The Case for Outsourcing
During the last few weeks business preparedness for unexpected events is on top of all business leader minds. Managing your business during times of uncertainty, responding to the situation while being mindful of all potential interruptions is critical. As I write this blog, I’m working from my home office providing services to clients with little interruptions. Thankful for the evolution of technology and cloud-based applications that allows our outsourcing service model to be a viable alternative for many businesses to manage some aspects of business operations and minimize the risk that events severely disrupt and interfere with business continuity.
There are many portions of your accounting team that can be outsourced and done completely within a paperless workflow. The starting point for any cloud-based accounting model is your accounting software. Most of our clients utilize accounting applications such as Intuit’s QuickBooks Online or Xero, there are many others available. Some of the benefits include:
Remote and shared access for you, team members and outsourced partners.
No information technology to manage, including updates, etc.
Online assistance.
Mobile functionality that allows real time processing and access anywhere at any time (with internet connection).
Data is secure in the cloud.
Receive payments from customers electronically, avoiding mailbox and bank trips, especially useful when your team works remotely.
Pay vendors electronically, providing them the same benefit of avoiding mailbox and bank trips, also useful when your team works remotely.
A cloud-based accounting model is smart even if you don’t outsource, but if you do, well it’s even better. By moving critical accounting processes to cloud-based applications, your business accounting may be managed completely remote, providing greater flexibility. If you outsource, providing your outsourced partner access to your application allows them to immediately start working, no delays, with full transparency.
There are many benefits to outsourcing your accounting, including:
Saves you time so you can focus on other aspects of your business management, this is true even if you have a team member who completes daily accounting tasks. You still need to manage this team member, review their work and prepare management reports for your business.
Allows flexibility with service support that grows or compresses with your business.
Reduces overhead costs by paying a fixed or agreed upon flat fee versus paying for salary, benefits, insurance, training, etc.
Provides you the benefit of working with an outsourced team who has specialized knowledge and experience.
Delivers guidance and financial management reports that allow you to make strategic business decisions.
By outsourcing, you take the responsibility of managing your accounting off your plate. You will have more control over your finances receiving accurate and timely financial management reports that have been reviewed by experienced professionals, providing you oversight and control in strategic business decisions.
If you face challenges with the sudden need to work remotely or would like to work towards a remote outsourced model, we can help. Merigold offers outsourced accounting and advisory solutions that is customized for your business needs, contact us today to set up a free consultation. You may email us at contact@merigoldpartners.comor call us at 281.747.3017.