No matter what type of business you run, at the end of the day, what matters is the numbers. You always want to find new and innovative ways to boost the bottom line while you retain the integrity of your business.
One of the best ways to do this is to make an evaluation of your current financial processes.
Are you doing all of your bookkeeping yourself, or should you maybe look to outsourcing to help your business get to the next level?
Costs are one of the major concerns of any business. We have many clients that are constantly trying to find new ways to avoid hiring accountants, then end up paying boatloads of money to CPAs to clean up their work.
The Benefit Of Outsourcing
There are a lot of great things to be gained from outsourcing.
For starters, outsourcing provides you with an extra pair of eyes to help point out irregularities. This is great for those who have no experience in bookkeeping, yet don’t have the ability to train their staff or get the proper training themselves.
Secondly, outsourcing accounting allows businesses to free up their time and focus on what is really important. A business owner’s primary focus should always be activities that are critical to overall business growth. When a business owner has more time to focus on growth and make it happen, it always seems to support the outsourcing expense anyway.
There are many reasons why outsourcing can be beneficial to your business, no matter what kind of business you run.
We want to provide you with a few questions that you should ask yourself. If your answer to two or more of these questions is “yes”, then it might be time to look into outsourcing.
- Have you received a number of notices from tax authorities?
- Do you have complicated streams of revenue? (for example, do you find that there are patterns in your sales, or do you see different amounts of deposit or payment plans with every sale?
- Do you have multiple credit card accounts or bank accounts?
- Do you work in your business 50+ hours throughout each week?
- Do your financial statements carry unusual amounts, such as negative liabilities or negative sales?
- Do you use the “Ask My Accountant” classification line in your accounting program for a large portion of your money?
- Could you create more growth in your business to offset the cost of accounting outsourcing if you had more time?
- Is the process of accounting one that puts a lot of pressure on you?
Here at Infinite Accounting, our main goal is to help our clients gain a better idea of how their businesses are doing financially by presenting them with the right numbers. The decision to outsource is a personal one by all means, though it can create great success if you believe it will help your business thrive.
Make sure to get in contact with us if you have any more questions!