Are you a small business owner feeling frustrated with the growth progress of your business? Achieving business growth is never easy, especially for start-ups that barely have the resources to make it happen. How do you help your business grow when you’ve barely gotten a return on investment? And how can you focus on growing your business when there are just too many important matters to attend to?
One of the biggest mistakes small business owners make is trying to micromanage and handle everything themselves. If you truly want to make your business grow, we need to find people who can mind the smaller but equally as important tasks so we can focus on the core business functions that will lead to better chances of an ROI.
There are various reasons to outsource, including reducing costs, improving company focus, and making sure internal resources are allocated to purposes fundamental to the business. There are also requirements to fulfill for successful outsourcing.
The fundamental principle is to ensure that activities carried out in- house are adding value to the business and that activities to be outsourced cannot be performed by your existing employees. So, to successfully outsource, go through some research and make sure you have these things:
- Clear company goals
- A clear plan for the business
- Clear selection of the people to outsource to
- Planning of ways to keep in touch with the contractors
- Clear and properly written contracts
Since startups and small business often operate on a budget, one cost-efficient and effective way of doing this is through outsourced accounting services. Here are a few reasons why you should opt to outsource your accounting, and how doing so can help boost your business growth.
1. Save Time and Improve Operational Efficiency
By spending less of your day overseeing bills and payroll, you’ll free up valuable
time that can be redirected back into managing and growing your business. As an expert in your field, it’s critical that you use that expertise to focus on business goals, growth and managing your day-to-day operations.
2. Outsourced Accounting Services can provide the information and analysis necessary to seek investment capital
Small business loans can be difficult to obtain. Whether you are applying for a ha-to-get business loan or seeking funding from angel investors or venture capital firms, accurate accounting records with clear and insightful financial statements could make a huge difference between getting the money you need so your business can grow or having to call it quits earlier than you expected.
Outsourced accounting services primary goal is to provide you with up-to-date bookkeeping records and financial statements you need, along with explanations of the data in those financial statements, which can help your company shine compared to other small businesses that are less prepared.
3. Do you know your burn rate? You Should!
Do you know your company’s burn rate? This is, in short, how much money you are spending and how long, if you continue spending at that rate, you’ll be able to stay in business. This is important to know, especially if you’re a tech startup or another early-stage company with a long lead time before you’ll start generating revenue from sales.
Additionally, the burn rate is also important because it shows investors they can trust you with their money. Your reputation is at stake. If your burn rate is too high, it may make it harder to raise money later if it’s needed or in the future for your next venture.
4. Provide with trusted advice
A great outsourced accounting services companies is far more than just a data entry provider or Quickbooks operator. Good outsourced financial controllers and bookkeeping services offer advice, counsel, and insight — providing you with financial statements, budgets, forecasts and dashboards to monitor all your financial data. It’s one thing to have all the financial data you need to run your business. But the real benefit is to have someone to explain exactly what the financial statements mean and help you to make the decisions that will steer your company toward growth.
Additionally, your outsourced accounting team will alert of you of any potential red flags in your financial data. They are experts and analyzing financial information, and if any part of your business seems to be headed down a bad path they will alert you and guide promptly.
5. Save money and invest in your business
Using outsourcing accounting services usually entails flexible arrangements that will allow you to save on recruitment and human resources budget. The money that you save could be allotted for other business development related activities such as product development, marketing, and even training core staff.
Things to consider when looking for outsourced accounting services
After your team decides that outsourced accounting services would be beneficial to the growth of your small business there are some essential factors must be taken into consideration:
- What precise services you are in call for
- Your budget and the competitive cost range
- Expertise and skill sets you need
- You should be aware of dealing with data security issues
- Reporting and resources management
With timely, accurate accounting records and reporting, you’ll gain total visibility into the financial health of your business giving you greater peace of mind to make more accurate and informed decisions. By outsourcing your accounting you can be assured that your financial information is correct, you avoid any potential threats of fraudulent activity, and have access to a team of experienced accounting professionals who you can count on
Limitless Investment and Capital Outsourced Accounting Services
As a small business owner, the greatest way you can focus on the health and success of your company is by focusing on what you do best. Hire a team of experts to guide and alleviate tasks that are inefficient and costly to manage in house. We help small business owners avoid expensive trial and error mistakes by sharing industry knowledge and implementing strategies we witness successful companies using, every day. We help businesses improve upon the wheel and avoid wasting time re-inventing the wheel. Let’s start a conversation today!