If you are a small-business owner, you sure know it very well that running a business is no small task. Each business being a unique enterprise has its own set of challenges. There are a set of challenges, intricacies, and complexities, but the scope of challenges simply multiply once it comes to accounting. Aspects like receivable monies, payable amounts, payroll accounting to functions such as budgeting, tax compliance, tax filings, and strategic planning can be a big challenge, especially for financially not-so-savvy.
The signs or triggers for considering outsourcing the accounting functions such as Outsourced CFO Services or Outsourced Controller Services are listed below:
1. When your prime focus is on bookkeeping rather than running the business:
Yes, with complicated tax and audit needs, clean records are mandatory. Suppose long business hours are spent on bookkeeping rather than core functions like strategic planning, marketing decisions, product development, business development, quality control, training, etc. In that case, it is time to seek professional help.
2. If you lack the resources for in-house accounting:
Bookkeeping is not only extensive but expensive as well. If you are in the growth phase and do not need a full-time accounts team or cannot afford one for some time to come, Outsourcing the accounting function allow access to trained professionals without burning a hole in the pocket.
3. When the business reaches the growth phase:
When the business is flourishing, accounting professionals provide the expertise and perspective needed to ensure it stays. In addition to achieving sustainable growth, the bookkeeper can provide inputs towards better management of funds and compliance requirements.
4. Before Business Audit:
Business audit requirements may arise while seeking fund infusion or due to regulatory needs. If one is concerned on these counts, a professional bookkeeper can put your mind at ease and get your organization ready for any likely or scheduled investigation. These experts would organize paperwork, track transactions down and log missing receipts, and more important, instruct on what to expect and how to act.
5. If you are losing money:
If the business is suffering losses or unexpected dips, it is time to seek professional help. The accounting professionals help identify and assess financial shortcomings and inefficiencies in the organization and coordinate with owners to solve problems and handle liabilities.
6. Non-availability of financial data to make business decisions:
It is imperative to have access to critical performance data about own business, but if the proprietors don’t have the time or inclination to cull out financial data that will help in business growth, Outsourcing the accounting function can achieve that balance in business and leave the with spare time to work upon expansion/ diversification, etc.
If any of these scenarios seem familiar, it is time to consider outsourced bookkeeping for your business. Moreover, outsourcing bookkeeping saves time and money – two things that are at a premium to growing companies. With the benefits of cost, expertise, efficiency, and technology, outsourcing accounting services is wise.
It is advisable that as a start-up or a small business, you should consider hiring outsourced CFO Financial Services. Smart Business Consultants provides accounting services for small businesses and startups. The company provides Bookkeeping Services, Accounting Services, and Payroll services for companies across the United States. They offer virtual accounting solutions and bookkeeping services to startups and small businesses, which can be outsourced.