When you outsource your accounts, you free up time and energy to focus on your product and the delivery of that product.
The age of the small business, of the self-employed consultant and the contractor is here. But success for these types of business cannot come to fruition without some sensible decision-making around growth and retention.
By outsourcing some of the ‘engine room’ work ever company is required to conduct, you assure yourself of eliminating the risk of oversight. Collaborating with those who are experts in their own fields: accounting, marketing, communications etc, will help build your vision.
Connecting with the right individuals- the people who ‘get you’, who understand your company and what you want to achieve, means you can step back from the aspects of your business that may not be strengths of yours. Accounting and bookkeeping is one of the more traditional services to be outsourced.
As Tom Hood of MACPA notes “no one can thrive alone in today’s volatile, uncertain, complex and ambiguous (“VUCA”) world without collaborating” “other responsibilities of today’s CFO relating to treasury and risk management, interfacing with the audit firm and audit committee, and it’s no wonder the job of a CFO would seem to be too big for any one person.” But we concede that outsourcing, on the face of it, seems like an incredible investment.
Sometimes that’s money you may feel the company save if you just work harder and do it yourself. As Hood says, “It’s in the DNA of CFOs to ask of any investment: What’s the return on investment?
Some may argue it’s impossible to compute, because it is impossible to capture all the benefits – in particular, indirect benefits such as positive visibility of a company online, leading to purchase decisions. “In today’s rapidly changing and complex world, getting people’s attention – whether customers, suppliers, investors or others – may be the most valuable tool you have to cut through the clutter.”
So, in theory, if you need to spend more time cutting through that clutter, focusing on marketing your product, why would you want to put your company at risk by not ensuring legislative and compliance obligations are met? Outsourcing; collaborating with specialists will ensure the best outcome for you and your business. Most importantly, it’s your best bet to longevity.