Today’s business owners are expected to wear many hats. You are a manager, a motivator, a brand ambassador, a psychologist, a bill collector, a customer service representative … the list goes on and on. But, if you really want to move the needle, you are going to have to shed some of those responsibilities.
Easier Said Than Done
In reality, your primary focus should be on the general health of your company and strategizing ways you can realize sustainable growth. Everything else can, and should, be delegated to your leadership team to manage. Unfortunately, that’s not always feasible.
Before you throw your hands up and declare the task to be impossible, take a minute to learn how you can make the impossible possible with a little outsourcing magic.
Even though business owners are expected to be “jacks of all trades,” they have never before had so many potential solutions to choose from.
Many of the business owners we have worked with over the years have found outsourcing their accounting duties to be tremendously helpful and cost effective – especially startups and small businesses. Oftentimes, your funds are earmarked for paying your rent, utilities, and vendors – among other things. And even though you may need a little help managing your bookkeeping, inventory, payroll, accounts payable and accounts receivable duties, you simply don’t have the funds available to hire even a part-time employee to help lighten the load. Outsourcing these accounting tasks is a viable solution because you are able to get the exact amount of help you need when you need it and none of the financial and logistical obligations of bringing on another employee.
Still not sure if outsourcing makes sense? Here are six of the more common reasons business owners have chosen to seek out outside accounting help.
6 Reasons Businesses Choose To Outsource Accounting Work
- Temporary Absence: Perhaps a member of your team goes on maternity leave or is recovering from surgery; you need to make sure nothing falls behind. Outsourcing can help you fill a temporary employee shortage.
- Fraud Protection: Your team might be able to manage your business’s accounts payable, but for internal control purposes, outsourcing these responsibilities gives you an added layer of protection against occupational fraud.
- Ensure Confidentiality: Your employees pay rate and benefits are private. To ensure that they stay that way, outsourcing your company’s payroll can help you maintain confidentiality.
- Eliminate Turnover: Never worry about the onboarding process again. Instead of hiring and training yet another person, only to have them leave after a few months, you could outsource the position and never have to worry about the time and money it takes to make a blind hire ever again. In fact, when you work with a company that outsources accounting services, you will likely gain the certainty of knowing that person preparing it is a highly trained accounting professional.
- Avoid Software Costs: We all know how expensive computer software such as QuickBooks and Peachtree can be, but when you outsource your accounting, you could effectively cut this cost from your budget permanently. Then you can take that savings and invest it elsewhere in your business.
- Guaranteed Compliance: Government regulations are known to change all the time, especially in the payroll sphere; and having outdated information can be costly. The professionals you will be working with are required to know when regulations change, which means that you can rest easy knowing that your business will comply with any new rule that comes your way.
Your staffing challenges are unique. But customizable solutions are always available. Email Rea & Associates to learn more.
By Matt Long (Wooster office)
