“If you want something done right, do it yourself.” The old adage may be true in certain situations, but it’s probably not a wise policy when running a growing business. In fact, one of the most effective ways to help your small to mid-sized business (SMB) is to recognize when not to do everything yourself.
You want the best for your business, naturally. But when it comes to non-core functions like accounting, outsourcing makes sound business sense for a host of reasons. Though it’s certainly not a complete list, these five rationales help explain why so many SMB leaders choose outsourced accounting services.
- You’re committed to quality. While your hands-on guidance and ideas are critical to your business’s success, few SMB leaders can match the specialized financial knowledge of a trained CPA. And though friends and relatives may be willing to help out with the bookkeeping, you’ll get better results by letting a finely tuned team of outsourced professionals handle routine financial tasks.
- You’ve got a mission. Achieving your business goals requires dedicated focus and freedom from distractions. Dealing with day-to-day financial matters limits the time and attention that’s available for more important things. By outsourcing peripherals like accounting and bookkeeping, you let yourself (and your team) devote 100% to mission-critical concerns.
- Your business is growing. SMBs are dynamic entities, and their growth rarely follows a predictable timeline. Staffing up to accommodate evolving accounting needs while juggling the inherent challenges of business growth isn’t an ideal formula for success. Outsourced accounting lets you grow at the rate that’s right for your company without getting bogged down in hiring, training, and managing new staff. And since outsourced accounting services can be scaled to meet your needs as they change, you’ll more likely avoid bottlenecks and the potential for overstaffing.
- You care about the numbers. Internal accounting and bookkeeping can drain company resources when people or processes aren’t as efficient as they could be. Outsourcing business accounting increases efficiency in just about every way: more streamlined workflow, minimized task time, fewer mistakes, and easier problem-solving when unexpected events occur. Besides the lower stress, you may be pleasantly surprised by the boost to your bottom line that often accompanies a move to outsourced accounting.
- You want to see the forest (not just the trees). You’ve got a vision for your business, and getting from here to there takes perspective. Stepping back from mundane tasks such as invoicing, cutting checks, and reconciling bank statements lets you focus on the big-picture needs, like analyzing business trends and generating ideas to support continued growth. Here again, professional advice can pay off. Fractional CFO services, an outsourced option for companies that don’t yet need a full-time internal CFO, often deliver significant benefits through cost-saving tax strategies, enhanced company performance, and more.
Letting go is hard, and it can be particularly difficult for business owners with immense effort and time invested in their company. The key to a successful experience is finding an outsourcing partner that keeps the focus on you and your individual business — somewhere you’ll never disappear into a sea of generic clients or get lost in the shadow of bigger fish.
Your business is your baby and deserves every advantage you can provide. Outsourcing accounting responsibilities frees up your time and mental energy so you can focus on your passion. Contact CRI to learn more about outsourced accounting services and how to customize a solution for your growing business.