June 15 2016
If you're a business owner, it's probably a safe bet to say that you don't enjoy managing your company's financials. You're in good company; a recent survey found that more than half of all business owners put bookkeeping at the top of list of tasks they hate. So maybe it's time to call in reinforcements. As CPAs, we're trained to look at the health of a business and offer suggestions to boost your bottom line, leaving you to focus on building your business.
Here are five benefits you'll enjoy by outsourcing your accounting:
1. More Time
How much is your time worth? If you're spending 10 hours a week on your bookkeeping and financials, that's 10 hours you didn't spend growing your business. And if you're busy juggling too many tasks, it's likely you're making mistakes which cost not only money, but precious time as well.
2. Cost Savings
It costs less money to hire an outsourced contractor than it does to hire an employee. This frees up more money for capital expenditures and expansion. Not only that, your outsourced CFO will be able to find ways for you to save money -- whether that be on supplies, inventory, labor, or taxes. That's what they're trained to do.
When you're handling your financials yourself, you're more likely to make mistakes that a professional wouldn't. Those mistakes cost money, and take additional time away from generating revenue for your company.
3. More Expertise
Unless you have an accounting degree, it's probably safe to say you don't know all you need to successfully manage your business's finances. For better or worse, the laws governing business change frequently and your outsourced CFO is already keeping up on these changes so you don't have to.
4. More Agility
Your CFO team will see trouble approaching before it strikes. You can now be proactive rather than reactive and correct your course before you hit a rough patch. Because of this, you'll be able to compete with those corporate giants.
5. You Gain a Team
When you outsource your financial management to a CPA firm, you now have not just one person on your team, but several. You no longer have to worry if someone quits, takes a vacation, or takes a sick leave because you're covered.
No matter the size of your company, you can benefit from outsourcing your accounting. However, if you're interested in expanding locations, looking for an investor, or need rapid growth, you are a prime candidate for outsourcing. Contact us if you'd prefer to spend time out of your books and growing your business.
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