If you are an SME owner, there are chances you are already trapped in the loop. Don’t know what loop I am talking about? Let me explain.
Wanting to do or monitor all the operations of your business, and not outsource them, is an insidious loop. I know it seems your business needs that, and would collapse otherwise, but the truth cannot be any further.
You may be excellent at marketing but fail miserably at human resource management. Or you may be an Information Technology wizard but terrible at handling finances. And you know what - it is okay! You do not have to be a genius at everything, you just have to be an expert in your own field- and that’s management.
Your job is to delegate the responsibility to someone who knows the best way to do it.
Today, we’ll be talking about one such core business operation - accounting - that needs ultimate precision - and why you shouldn’t be managing it all by yourself.
Accounting is hands down the most dreaded of all business functions. It is complex, needs precision, and one small mistake - can cost you, your business.
Knowing this, most SME owners hire an accounting manager who is responsible for handling the complete accounting operation for their company. This, however, is not the best way to go.
The accounting function of your business is too critical to be left to a single person.
You’ll still have to monitor the activity.
And you do not know - for how long the person with whom you’re sharing the confidential financial information of your business - is going to be with you.
In a scenario like this, the best way out is to outsource your accounting to a dedicated team of experts who can be relied upon for your business’s financial health.
Here are the top 5 benefits of outsourcing your accounting -
Outsourcing bookkeeping allows you to maintain your focus - There are only so many tasks you can handle as an individual. Also, chances are you may not be a financial wizard who can manage auditing, tax filing, or automations, all by yourself. Outsourcing your bookkeeping service to a team of experts relieves you from the extra burden and gives you enough space to focus on more pressing management problems. The time you spend in figuring out the complex statements can be better utilized to grow your business.
Save that precious money - When you hire an employee on payroll to handle the accounting for your company, you end up giving more compensation, and thereby increasing your cost. Not just money, you have to give other additional benefits as well. Also, you will have to pay him even when there’s no work. Outsourcing bookkeeping, on the other hand, is a cost-effective method, wherein you pay the team exactly for the work done. You’ll have to bear no other expenses apart from that.
Somethings are better left to experts - You can google all you want, but you still won’t get solutions that an expert can offer. Bookkeeping services experts are a team of professionals who know their game, just like you know yours. They are a whole team dedicated to handling your accounts.The next best thing is - the experts will keep backing your steps with strategies to help your business flourish, whereas your in-house accounting team wouldn’t be able to provide such growth hacks. Their advice can enhance the financial health of your business and can take it to new heights. Also, the experts will have all the tools and techniques (software) that you can leverage without purchasing.
Flexibility and Scalability - As an entrepreneur, you know how much that word means. And outsourcing your bookkeeping services can give you that. In the future, whether you need to grow your business or cut-back on costs, you can do it easily without having to hire or fire accounting employees. When there will be growth of your company, your accounting operations will increase too. For this, you need an option that can accommodate with the growing needs of your business.
No hindrance - Hiring a professional team of experts can lead to financial growth. How? An office area is forever bustling, there are umpteen number of hindrances and chances of mistakes are high in such an environment. Experts, on the other hand, are completely dedicated to bookkeeping only and their environment, therefore, is in sync with their work.
Conclusion - The secret to a growing business is to always keep looking for better possibilities and leveraging them. Outsourcing your accounting function is one such possibility.
However, finding a team and trusting them with your accounting function is tricky. Therefore, here’s a trusted resource to save you from the hassle.
Muneem - a team of dedicated accounting professionals and a tool to your smooth financial life.