It’s normal for owners of startups or small businesses to wear different hats in the organization especially during the early stages of growth. Even in terms of accounting, it is not uncommon to find decision makers who keep a close eye on the numbers either with the help of bookkeeping tools or by working closely with their bookkeeper.
However, a time will come when it’s neither wise nor practical to pull off a DIY on tasks like collections, taxes, sales, billing, and deposits. Around this time, management accounting might come into play as well as other complex accounting services—something that requires professional help.
So what are the signs that an entity has reached this phase? More importantly, what are the options available for those who have found themselves in this situation?
The following are just five of the major indicators:
- The business already has more than eight employees
- The business is growing at a much accelerated rate (hooray!)
- Your involvement in different aspects of your business has significantly decreased
- It’s no longer about billing and collections
- There’s a need for more sophisticated reports and/or tools
These signs should never be ignored as by the time that action is taken it might be too late or too costly. In terms of what can be done to cope with these changes, there are two major options: hiring a traditional CPA professional or outsourced accounting services.
THE BETTER CHOICE
Each option has its pros and cons. However, in terms of cost savings, outsourcing gets the upper hand as it can give an estimated 30% cost savings as compared to having an in-house accounting team. The BPO partner will be the one to shoulder things like professional fees, salary, and benefits as well as the recruiting, training, and management of any additional accounting staff their client might need.
Getting expert help through outsourced accounting services also helps with productivity as the owner’s time will be directed to profit-generating activities that are essential for the business to move forward. For those that already have an existing in-house team, having an additional staff to help out them frees the team of a good amount of workload and pressure and gives them one more person to bounce their ideas with.
TALK TO US
If you’re interested in how outsourcing can help you with your accounting needs, we’d be more than happy to give you the necessary guidance. Forward BPO is a bpo company australia that’s been helping businesses grow in the right direction. Contact Us Now!