As a small business owner or manager, pursuing business growth is one of your top priorities. While most of your strategies may occur internally, one key area of potential growth involves teaming up with an external partner by outsourcing your accounting services.
You may be thinking, “Won’t paying an external accountant to handle my business’s financial functions be cost-prohibitive? Won’t it stunt the growth of my business?” In fact, there are many benefits to seeking external support in this area.
How Outsourced Accounting Helps Your Business Grow
Partnering with an outsourced accounting professional can help you achieve more growth in your small business by:
- Establishing a holistic picture of your business finances. Allowing accounting professionals to review and analyze your business finances can be incredibly helpful. The insights they will be able to provide about your business operations can help inform your key decisions. Your outsourced accounting partner will work with you to develop a holistic picture of the health of your organization’s finances.
- Allowing you access to an entire team of business experts. When your accounting functions are handled internally, you (or your in-house employees) become chiefly responsible for overseeing all financial aspects of your business. If that person encounters something they can’t handle, takes ill, goes on leave, or finds a new job, you may find yourself in a tough spot. When you outsource your needs to an accounting firm, you gain not just a single partner, but a team of partners. While you may work primarily with one person within the organization, you can be confident that they have plenty of backup in the event of unforeseen circumstances.
- Uncovering savings that can be reinvested in your business. While it may have been sufficient in the past to handle your own tax filings and matters, are you making the most of your situation? It takes special expertise to uncover key savings for your company—knowledge that trained accounting professionals possess. Outsourced accounting professionals can provide cost-cutting suggestions while also potentially reducing your tax liability. The money you save can be reinvested back into your business.
- Helping you implement good business habits. Accounting professionals know how to do their jobs efficiently and accurately. When you partner with them, their time management skills and detail-oriented nature may rub off on you and your colleagues. Working with an outsourced accounting partner can lead to greater organization and efficiency, which can positively impact all areas of your organization.
- Helping you obtain the financing you need. Procuring funds from lending institutions and investors can be overwhelming and time-consuming. Having a trained accounting professional by your side is an enormous benefit, as they speak the same language as lenders and can help you make the best case for your organization’s needs.
- Allowing you to scale the level of outsourced services to meet your specific needs. With outsourced accounting services, you can choose what level of support best serves your organization. The flexibility that comes from working with an outsourced accounting partner provides the peace of mind that you are not getting into a “one size fits all” relationship.
There are plenty of benefits to taking on an outsourced accounting partner. The accuracy and efficiency that they will bring to your financial operations is invaluable, and you will be able to focus more on the big picture for your business. If you are interested in learning more, please do not hesitate to reach out to HeimLantz today.