As a CEO or small business owner, some time is precious and sometimes limited. Because the old adage goes, “time is money,” which money is either lost or gained counting on how you spend you’re working hours. A common headache and time drain among small business owners are how they manage their finance function. Trying to seek out and maintain a reliable, trusted employee to handle bookkeeping and someone local for outsourced accounting services is simply the tip of the iceberg.
When optimizing systems and processes for efficiency in small businesses, the workload and responsibility often falls to at least one person, like an admin or assistant, the business owner’s spouse, or another individual employee, and is probably going not the simplest situation.
As a CEO during a small to midsized business, there’s a substantial amount of your time that must be spent on managing the people, processes, and procedures of the business’s accounting function.
Luckily, an alternative choice to alleviate the burden of your bookkeeping and accounting needs is to use a reputable outsourced accounting services company.
Small business accounting services can vary counting on your budget and other needs. Services can range from a private bookkeeper to an accounting team at your disposal.
But how does one know when it’s time to think about making an investment in accounting services?
Below are 5 indicators to think about when deciding whether to outsource the Online Bookkeeping Services in Atlanta for your small business:
1) Spending an excessive amount of Time on Accounting Processes
Did you recognize that multitasking could also be costing your business productivity? Consistent with a study cited by the American Psychological Association, the mental blocks that result from repeatedly shifting between tasks can cost upwards of 40% of a person’s productive time. If you spend as much—or more—time handling your financial records, payroll, and other related accounting services as you are doing working with clients, it’s going to be time to seem into outsourcing your accounting services.
Get it off of your plate and onto the plate of dedicated pros who can handle your daily, weekly, or monthly accounting problems quickly and efficiently.
Trained accounting service professionals are conversant in the foremost up-to-date accounting processes, regulations, and tax laws. They going to make sure that your business is in compliance with generally accepted accounting principles (GAAP) and may prevent tons of your time (and headaches) within the future.
2) Concerned About Employee Fraud
The CEO’s Guide to Reducing Fraud from Kayabooks
No one wants to think the worst of their employees. But sometimes there are employees who prefer to show the worst of themselves to their employers. consistent with the 2016 report back to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners, CFE case study participants reported a median loss of $150,000, and quite 23% of participants reported losses of $1 million or more.
While small business owners suffered similar median losses, those losses often dealt more devastating blows thanks to the smaller size of the businesses. That’s why it’s important to possess accountability, structure, and internal controls.
By hiring outsourced accounting services, you’ll have a team of individuals who will cross the it’s and dot the i’s to make sure that your business’s finances are accurately reported—all without the expense of multiple employees, health benefits and other employment related costs. Having additional pairs of eyes checking for anomalies provides an additional layer of protection—not only in terms of trying to stop fraudulent activity but to extend your business’s overall financial accuracy also .
3) Delays in Accounting, Payroll
When your sole accountant, John Doe, goes on vacation together with his family for every week , it’s going to desire the financial records side of your business screech to a halt. Or perhaps, for a spread of reasons, your accounting reports or payroll are often turned in late. this will create an accounting backlog and issues not just for you as an employer but also for your employees who are counting on those pay checks.
A advantage of outsourced Online Accounting Services is that the peace of mind in knowing that even within the absence of you or one among your employees, your books are still consistently maintained.
4) Records are all stored during a file
If you would like your business to stay up with or stay before the competition, keeping outdated and time-consuming financial record processes isn’t the thanks to roll in the hay. Bringing your business out of the technological Middle Ages by adopting modern accounting technology software not only can help save time; it can also assist you save extra money and become more organized.
By outsourcing your accounting services, you won’t need to spend some time learning the ins and outs of using unfamiliar and sophisticated software. And that they can assist you move towards a paperless accounting workflow.
5) Growing too fast to stay Up with Finances
If your business is successful and growing at an accelerated rate, it’s going to be time to think about outsourced accounting services. By trying to wear many hats and do an excessive amount of yourself, you’ll inadvertently hinder the longer term growth of your business.
Outsourcing your accounting function provides even more value to rapidly growing businesses that got to focus their energy on scaling, not accounting. Once you outsource accounting services, you’ll focus some time, energy and resources on increasing business revenue, enhancing your relationships together with your customers, and achieving company goals or creating new ones.