4 Reasons to Outsource Your Apparel Accounting

Properly handling the accounting for your company is crucial to the overall financial welfare of your apparel business. For this reason, you should not entrust yourself or some other employee with the responsibility. Here are four reasons to outsource your apparel accounting instead.

Time Management

As a primary decision maker in your company, think about the best ways to spend your time. Do you want to work on the apparel considerations that define your company’s future or do you want to spend time learning how to perform bookkeeping tasks? Even if you did, do you believe you would have the same accuracy as a professional?

One of the strongest traits of leadership is understanding the best ways to manage your time. Another is accepting how and when you must delegate. If you’re not an accountant, don’t pretend you are one when the fate of your company is on the line.

Financial Savings

Since you won’t handle the bookkeeping, consider the expenses incurred by having someone within the company handle these tasks. You’ll carry them on the payroll, and if you run a larger apparel service, they’ll probably work full-time. That means you’ll have to pay benefits and payroll taxes.

You’ll need to add as much as 40 percent to the budget to allow for the incident expenses beyond the employee’s salary. Rather than tie up that much money on an employee, you can hire an exceptional accounting firm for a fraction of the cost. Then, you can leverage the capital saved to strengthen other aspects of your organization.

The Fall Guy

A necessary evil in running a business is planning for unfortunate contingencies. Imagine the worst-case scenario for your bookkeeping. If an irregularity does occur that requires investigation and correction, think about the problems if you handle your accounting in-house. Any mistake made has bad optics. Investigators will believe that you either intentionally or accidentally cooked the books, neither of which will have a good outcome for you and your company.

Now think about the same situation if you outsource your accounting. If a mistake transpires, you simply wash your hands of it, directing the investigator to the third party responsible. You have plausible deniability and true innocence.

Reduced Risk

The other positive about hiring professional accountants is that you reduce the odds of the worst-case scenario ever occurring. No matter how good the accounting person you hire is, everyone makes mistakes. Employing a larger staff provides the added benefit of reducing the odds of a crucial error in your bookkeeping.

Since you probably don’t want to employ a fully staffed accounting departing, outsourcing makes that much more sense. Many people will have a hand in keeping your books, thereby increasing the odds that all mistakes are caught. A company like The Apparel Logistics Group represents your best bet in covering all of your apparel company accounting needs at once. We have decades of combined bookkeeping experience in the apparel industry. So, we understand your company’s needs better than a random accounting firm would.

Protecting the financial future of your company is the goal. By outsourcing your accounting, you ensure the safety of your business.

Posted: 6/3/2015 5:17:16 PM by Global Administrator | with 0 comments

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