The accounting and financial industries are among the fastest-growing sectors of outsourced professional services for small businesses. Business owners are recognizing the value an outsourced team of professionals bring to their organization.
Although you may think you can’t afford to hire an outsourced team to manage your accounting, the truth is, you really can’t afford not to. The cost of not having a qualified team managing your business finances goes beyond dollars.
Here’s an even bigger truth: Poor accounting practices will hurt your business.
Not sure if you’re ready to outsource? Here are a few telltale signs that your small business is ready to outsource their accounting:
You’re finding it hard to keep up with everything I’m sure you’ve heard this before, as it falls under Entrepreneur Tips 101, but to succeed in business, it’s important that you aren’t spending all your time working IN the business when you should be working ON the business.
Your team doesn’t have the expertise you need Prominent business leaders understand the need for a fully engaged financial professional beside them. For most businesses and nonprofits, the skill sets of leadership are in the arena of business growth. An absence of accounting competencies will distract the leadership team from its primary functions of driving sales and service. Outsourcing accounting professionals places a valuable member on your team which brings renewed profitability.
You’re still using spreadsheets or outdated software to keep track of your accounting If you’re relying on spreadsheets to keep track of your business accounting, there’s a pretty good chance you need some help. The manual process is prone to errors. Turning to an accounting team with operational efficiencies increases confidence in the accuracy and quality of your financial information.
The tech-savvy accounting team will design and optimize Sage Intacct, a real-time cloud-based financial system. They deliver an easier way to combine spreadsheets and outdated software with your business’s future growth in mind. Through automation and integration, a button click gives a reliable financial report to support your specific organization’s needs.
You’re missing tax deadlines Meeting tax deadlines affects your business profitability. An unorganized business will cost your company an accountant by the hour. Antiquated processes get messy and confusing, costing you time and possibly late filings. Hefty fines and IRS audits result in injury to your financial health. Outsourced accounting services provide financial intelligence and best practices for tracking and filing. This type of financial upgrade improves your compliance and peace of mind.
Your month end close is a nightmare The reality is that with a clear financial picture, your business will make better decisions. Better decisions make business easier on your employees and the determination of profitability. Month-end reconciliation should take priority if you want to know the true status of your accounts. Small expenses and costs add up. The ability to make informed future spending decisions will depend on an accurate statement.
In addition, a benefit of financial system automation speeds up the time to produce monthly reports by eliminating the manual process.
Your business is growing fast Growth is generally a good thing. During a rapid growth phase, unpredictable expenses can be difficult to control. Fast growth can distract you from inevitable financial change needs like increased cash flow and forecast alignment. Outsourcing accounting roles prepares you for that next level of substantial growth. They prepare you with the latest technology in the industry so you stay ahead of the financial pitfalls that can accompany organic plateaus.
By outsourcing finance and accounting tasks to a team of experts, you’re not only decreasing costs, you have the peace of mind that nothing is falling through the cracks. Skilled growth and profitability advisors can help your business find financial system scalability.
The CPAs of Heal Accounting firm offer accounting, tax, and financial consulting services in areas from payment processing and payroll to high-tech cloud-based accounting systems. They empathetically understand the challenges of today’s small business.
The financial experts at Heal Accounting are here to answer any questions you have about outsourcing your business accounting needs.