Outsourcing your business’ accounting work is definitely the latest biz trend that you simply can’t ignore. However, you can’t allow yourself the luxury of following it blindly. Outsourcing accounting can be a powerful and cost savings business model. It doesn’t necessarily mean it’s a miracle, nor a one-size-fits all solution. How to know if it’s the right time for your company to begin outsourcing accounting work? Here’s a surprisingly simple solution: make a checklist! Here are some useful points to consider before reaching the final decision of whether or not outsourcing your accounting work is a good fit for your business:
#1 Are you already outsourcing one or more of the accounting functions?
At the end of the day, you have to determine how deep you’re already in the outsourcing waters. You may not even be fully aware of the fact that your accounting is already outsourced more than you initially planned. The great thing about the outsourcing process is its ability to scale up or down as needed. Today you may want to outsource more or less than you did yesterday. No problem at all, your outsourcing department can easily comply either way.
#2 How dependent are you on the new outsourcing-friendly technologies?
There are no technologies or methods that the outsourcing community claim as its own exclusive tools. However, there is an intriguing character of the so-called outsourcing-friendly technologies, such as various online cloud solutions for virtual access, external HR teams, and fractional marketing. If your accounting services can’t make it without them, then it’s the right time for full-scale outsourcing.
#3 Have you outgrown your old business model?
New business growth and old resources just don’t go together. That’s one of the main reasons why outsourcing isn’t only the best, but also the only way out for accounting service providers. It’s not a secret nor a huge surprise that the most appealing characteristic of the outsourcing process is its cost-friendly nature.
#4 Clash of the business titans: Specific vs Eclectic
You’re definitely encouraged to try having it all in the business world, but you simply can’t know it all. Specific accounting tasks and needs simply calls for outsourcing services. It all comes down to this, your clients want to see a job nicely and properly done. You are the master of your skill, if it’s not accounting then why keep it in-house? You are hired for your product/service/trade, let the professionals do the same for your business to minimize the risks of costly errors, disaster or fraud.
Is it the right time for your business to benefit from outsourced accounting? As Nike says, Just do it. Try it out to free up internal resources and have one less thing to worry about at night.
Holdsworth & Co., CPA’s offers fully outsourced accounting services including: payroll, bookkeeping, data entry, checks and balances, tax preparation, CFO services and a trusted business advisor to keep your business moving forward. Contact Us today for a free consultation!