The intense focus and passion of an entrepreneur or small business owner is reflected in their unrelenting commitment to success. The early mornings and late nights create the “sweat equity” that builds the business’s value.
As success builds and growth takes off, it’s critical to have an accurate and reliable accounting and financial reporting process. And the time you spend trying to manage these bottom-line business functions internally – learning accounting software, reconciling accounts, managing employee and vendor payments, and producing monthly reports – all takes away from time you could be spending helping your business grow.
Outsourcing your accounting services (also known as client accounting services or client advisory services) means more time to focus on strategy, customer relationships, business development, and employee retention – but there are other benefits you may not know about. Here are our top five
1. Reduced Costs
While most business owners and leaders understand the need for an experienced accounting professional to manage the financial reporting function, the cost of hiring a full-time employee may be out of reach at this stage in the game. Not only are you paying salary and benefits, but there’s also FICA, unemployment, and other taxes to consider. The reality is that client accounting services is not only cheaper than hiring an employee, but also reduces the costs involved in employee training, management, and even new equipment purchases.
A second important benefit of the outsourced accounting model is scalability. A quality outsourced accounting services firm (like Barnes Dennig subsidiary Ducks In A Row) has a deep bench of team members and in-depth expertise that you can tap into as your business grows and your needs become more complex – and including outsourced CFO and outsourced controller services. As your needs change, a good client accounting services provider will change with you – and they’ll see the changes coming, too, so you’re always prepared for the next step.
3. Actionable Insights
An outsourced accounting provider knows your business inside and out, but also can offer an independent perspective on everything from reviewing accounting practices to breaking down key challenges and barriers to growth – as well as guidance on how to overcome them. Not to mention that having accurate, timely reporting provides you with a solid foundation for making strategic business decisions.
4. Access to Technology
Not only will a good client accounting/client advisory services provider address the immediate issues plaguing the business, but also provide insights on the latest accounting software, automation best practices, and technology changes that could affect your business. Many businesses are already exploring accounting automation software to limit manual processes and reduce opportunity for human error. In other words – your client accounting services provider can identify short-term and long-term technology solutions to make your operations more efficient.
5. Reclaim Lost Time
The time you spend dealing with accounting and financial reporting issues are often the catalyst for working with an outsourced provider. With the right people, systems, and processes in place, you can reclaim lost time that you can more effectively use to grow your business. At a minimum, the peace of mind afforded from working with an outsourced accountant provides much-needed stress relief.
If you’re ready to move beyond having to manage the intricate details of the accounting process yourself, outsourced client accounting services can help – providing the immediate relief you need and the long-term guidance that will help your business grow – and scale along with you. If you’d like to learn more, get in touch – Ducks In A Row can help. Contact us for a free consultation.