You’ve started your own business.
You’re all set with your team, desks and computers in place. You’ve established your internal software systems, and you’ve even managed to secure a client or two. You’re on your way!
As your business grows, however, you need to ensure your business’s accounting systems and finances are in place, too. One of your team members is pretty good at managing finances, but she’s certainly not an accountant. She uses Quickbooks online and has been doing a good job, but there are far more issues and compliance matters your team needs to consider.
Your in-house “accountant” is trying her best, but she may not be in-tune with understanding your business’s financial position, and there’ve been a few times where the financial statements weren’t accurate.
She’s also not aware that she should be reviewing your cash flow statements (a financial statement summarizing the amount of cash coming into and leaving your business). Cash flow statements measure how well a company is managing its financial position and where your cash is going. Meaning, can you pay your debts, operating expenses and employees and still have money in the bank to pay yourself and grow?
As your clientele grows, so do your expenses, receipts and inventory needs. You need to have a sound accounting foundation in place. And, come tax season, you certainly don’t want to incur any surprise tax bills or fees to clean up your books that you should have previously considered.
Whew. More money, more problems, right?
Now is the perfect time to consider using an outsourced bookkeeping advisor.
Not only can they bring valuable insight to your business, but it’s up to you as far as the level to which you use them. Whether it’s basic accounting, such as recording daily transactions or month-end close, or—at a higher, more involved level—using your outsourced accountant for planning, forecasting and budgeting, the choice is yours.
Outsourced bookkeeping advisors can offer valuable insight and advice that a single, in-house accounting or finance employee generally cannot. Here’s why: outsourced accountants primarily—and simultaneously—work with clients in various industries. They have a depth and breadth of knowledge over those that work within a single company or industry.
Not only are their experience and perspective valuable, but they can also bring best practices to your business. From software selection, accounting processes and procedures to practical solutions to everyday issues, an outsourced accountant does all of the review, budgeting, planning and forecasting for you. And, since your business does not employ them, you can also save on your bottom line since you don’t have to pay for their benefits, insurance, vacation days, infrastructure and technology (such as another desk, computer, software license, etc.).
They also bring an objective point of view to your business. While your business is in their best interest, an outsourced accountant is simply there to help you get to—and remain in—a stable and healthy financial position. There’s no conflict of interest on their part. If they support your business’s success, then they, too, succeed. It’s a win-win on both sides.
Additionally, outsourced accountants are required to have encryption and firewalls in place, as well as access restrictions and a variety of security methods to ensure your business’ information is safe, secure and protected.
Consider an outsourced bookkeeping advisor as an extension of your team.
They’re in place so you can focus on serving your current clients, as well as securing new ones. Your time is better spent on generating sales, making your product and improving your services.