When it comes to running a business, handling the various accounting functions internally can quickly become a daunting task, consuming precious resources. There are many intricacies and complexities, from accounts receivable, accounts payable and payroll to higher-level functions such as the CFO role, budgeting, interaction with the tax code and strategic planning. How do you know when you should look to outsource some or all of the accounting functions? Below are five signs indicating it’s time to seek out a strategic partner to achieve your goals.
1) You don’t have time to focus on your business
You are spending too much time focusing on the day-to-day accounting functions and not enough time on what you do best, your business.
2) You lack the staff and resources to have in-house or full in-house accounting
It can be quite expensive and time consuming to hire someone to perform all the accounting functions on a full-time basis. Maybe you need help, but you don’t need someone 40 hours per week. Outsourcing your accounting allows you around the clock access to trained professionals who are knowledgeable in a multitude of areas and are there when you need them.
3) You’re falling behind technologically
You have outdated software and you know you need to streamline, but you don’t know how or where to begin. Outsourcing allows you access to professionals who can help you determine what is best for your business. They have the expertise to implement new software, integrate various functions, such as an accounting platform or payroll software, or even to just help you use your existing tools to their full capacity.
4) You don’t have the financial data that you need to make business decisions
You know how important it is to have access to critical performance data about your business, but you don’t have the time to both run your business and produce financial reports that will help your business thrive. Having a partner who can provide timely financial statements tailored to your specifications is critical to making important decisions. Outsourcing your accounting can achieve that.
5) You’re worried you’re missing important tax planning opportunities
You’re concerned that you’re paying too much in tax or you’re not going to reach your goals as efficiently as possible. By outsourcing your accounting function with a team of experts, you will have access not only to financial accounting knowledge but to strategic tax planning and partners that are up to date on the most recent tax developments and opportunities.
If any of these scenarios seem familiar to you, you may want to consider what outsourced accounting options make sense for your business. KB Outsourced Accounting can tailor a plan from the smallest business to the largest. For more information on how outsourcing your accounting can help your business flourish, please contact the KB Outsourced Accounting Team.