Why You Should Rethink Your Accounting StrategyBrian Jang ON July 18, 2019
No matter what kind of business you run, it’s always good to have strategies in place for all your different needs and operations. However, good strategies should always be flexible and open to change. As your business evolves, so do your needs. There is the temptation to say, “if it ain’t broke, don’t fix it,” but for something as important as your financial processes, you can benefit by staying receptive to new opportunities.
Here are some reasons why looking at new strategies could be the best way to improve your business.
Your Accounting Needs Have Grown Beyond a Single Accountant
As your company grows, you will reach a point when your sole accountant is no longer able to keep up and you find yourself needing a full accounting staff. Hiring a full staff, however, can be a costly undertaking. Consider, then, making use of online bookkeeping services which will give you online access to experienced accountants without breaking your budget. The cost of these services is considerably less than hiring and maintaining your own accounting team, and as an added benefit, they give you access to specialized accounting knowledge that could prove difficult to bring into your own team.
Are you presently using a dedicated CPA? If so, making use of a professional bookkeeping service to access an experienced bookkeeper will most likely provide you with considerable savings over your CPA’s hourly rate, and such a service will allow you to call upon a full team, with the right professional for each of your needs, improving your efficiency in terms of functionality and cost.
You Need Access to New Accounting Expertise
Your company is growing and starting to encounter new situations that now require more specialized accounting knowledge. These may include foreign exchange rates, international regulations, or something closer to home such as interstate commerce. Whatever the case may be, you now find yourself requiring the expertise of a qualified accounting professional that can keep your records up to date in accordance with all applicable regulations.
Once again, using outsourced accounting services is an option that allows you to meet your growing needs, without having to invest time and effort in finding and recruiting a new team. You will save both time and money, as outsourcing means you don’t need additional office or storage space
You Have More Than Your Employees Can Handle
Your employees may be at the point of needing to multitask to stay on top of your bookkeeping needs. In instances like this, outsourcing can allow them to get back to their own work instead of having to juggle projects and deal with distractions. Outsourcing will mean your employees also have access to all the documents necessary to complete their duties, while still adhering to the Generally Accepted Accounting Principles (GAAPs).
Your Accounting Software Needs Updating
People often joke that by the time they buy a computer and bring it home, it’s out of date. Accounting software, like so much technology, is constantly changing and evolving, and keeping up to date can be a difficult task in and of itself. If your software is out of date, you simply won’t be able to get the job done properly. Here’s another situation where making use of an online accounting service benefits you, by ensuring that you have access to the latest changes as they become available.
Your Needs are Growing With Your Company
Your company is growing, which is fantastic. If you are outgrowing your staff, that may be more of an issue. Both outsourcing and engaging online accounting services can provide the scalability that you need.
Having your business grow is what you are hoping for, and by rethinking your accounting strategy, you will be able to make the best use of your resources as you expand and require new features and expertise.