Business Milestones Could Mean It's Time to Outsource Your Accounting
As business milestones are reached, many small business owners find that their time is better spent building their core business rather than overseeing day-to-day accounting. These milestones include increased revenue, preparing for an acquisition or a sale, lack of back-office support or simply needing to free up your team’s time. Karen Stern, Partner in Charge of Brown Smith Wallace Entrepreneurial Services Group, discusses benefits of outsourcing your small business’s accounting, in this month’s “Financial Fitness” column, as featured in Small Business Monthly.
Outsourcing your accounting in the face of these milestones can create significant benefits, including:
- Your internal accounting staff can troubleshoot larger issues.
- As a business owner, you can analyze accurate data rather than preparing it, creating more informed decision making.
- If your company is growing quickly through acquisitions, those businesses can be transitioned more seamlessly through outsourced day-to-day bookkeeping until the appropriate infrastructure is built up to handle the quick growth.
- When back-office support is lacking, outsourced accounting frees up a business owner’s time thanks to support in managing cash, accounts receivable and payable, regulatory compliance and taxes.
Even in the absence of a major business milestone, an internal bookkeeper or accounting professional will take a vacation or potentially have an unplanned hiatus. Without a cross-trained team member, a business should consider an outsourced accounting resource to provide a reliable, cost-effective solution that gives an objective perspective to a company’s internal controls, safeguards and processes.