Your Small Business Can Benefit from Outsourced Accounting Services
As a business owner, you may know how to balance the books, but do you have the full range of expertise from entry-level to CFO? Karen Stern, partner in charge of Brown Smith Wallace Entrepreneurial Services Group, discusses the benefits outsourced accounting services have on your business’ bottom line in this month's "Financial Fitness," as featured in Small Business Monthly.
If your small business is growing beyond your expertise and capacity, it may be time to consider outsourced accounting services. The entrepreneurial DIY (do it yourself) mentality may end up costing you more versus saving on expenses related to employee benefits, payroll taxes, overhead and hiring. Even if you possess the know-how to complete these functions, ask yourself: “Is this the best use of my time?” It isn’t unusual for a business to have limited resources, but stretching yourself too thin is not an effective way to help it flourish.
For a fraction of the cost of a full-time position, outsourced accounting services can provide strategic expertise to capitalize on opportunities, evaluate offers and reduce threats. Additional benefits for outsourcing a team of experienced, licensed experts are as follows:
- Accurate, usable and timely financial reports from a third party allow more time for business owners to focus on core company aspects.
- Mission-critical tasks completed quickly and efficiently help safeguard assets and minimize risk.
- Potential business risks such as high state and local taxes or unexpected tax penalties and interest payments can be identified in order to help develop models and budgets to run the business more efficiently and manage it to profitability.
- Possess key insights pertaining to cash flow, working capital or forecast of liquidity by involving someone who can collect, analyze, interpret and effectively disseminate the data.
- Avoid training costs and error revisions caused by inexperienced support staff.
- Save company dollars by having someone well-equipped to closely monitor all expenses.
Outsourced accounting services are proven, cost-effective solutions for businesses of all sizes, even those that have dedicated accounting personnel. To discuss the efficiencies and savings outsourced accounting services can bring to your organization, contact Matt Megargel, Entrepreneurial Services Group, at firstname.lastname@example.org or 314.824.5299.