Very few small business owners have a background in accounting. The modern complexity of running a business requires strong strategic planning at all times; it is often in these exciting moments of growth, that one of the most important aspects of a successful business can be overlooked: bookkeeping. As a small business owner you’ve kept a close eye on all of your expenses, but as you scale up, you might find that being involved in every aspect of your business is becoming increasingly difficult and even more time consuming! Here are 4 reasons why you should look into outsourcing your accounting to better help you tackle the challenges of your growing small business.
1. You’ve outgrown traditional bookkeeping methods
As your small business grows, you’ve likely found that your time has become increasingly limited, leaving them less time to keep on top of monthly, or even daily bookkeeping, and most bookkeepers are often unable to supply what you really need in this stage of your business’s growth: management accounting. Your business is growing and in order to achieve your goals you’re going to need both financial and management reports for your company.
You need to be sure that you are within compliance, and that your books are kept up-to-date with the various regulations and accounting particulars that can be easy for a business owner, or bookkeeper to overlook. A great accountant will be able to give you solid insight and advice that will help you take your business to the next level. They can help with everything from analyzing your financial plan, to ensure your money is spent wisely, and when armed with QuickBooks accounting software, they are able to better account for all of your businesses growing expenses.
2. Focus on your core principles and running your business
Your business has many moving parts that need to be carefully monitored and nurtured, losing focus can be extremely detrimental. Making sure your books are in order is a task that requires constant focus, often by one or more full time employees. This is a costly expense that can be offloaded to a partner firm whose experts can address your bookkeeping concerns with ease, while taking the stress off of your business. Outsourcing can also give you the opportunity to redouble your efforts in focusing your energy and investing your time on your core business processes. Your time is best spent focusing on running your business, securing new clients, and working towards your big goals, not on daily bookkeeping tasks. Outsourcing your accounting will allow you to focus on running your business.
3. Maximize the use of your resources
You work hard trying to ensure that the resources you have are spent in the most efficient way possible, from properly allocating funds to new projects, to improving the experience your customers have with your products and your business, it only makes sense to do so for your bookkeeping. Hiring a full time bookkeeper is costly, time-consuming, and in the long run might lead to some costly mistakes if they are unfamiliar with the idiosyncrasies of your industry or the tax law. Instead, outsourcing your accounting ensures that the focus is entirely on their field. Accounting firms hire the best accountants, those most fluent in the language of the tax law and confusing regulations and rules that your business needs to follow in order to stay complaint. Spend your resources in house on new projects and growing your business while leaving the bookkeeping to knowledgeable experts.
4. Peace of Mind
Whether your organization needs to expand accounting services beyond basic bookkeeping or hire a complete accounting department supplying management reporting, outsourced accounting offers scalable service options that provide efficiencies and peace of mind. Turning accounting over to a team of accounting experts ensures confidence in the accuracy and the quality of a business’s financial information. This peace of mind keeps management time focused on sales, customer relationships and building value in the business, not accounting, and when you are having issues, being able to have constant contact with the people that are directly in-charge of your books when you are having issues, gives you’re the opportunity to reorganize your priorities. Your books are important, but don’t let worrying about them bog you down, you have a business to run, and people to talk to, let someone with the time worry about the numbers.