Certain functions are necessary in order for a business to be successful, and accounting is one of them. Unfortunately over 50% of small businesses fail, and much of that failure can be attributed to poor financial management. You want to avoid becoming part of that statistic. Outsourcing your accounting to a professional is an economical way to ensure that you are making the most profitable business decisions regarding your income and outflow. Here are three things outsourcing will accomplish for your small business:
- Enable you to focus on what you do best. Many small business owners manage the accounting themselves. We’re guessing that’s not why you went into business. Your expertise is in the products and/or services you offer, not in managing the financials that are only a byproduct of that expertise. Spending your time managing the accounting not only distracts you from what you do best, but it forces you to spend time doing something that you may not understand as well as you should. This can apply to a friend or family member that you may have enlisted for help. When it comes to the accounting, don’t you want an expert in control?
- Receive guidance from a Profit Expert. An accountant is more than just your personal mathematician: an accountant should be your Profit Expert. A proactive accountant can act as your Profit Expert by using information from the accounting system to analyze your business’s fiscal standing. The Profit Expert is able to ensure that the three major functions of your business—production, marketing and accounting—are working together to achieve maximum profitability. The accountant will then share this information with you in such a way that you both understand what the information indicates and can use it to inform important business decisions.
- Increase your profitability to more than pay the necessary fees. You could definitely hire a full-time accountant, but chances are the cost would be prohibitive. Consider enlisting the help of a contract accountant who charges you an hourly rate for the accounting tasks performed; this is definitely the most economical choice for a small business owner. And if your accountant is doing a good job, he/she should increase your profitability and save you enough money to more than cover the necessary fees. That’s a win/win, right?
As a small-business owner, we understand how daunting it can be to manage all the tasks required for your business. You don’t have to do it all alone, and in fact, you probably shouldn’t. While we can still guarantee there will be lots of work for you to do, we suggest you enlist the help of an accountant to ensure that your financials are always in order. In fact, we ask that you call us today for a free consultation. Let us explain how we can change the future profitability of your business by becoming your Profit Expert.