Would you describe your company or organization as fast-growing? Are you on the cutting edge of modern technology and the best and most efficient practices in your line of business? Do you feel that your company is making breakthrough after breakthrough, and it is sometimes hard to keep track of all of this great momentum?
If all of these questions make you feel positive energy and proud of your company’s many accomplishments, congratulations. And now for a spoiler—is there anything that makes you afraid or unsure of the future when it comes to your day to day operations? Unfortunately, as a number of studies have shown, bookkeeping is often this black mark or shady area many CEOs and managers do not want to wade into.
The internal bookkeeping and accounting departments frequently end up as the metaphorical black holes of resources, time, staff, motivation and enthusiasm. Sometimes it seems that no matter how much you invest into making your particular bookkeeping better, there are still problems and only more resources are needed with every passing year or even quarter. Truly exhausted by this bad news again and again, many companies are turning today to something that used to be considered bad form or even taboo—outsourcing their bookkeeping to an external professional team.
Why should I outsource?
There are many reasons why outsourcing is gradually becoming more recognized for the sensible and logical solution it truly is. Not only does outsourcing allow you to refocus your business resources (or, rather, return the focus to where it should be), but it also serves as a great motivational tool. Freeing up internal staff for the day-to-day operations that truly matter is a serious change, and many companies report being able to conduct development and growth that had been planned for years but never materialized due to shortage of staff and resources.
Quite often, the outsourced talent is simply nowhere to be found internally, or it would take months if not years to develop it internally—and why would you spend resources on that if the bicycle has already been invented and the professionals have already been trained elsewhere to do the exact job you need done? If anything, outsourcing is a breath of fresh air that opens up the entire world of possibilities, qualifications, technological advances and so on and so forth. If you care about your company or organization remaining in the fast-growing category, this is definitely something to consider closely.
How can an outsourced bookkeeper help me?
Outsourcing bookkeeping is no different and includes all of the benefits discussed above. In addition, consider such benefits as freeing up capital funds, releasing extra cashflow possibilities, and finally being consistent with the way bookkeeping is done, for a change. An outsourced professional bookkeeping team will know exactly what you need to stay on top of things. Bureaucratic changes, minute details of legislation, seeking out the best additional talent for special projects and tasks: all of that will be handled by your external experts.
While allowing you and your staff to focus on your core line of work, these professionals will not require too many resources in return. Just consider: an outsourced bookkeeper doesn’t need to be in any way connected to your insurance plans, retirement plans, workers’ compensation systems, vacation planning and so on and so forth. They provide the knowledge and the expertise without being a drain on your financial and other resources.
How to find a good outsourced bookkeeper
Of course, many bookkeeping companies would now offer outsourced bookkeeping as a service. When looking at your options, consider that not every bookkeeper can be your external expert. Working as an outsourced contractor takes a completely different business model, a certain set of communication skills and technological abilities. One of the best ways to determine if a particular outsourced bookkeeper is a good fit for you is to see what other clients they serve or have served. If clients are happy with a particular bookkeeping team’s work, there should be plenty of evidence of this satisfaction available for your review.
In addition, ensure that the team you hire has the ability to add additional staff members and experts as needs arise. You would not want to be stuck with a service provider that is extremely one sided and thus unable to adjust and adapt quickly to a change in circumstances. Following this simple advice should enable you to find a great match.
This article was written by Phil Steel, an outsource consultant who offer services like bookkeeping, accounting, audit, payroll management, and much more, for fast growing companies to meet their financial needs.