The challenges of managing a business can seem endless. This is true whether you run a start-up company in its infancy or a small to mid-size company that is continuing to grow and innovate. In both cases, the day-to-day can often consume all your time –from managing operations, production or manufacturing processes, employee needs, talent development, and account management. Unfortunately, this leaves little time for other important tasks such as accounting, financial reporting, and bookkeeping. Although your company likely has a process in place to manage these needs, it’s important to evaluate whether you are getting the most from it.
This question is often considered only when there are consistent issues with accuracy, trouble receiving timely reports or more complicated issues arise. The good news is that you can turn to an outsourced bookkeeping and accounting provider to manage or optimize existing processes. To help clients, prospects and others understand the advantages of using an outsourced accounting provider, Keep has provided a summary of the most compelling benefits below.
Better Decision Making
The importance of having access to accurate financial information when making business decisions cannot be understated. Reliable data and more efficient reporting allows management to make well informed decisions about pricing, resource requirements, and new services or products, among other things. Consider what would happen if financial information was needed in a brief time frame and existing resources or employees were not able to produce the necessary data because of a less than optimal accounting system. The inability to access the most applicable information at the right time can put you in a disadvantaged position and inhibits the ability to make good decisions.
Access to the most accurate information is essential to effective decision making. If you’re receiving financials 30-45 days after the close of a month it can have an undesirable impact on your business. How can you make good decisions when not well informed? Business owners and management need to have access to timely information to identify trends, operational issues, and new profit opportunities. Without such information management is unable to make important “real-time” decisions.
Outsourced accounting professionals can offer valuable insight and advice that a single accounting employee generally cannot. Because they focus exclusively on accounting across various industries, they often have a depth of knowledge not available to those with work experience in a single company and/or industry. Best practices regarding software selection, accounting processes, and procedures along with practical solutions to everyday issues are some of the benefits outsourcing provides.
Many outsourced providers offer scalable solutions. As the company grows and needs expand, they can offer more robust solutions to meet your needs. Changes due to company growth, market expansion or restructuring can easily be managed without any downtime. If there is a need to cut back on services, an outsourced provider can make the needed adjustment. Beyond this, when a complex accounting, financial reporting or business issue arises, you have access to well-seasoned accountants who can help you make the most informed decision. Outsourcing allows you to partner with a team that will grow as you do and bring valuable solutions to the table when needed.
If you would like assistance with your company’s bookkeeping or have questions about proper financial management, Keep can help. For additional information, please contact us at 614-321-5274 or email us here.