Are you helping your business thrive or are you helping it survive? If you are a business owner you may be spending too much time focusing on how to keep the ship afloat and not focusing enough on the opportunity to shift your time and attention to helping your business thrive. One option to assist you is outsourcing business functions to professionals. Look outside your company for consultants, for example a CPA firm that provides bookkeeping or outsourced accounting services. This can save you time and money, as the fee will likely be less than hiring a full time accountant on your staff.
The moral of the story: Don't try to wear all the hats!
Business owners that try to wear all the hats simply don't have time to focus on their business. They are too busy focused on the mundane activities such as accounting, marketing, hr, etc. As the leader of your business, you should be spending 0% of your time crunching numbers of everyday finances, and 100% of your time finding ways to increase the overall value of your business.
Let's examine how outsourcing your accounting function can give you a tighter grip on managing your business in its entirety:
Outsourcing Saves Time
Your accounting department shouldn’t require a babysitter. You might think it’s your duty to manage work flow, or you might just be intent on keeping a close eye on your company’s finances. Is this really the best use of your time as the leader of your business? What you should be doing is checking in to each of your departments, ensuring smooth sailing, and then getting back to running your business as a whole.
Outsourced accounting allows you to do this by taking all accounting issues off your hands. With an outside accounting firm, you are relieved of the day-to-day oversight of your company’s finances. Your available time increases, and you feel confident in taking that time to tackle other, more important, business issues.
Outsourcing Gives You An Organized System
When you ask your bookkeeper for a specific document, they should be able to retrieve it immediately. There shouldn’t be massive amounts of time spent digging through files and searching through desktops.
If you’re like most successful business owners, disorganization conflicts with your strategically structured approach to running a business. When you have a CPA firm on your team, your files are classified by revenue, or expense or location – however YOU want them to be classified. Which brings us to your next point…
Outsourcing Puts You In Control
You obviously have control over your business if you own it, but are things being managed according to your guidelines? Are the financial policies and procedures your company requires being put into place? You may not have tremendous accounting knowledge, but you have ideas on how you’d like to see your reports compiled and presented.
A good CPA firm abides by these ideas, taking your business plans and reporting preferences and arranging them in an easy-to-read, comprehensible format. For example, if you’re not 100% in tune with 100% of your expenditures, a CPA firm might recommend a weekly, monthly or quarterly cash flow analysis, depending on your needs.
The fact that you are not an accounting expert shouldn’t prevent you from creating policies around your finances.
Leading your business means bringing about a brighter future, looking at the overall picture, and not busying yourself with daily duties throughout your departments. Even if your accounting department is performing adequately, as a leader, it is your responsibility to turn “adequate” into “effective” if you want to achieve sustainable business success. Outsourced accounting services ensure this effectiveness, and give you the time and tools you need to lead your business.
Want to learn more about the benefits outsourced accounting provides for your business? Click here to start the conversation about your financial future with LBA Haynes Strand or click the button below to download your free whitepaper on the subject!