Is your small business trying to tell you something? If you are experiencing any of these symptoms, the diagnosis could be accounting stress. And the remedy? Outsourced accounting.
You need more time to concentrate on what you do best
Your business was founded on your entrepreneurial skills in a specific field, and its continued success depends on you devoting as much time as possible to your area of expertise, instead of getting bogged down in routine tasks like bookkeeping and headache-inducing payroll and tax returns.
The staff you hired to do your small business bookkeeping can’t keep up with your growing needs
Maybe you hired someone a while ago to do your bookkeeping in-house, instead of trying to do it all yourself. But your business has grown and become more complex, outstripping the competence of your employee.
Errors may be happen-ing that you can ill afford.
Outsourced accounting companies are staffed by highly-trained professionals who not only work faster but also more efficient.
Your business is seasonal or not large, but still can’t hire an in house book-keeper.
There may be times of the year, or even the month, when there’s just not enough to keep an in-house bookkeeper occupied. You’d be paying for a service you weren’t using. When you outsource your accounting, you only pay for what you need, when you need it.
You’re struggling to keep up-to-date with tax and compliance requirements
You may try to be proficient in every aspect of running a business, but the reality is that tax and corporations law, and general compliance with your responsibilities as a business owner and employer, are complex topics. When things are changing too fast and you can no longer keep up, it’s time to hand over to the experts.
You think you’re paying too much tax, or you’re owed back tax
Unless your business is tax accounting, there’s no chance that you know as much about tax law as a tax specialist does. You could be paying too much tax, or struggling to claim back an overpayment. Transfer the problem to professionals who know just how to handle it and avoid headaches.
Your current bookkeeping system isn’t giving you the information you need
Is your bookkeeping software out-of-date? Or are you trying to keep track with an Excel spreadsheet so big you need to hop on a scooter to get along all the columns and rows? And as for extracting any meaningful management reports, forget it. You really should try a cloud-based software such as XERO or QBO, for flexible, customizable financial and management reports, including budget comparisons and variances and much more.
If your computer system crashes, you risk losing your data
Why keep your data on a PC or in-house server when it’s much safer in the cloud? Not only is your data preserved if your own computer malfunctions (who forgot to do that last backup?) it’s also encrypted and therefore better protected from potential hackers. Outsourcing your accounting gives you access to cloud computing for your bookkeeping.
Your cash flow is suffering because of slow or inadequate systems
Does it take an eternity to issue an invoice once a project or delivery is completed? Maybe your clients are slow to pay because you’re not offering the payment options they need? As a result, your overdue invoices keep increasing, your business working capital is in someone else’s pocket.
Take control of your cash flow by outsourcing your accounting. Cloud accountants can help you set up an accounting platform that fit your business. Today’s businesses need to implement accounting technology for automation and efficiency.
You’d like to use tools like HubDoc, Wave Apps, Receipt Bank, Expensify and TSheets, but don’t know how
There are lots of new systems and apps that will streamline your business and letyou manage it on the move from your phone. Your outsourced accountant is familiar with their benefits and can show you how to integrate them with your accounting system.
Your business is growing, things are falling through the cracks and you’re ready to implement policies and procedures.
That growth spur can easily make you do more than you already do, so much stuff to do so little time. That’s when a Virtual Chief Financial Officer (VCFO) can help you get that train rolling and advise you on keeping your business financial health and clear goals on check, just like the big companies do.
Outsourcing bookkeeping, payroll, financial and management reporting and tax makes perfect sense for any business wanting to free up its key players, save time, improve efficiency, reduce expenses and tax, keep the cash rolling in a deduct the professional services without paying any payroll tax.