7 Signs You Need Outsourced Accounting Services
Back-office accounting procedures may not be the optimal solution for your small business’s accounting needs. In this month’s Small Business Monthly “Financial Fitness” column, Karen Stern, Partner in Charge, Entrepreneurial Services Group, shares some indications your business may be ready for outsourced accounting.
Your business may benefit greatly from outsourced accounting services, but how do you know when it’s time to make the change?
Going forward with your original accounting processes may mean a loss of time and money. Instead of growing the business, you may spend resources on hiring and training employees, recovering from errors caused by inexperienced staff and working on everything but your business’s mission and focus (maybe some of these issues sound familiar already). A customized outsourced accounting arrangement may be just what the doctor—or business advisor—ordered.
Here are a few signs that you should consider outsourcing your accounting:
- You need to hire a CFO but cannot afford one.
- The business is growing quickly, and the owner or staff is not able to keep up.
- The owner spends a significant amount of time dealing with back-office, day-to-day tasks or employee management.
- The accounting software is outdated, or the team does not know which software to select.
- The business does not have real-time visibility of the financial data or reports.
- Financial information can only be accessed from the office.
- The team is not receiving monthly reports on a regular basis or is having a hard time customizing reports, drilling down into the numbers, or extracting meaningful information out of the reports available.
If any of these scenarios seem familiar to you, you may want to consider what outsourced accounting options make sense for your small business.
For more information on how outsourcing your accounting can help your business flourish, contact Karen Stern, Partner in Charge, Entrepreneurial Services Group, at firstname.lastname@example.org.