Finances are a vitally important part of your business. But as you may have already discovered, handling your business’s finances yourself can be frustrating and time-consuming, especially if you don’t have much finance experience.
Fortunately, there’s an easy solution to this problem — outsourcing business accounting services. When you outsource, you let experienced financial professionals handle the financial side of your business. Your business will run more efficiently, and your employees can focus on their respective roles.
But what exactly should you outsource? Here are a few suggestions to help you get started.
Bookkeeping
Meticulous and accurate bookkeeping is necessary for the health of your business. Bookkeepers maintain accurate financial information about your company and constantly update that information. Broadly speaking, your company’s bookkeeper has four main responsibilities:
- Completing data entry tasks as needed
- Tracking all debits
- Collecting and documenting all transactions
- Monitoring financial records
The information a bookkeeper records will be central to any financial decisions your business makes, so accuracy is vital. When you outsource your bookkeeping, you reduce the risk of errors and ensure your books are thoroughly done.
Outsourcing can also save your company money. If you hire a full-time bookkeeper, you will need to pay that person a salary and benefits. When you outsource, you only need to pay someone to work part-time.
Payroll
Many companies process payroll manually. This might seem cost-effective at first, but doing payroll this way can lead to errors and cost your company more in the long run.
When it comes to outsourcing business accounting services, payroll is often one of the first things companies outsource. Many firms that perform accounting services for you use software that automates the payroll process. That way, you don’t have to pay an employee to do payroll by hand.
Outsourcing payroll has another benefit — it’s easy to scale. Payroll automation software can handle paychecks for any number of employees, so your payroll processing can easily grow with your company.
Financial Planning
When you’re outsourcing business accounting services, it’s easy to focus on the day-to-day. But especially if you have a newer company, financial planning is essential to secure your company’s future.
In larger companies, in-house chief financial officers (CFOs) typically handle financial planning, budgeting, and communicating with investors. But if you’re a small company or a new startup, you might be unable to allocate the funds for a CFO.
In this case, you can outsource your company’s financial planning to a part-time, remote CFO. Whether you just need to do so as a stopgap before hiring or plan to use an outsourced CFO indefinitely, seeking out the guidance of an experienced CFO can help your company grow in the right direction.
Need Help Managing Your Business’s Accounting?
When you’re a business owner, it’s hard to do it all. When you outsource your payroll, bookkeeping, and other accounting services with us, you can rest assured that your finances are in good hands. Then, you’ll have more time to do what you do best — run your business! Contact us today to start your accounting review and assessment.
