So you have a promising startup and have been busy pulling out all stops to ensure that it blossoms. As a business owner with a huge penchant for success, you have adopted all strategies designed to facilitate the growth and development of your company. You hired the best minds and adopted the best working principle and marketing strategy to ensure that your business is visible online and offline.
To your best knowledge, you have done what a determined business owner (who wants their business to succeed) would do. However, there seems to be one issue bothering your mind, and it pertains to the accounting of your company.
Given the complexities that come with the accounting aspect of your business, you are keen on outsourcing your accounting task but aren’t sure if it’s the best move. If you are troubled with this thought, here are 7 signs to look out for to determine if outsourcing your accounting task is indeed right for your business.
- Spending excess time on accounting processes
Is your business suffering because your staff spends more time attending to the accounting tasks of your business? If yes, you need to outsource those time-consuming tasks.
Outsourcing your accounting tasks will allow you and your staff to focus on the core areas of your business. Of course, making such a move involves spending. However, it is worthy of note that doing so will raise the productivity of your business and take the laborious accounting tasks off the shoulders of your already engaged staff.
- Concerned about employee fraud
If you are concerned about employee fraud (which is rampant in Australia), here is a little stat to back your suspicion.
It is said that 95% of all businesses have experienced employee theft. 3 out of 4 employees confess to stealing from their employees at least once, while nearly 40% of employees have stolen from their employer.
Considering these revealing statistics, which depict the prevalence of employee fraud, it makes sense to outsource your company’s accounting tasks. By hiring outsourced accounting services, you will have a team of individuals who know the nitty-gritty of accounting and ensure that your business finances are well reported, all without the expenses of multiple employees, health benefits, or the fear of fraud. Remember, employee fraud can damage the reputation of your business and put it at a huge loss. You may even require assistance from private investigators at Bond Rees investigations in order to prevent or detect employee fraud – as fraud could be occurring outside an outsourced accounting department and could include a range of other activities. Doing this can free up resources inside your firm to help rectify damage done by alleged fraud or keep business operating as usual.
- Delay in accounting, payroll
When your only accountant, Joseph Moore, goes on a thrilling vacation with his beautiful family for two weeks, it may feel like the financial record aspect of your business went on a break as well. Or maybe, for several reasons, your accounting reports or payroll are often submitted late. This can result in an accounting backlog and issues not only for you as the owner of your business but for your employers who depend solely on these paychecks.
To fix this, you will have to consider outsourcing this portion of your business to a reputable accounting firm such as TN CPA Services. If you do so, you’ll surely have peace of mind knowing fully well that even the absence of you or one of your employees wouldn’t put a stop to things.
- Growing too fast to keep close tabs on your finances
It is the goal of every business owner to record substantial growth in their business. So as a business owner, when that time for growth comes, the chances are that you and your staff will be overwhelmed with lots of tasks, especially when it comes to keeping close tabs on your finances.
That said, if you notice that you and our staff are finding it hard to keep up with your growing finances, it is a sign that you need to outsource tour accounting services.
By trying to multitask and putting so much load on your employer’s shoulders, you may hinder your business’s future growth. Contacting an accounting firm and embracing their bookkeeping service in Australia should facilitate the growth of your business by giving you time to focus on scaling, not accounting.
- Records are stored in a filing cabinet.
Gone are the days when company financial records are all stored in filing cabinets which are usually prone to pests, fire, theft, and all sorts of destruction. Today, big companies in Australia store most of their financial documents digitally. However, doing so comes at a price that your business may not be able to pay, hence the need to outsource its accounting services.
By outsourcing your accounting services, you won’t have to spend your money on various software installations. In addition, you wouldn’t have to spend your precious time learning the nitty-gritty of using unfamiliar and difficult software. Everything regarding your financial records will be computed and stored digitally for easy access.
- You don’t have the staff and resources.
It takes a lot of skilled staff to handle the accounting services of a company, especially when there are lots of accounting tasks to be taken care of. Thus, if your company lacks the required staff to handle its accounting tasks, it is high time you consider outsourcing it. Taking this huge step will help you save the money required to hire, train and maintain quality accounting staff. It is important to find a reputable accountant who has experience working in your area of expertise so that they are familiar with the transactions that your business undertakes on a regular basis. Therefore, if you run a law firm, you will want to look for a team that is experienced in handling law firm accounting.
Furthermore, when you leverage the services of accounting experts outside your business, you are sure that the financial affairs of your business are in safe hands, thanks to their professionalism and experience.
- You notice repeated errors.
Do your staff make incessant accounting errors when recording transactions, Post debit, and credits? Or do you make these mistakes as well? If yes, it is a clear sign that you need to outsource the accounting services of your business.
Outsourcing the accounting services of your business to a professional will reduce errors to the minimum while ensuring that you and your staff have the time to focus on important aspects of your business. Remember, mistakes on important financial documents could result in issues with tax agencies.
Conclusion
The accounting aspect of your business is key to your business. For this reason, you must prioritize it above anything else. Ensure you watch out for the signs above to determine if your business needs to outsource its accounting services or not. And don’t hesitate to make the right move if you notice any of these signs, as the future of your business depends on it.
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