Running a small business is a daunting challenge. Statistically, less than 50 percent of small businesses are still operational after five years. Globalization has increased the level of competition and introduced more turmoil to the business environment. Certain professionals such as outsourced bookkeeping services, part-time controllers, or part-time CFOs can help your business stay competitive and grow.
The success of your small business depends on your efforts to grow profits using various methods. From employee training to financial statement preparation, every aspect of your business deserves attention. Rapid growth doesn’t happen overnight, but there are several steps you must take to keep your business moving forward. It takes time and effort, but using the expertise of outsourced professionals can ensure your small business is on the right track.
What Do Outsourced Bookkeeping Professionals Provide
The value of working with a bookkeeper is undisputed. Bookkeeping refers to the process of organizing and storing your financial and accounting documents including ledgers, journals, financial statements, income tax records, and more. Bookkeepers are professionals at managing the day-to-day financial transactions of business, providing the business owner with the information necessary to make sound financial decisions for the future.
What’s more, there is no doubt that regardless of the type of business that you operate, bookkeeping and accounting services are invaluable, and essential for efficient operation and staying out of trouble with the IRS.
Outsourced bookkeeping services will provide a fair bit of data entry and receipt wrangling, labeling expenses, indicating who you paid and how much you paid, and keeping a record of receipts. On the income side, they will track incoming payments and sometimes issue invoices.
Bookkeeping entails more than just dropping numbers into a spreadsheet—it takes meticulous analysis and just enough legal know-how. After all, bookkeeping professionals will help you survive an audit by making sure your records are in order and your deductions are legal.
How Outsourced Bookkeeping Services Can Help Your Small Business Grow
Outsourced bookkeeping services are generally cheaper than hiring in-house bookkeepers. The resources saved by outsourcing bookkeeping services can then be re-invested into the business, increasing the scope of expansion.
If you are trying to complete bookkeeping yourself, you are likely to make mistakes. Outsourced bookkeeping services have a whole team of bookkeeping professionals, who are experienced in the field and can ensure that the finished work is impeccable and without mistakes. Using completely accurate financial records will help make better business decisions.
One of the most important benefits for small business owners using outsourced bookkeeping services is that they can save time, which can be used for growth and expansion of the business. Outsourcing bookkeeping can ensure that the business owner can focus on core business activities to take your business to the next level.
Part-Time Controller Services for Your Small Business
An outsourced controller’s responsibilities vary based on the projects or services offered by the outsourced financial services company. An outsourced controller may be working as a stand-alone expert for an organization to organize books and get reporting up-to-date. A controller may also be in a supporting role for a strategic CFO for projects such as determining cash flow issues, implementing new accounting systems, or helping raise capital. A financial controller’s main duties and responsibilities include:
• Accounting
• Record-keeping
• Managing information technologies
• Financial & regulatory compliance
• Payroll
• Accounts payable/accounts receivable
• Cash Balances
• Financial report preparation
How Outsourced Controller Services Can Help Your Business Grow
Hiring and training a full-time controller can be expensive and doesn’t necessarily ensure quality and efficiency. Outsourced controller services average $2500 a month, or $30,000 a year which is a third or less of the cost of hiring a full-time on-site controller. The money your small business saves can be used to reinvest in the company or on other important matters
Since roles are constantly changing, outsourced controller services can meet the demands of your growing business and increase scalability. With the expertise and experience of an entire staff rather than one employee, all of your company’s financial needs are attended to with precision and care.
Controller services go beyond just bookkeeping and accounting, they provide critical oversight and account management ensuring the right policies and procedures get implemented and timely accurate financials are produced. A good accounting system with a good controller should help you make more money.
What a Part-Time CFO can Provide for Your Small Business
Hiring an interim or part-time CFO immediately can help focus on key financial elements rather than get lost in the day-to-day operational details of the business. Part-time CFO services are cost-effective and offer an outside perspective that delivers invaluable input and insight into strategic decisions. They can provide value that is critical to your financial health by helping your business understand:
• How to grow your company
• Your financial statements and how to make better financial decisions
• How to create and implement budgets
• Cash flows
• Financial forecasting
• Strategic planning
How Outsourced Part-Time CFO Services Can Help Your Small Business Grow
• CFOs offer financial insights that keep you in business and running at peak efficiency. When businesses partner with CFO services they have the ability to help increase revenue. Because CFOs are responsible for all aspects of company finances, they have the ability to make a serious impact on revenue and fast. Here are some of the things that CFOs do to increase revenue right away:
Negotiate with vendors for lower costs
Invest in software that makes the business more efficient
Offer transparency of bookkeeping and finances
Cut back on extras that a company doesn’t need
Help increase production through strategic investments
Project revenue and create a plan for growth
• Being a small business operating without the right financial strategy can feel like you are flying blind without a safety net. Part-time CFO services use finances and long-term goals to create a strategy that works for you. This includes looking at every facet of your business for productivity and efficiency. Implementing a financial strategy with a CFO makes your business run better.
• Outsourced CFOs will seek out new technology that optimizes cost savings. This could be a new piece of foundational bookkeeping software or something more industry-specific. Your CFO will get to know your business model and apply their knowledge of cost-saving technology to make recommendations that save you money and increase your bottom line.
Limitless Investment and Capital’s Outsourced Part-Time Controller & CFO Services
Are you looking to grow your small business? Limitless Investment & Capital offers outsourced bookkeeping services, part-time controller services, and part-time CFO services at a fraction of the cost of hiring an in-house employee. Our experts have worked across many industries and have developed a deep understanding of how to help small business thrive in a competitive environment. Our unlimited transaction bookkeeping package grants your small business access to a FREE financial controller. Call us TODAY to learn more about our pricing and packages.