– Reasons to Outsource Accounting –
A 2018 survey conducted by the Association of Certified Fraud Examiners found that internal control weaknesses were responsible for nearly half of frauds. Small organizations (less than 100 employees) experienced the greatest percentage of fraud and suffered the largest median loss when compared to larger organizations. This could be due to the fact that larger entities typically have more resources to invest in their internal controls and anti-fraud programs. For smaller businesses, the internal control may just be the owner overseeing everything themselves. Making just one change to your business structure could greatly lower the chance of experiencing theft losses. That one change is to outsource your accounting. By outsourcing your business’ accounting, you improve your segregation of duties, receive timely financials, and can spend more time focusing on the business, all at a cost that won’t break the bank.
Just as the government has checks and balances, so should your business. Segregation of duties ensures that at least two individuals are responsible for separate parts of any task. This reduces your risk for fraud as it prevents any single person from having too much power.
Outsourcing your accounting with Hobe and Lucas’ Client Accounting Services (CAS):
- Provides a means for work separation, improving your business’s internal control
- Our bill pay service will ensure that no payments go out without your authorization
- You will have ongoing access to your account as well as a receipt of your business’s monthly financial report
- Time is money à Leaving the accounting to us allows for more of your time to be spent in front of the business, doing what you do best.
Hobe & Lucas is here to provide a cost effective way to help your business take care of business. Outsourcing your accounting with us will enhance your internal control structure by reducing your probability of fraud occurrences and increasing the efficiencies of your business overall. You will receive timely reconciliations and financials, giving you the ability to always know your financial position for better debt monitoring and tax projections. Putting your back office accounting services in our hands will free up your time to do all of the things that “there just aren’t enough hours in the day” for.
Questions? Ready to get started? Contact us for a quote today!