Outsourcing accounting functions is a powerful (and cost-effective) way to boost efficiency and ensure compliance. So why do some financial leaders and business owners hesitate?
Well, as it turns out, studies show that 100% of humans prefer keeping their money to losing their money. (Shocking, right?)
All jokes aside, their concerns are real: security, accuracy, and maintaining control of critical financial data are all valid priorities. Â
If you’ve been considering outsourcing but feel reluctant, this guide will help you tackle those worries head-on—so you can maximize the benefits without the stress.Â
Turning Accounting Worries into Outsourcing Wins
1. Fear of Losing Control Over Financial Data
The Worry: “If I outsource, I won’t have direct control over my books and financial reporting.”Â
The Win:Â
• Start by outsourcing routine tasks (e.g., bookkeeping services, payroll) before moving to higher-level functions like tax preparation.Â
• Use cloud-based accounting software (QuickBooks Online, Xero) with role-based access to maintain visibility.Â
• Schedule regular financial reviews with your outsourced team to stay informed.Â
2. Fear of Errors & Compliance Risks
The Worry: “What if mistakes are made in my financial statements or tax filings?.”Â
The Win:Â
• Implement a two-tier review process—internal checks by your team and external audits if needed.Â
• Ensure your provider stays updated on tax laws and accounting standards in your area.Â
3. Fear of Data Security & Fraud Risks
The Worry:Â “Handing over financial data to a third party could lead to breaches or fraud.“Â
The Win:Â
• Choose providers with SOC 2 compliance, encryption, and secure data storage.Â
• Use multi-factor authentication (MFA) for accounting software access.Â
• Require signed NDAs and confidentiality agreements with strict data protection clauses.Â
4. Fear of Communication & Time Zone Challenges
The Worry:Â “Will time differences and language barriers delay financial reporting?“Â
The Win:Â
• Select firms with proven experience in your industry (e.g., SaaS Startups or healthcare). Â
• Establish fixed weekly or bi-weekly check-ins via Zoom or Microsoft Teams.Â
• Use collaboration tools (Slack or Microsoft Teams are commonly used) for quick queries.Â
5. Fear of Hidden Costs & Unclear Pricing
The Worry:Â “Outsourcing might end up costing more than hiring in-house.“Â
The Win:Â
• Compare fixed-fee vs. hourly pricing—many firms offer scalable accounting packages.Â
• Clarify what’s included (e.g., number of revisions, year-end filings).Â
• Calculate long-term savings (no payroll taxes, benefits, or training costs).Â
Why Outsourcing Accounting is Worth It
Once you mitigate these risks, outsourcing accounting can only be a strategic move for your business:
Reduce overhead costs (no need for full-time salaries, accounting software licenses, or office space). Improve accuracy & compliance with experts handling GAAP standards and tax laws. Free up your time to focus on business growth strategies. Provide scalability—easy to adjust services as your business grows.
From Fear to Confidence: Safely Outsourcing Your Accounting
The truth? A lot of the fears people have with outsourcing their accounting needs are actually the same ones that people have with going to an onshore accountant for service. The bottom line? People are careful with their (or their business’) money, which makes perfect sense.Â
Outsourcing accounting isn’t about losing control—it’s about gaining expertise, efficiency, and peace of mind. By choosing the right partner, setting clear expectations, and leveraging secure technology, you can transform your financial operations while minimizing risks.Â
Looking for a trusted accounting partner? MySource is your in source for top tier outsourced accounting talent. Check out the MySource blog, where we cover a range of helpful topics, including Why Accounting Outsourcing Services Are the Future of Finance in Business.
