You Be Saving With Outsourced Accounting?

Outsourced accounting services allow you to focus on running your business without the hassle of keeping the books. Imagine how much you would save when you outsource:

  • Managing daily accounting operations
  • Maintaining accounting and technology systems
  • Conducting financial analysis
  • Preparing for audits
  • Developing accounting policies and procedures
  • Producing financial management reports
  • Improving cash management
  • Monitoring compliance for government contractors

According to the 2021 Gauge Report, companies rate their top three Government Audit challenges as: Rates, Timekeeping, and Billing. Can you relate? What if you could take some of these off your plate?

In House Accounting: Efficiency, Cost Reduction & Empowerment

Leveraging the technical and financial resources and expertise of outsourced accounting services results in efficiency, cost reduction, and empowerment – giving you the confidence to make informed and intelligent financial decisions.

Efficiency – processes are standardized, technology is easier to deploy, and the time it takes to close your books is greatly reduced.

Cost reduction – cost and overhead associated with hiring, training, and managing full-time staff are eliminated.

Empowerment – allows nonaccounting personnel to focus on what they do best.

Did you know? Globally, office workers spend close to 69 days per year on administrative tasks. That is 552 hours a year – roughly one-third of the working year – in lost productivity. 

You and your staff should be doing what you do best – and outsourced accounting services can help you do just that. By eliminating non-revenue generating tasks, you can get back to focusing on growth and what matters most for your company.

WJ Technologies provides scalable services for the right-sized accounting support for every client. We bring years of proven government contracting experience by offering a total solution – helping you reduce the cost of ownership and maximize the benefits you receive from your investment in Unanet, Deltek Costpoint, JAMIS Prime, and QuickBooks accounting systems.

Learn more about our right-sized outsourced accounting services.