Do you find yourself struggling to manage your business and accounting? Are you concerned about data security? Is it taking significantly longer to handle invoicing and payroll?
You may not have considered outsourcing your accounting, but that might be because you don’t recognize the warning signs that your company needs it.
If you find yourself answering the questions below with an emphatic “yes,” it might be time to start thinking about outsourced accounting services.
- Are you spending way too much time on your accounting?
- Are you worried about data security?
- Are you experiencing delays in accounting and payroll?
- Are you having difficulty finding records quickly when you need them?
- Is your business growing too fast for you to keep up with your finances?
Are you’re still unsure whether outsourcing services for financial management is feasible for your business? Let’s take a closer look at the key signs indicating that you might be heading in that direction.
1. Your time is being taken up by accounting, and you can’t focus on running your business
Indicators: Whether you are handling accounts by yourself, or you have other team members helping you, if accounting is keeping you from other important business, it’s time to outsource this job. If you have staff members pulling double duties, and your accounting is taking up too much of their time, you need someone to deal specifically with these tasks.
Warning: When you designate this task to other staff members who are not qualified or equipped to deal with accounts, you run the risk of errors in your bookkeeping, which can cause major problems during an audit.
Solution: Outsource your accounting to a professional team who will be able to dedicate their time to the task without making mistakes.
Benefits: Delegating accounting to a professional team means you can give your time to other areas of the business. Another benefit, you won’t have to put pressure on employees to do a job they may not be comfortable handling.
2. You’re concerned about your data security.
Indicators: This should be a top priority. Have you ever heard that your security is only as strong as the software you use and the servers or networks where you store it? If you’re concerned that your systems are not up to par, then it’s time to consider outsourcing your accounting to professionals.
Warning: Failing to maintain high levels of security can not only hurt your business but can have negative impacts on your clients. By storing your account details on a less-than-secure server, you risk hackers accessing the system and ransoming — or even worse — using or selling your data.
Solution: Outsource your accounting to a company that guarantees secure data storage. Meaning your accounting team should be implementing the most up-to-date encryption technology and software so that you can have peace of mind.
Benefits: Your data is much more secure, and any risk of financial information being compromised is now significantly decreased. An outsourced team of experts can also help to reduce your overhead costs because you will not have to invest in high-tech security and bookkeeping software.
3. You’re experiencing delays in payroll and accounting.
Indicators: It’s vacation time again, and the one member of your staff who knows how to deal with the accounts is taking a week off. Does your accounting suddenly grind to a halt? If you begin to backslide on your accounting and payroll every year at this time, you need outside help.
Warning: Not only a problem for you as a business owner, but it will also create difficulties for your employees who are counting on their paychecks.
Solution: Outsource some or all of your accounting and payroll. You may not need to outsource everything; some remote accounting services will work alongside your staff to help them with finance functions as they need it.
Benefits: Outsourcing your accounting and payroll makes sure invoices and paychecks are always paid on time, keeping you from dealing with angry clients or disgruntled employees. You will always have peace of mind, even when staff members you count on are on vacation or out sick.
4. You’d be worried if you received an IRS audit.
Indicators: All your documents, invoices, receipts, and payroll information is in a filing cabinet, gathering dust. If you were to receive an IRS audit, can you be sure you’d find the necessary documents easily? If not, you must consider outsourcing your accounting.
Warning: If your accounting and payroll information is disorganized, this can cause serious problems. Documents may go missing or information may easily be stolen or changed, which leaves you vulnerable to IRS actions and penalties.
Solution: Outsource your accounting and payroll to a professional remote service. By doing so, this that all your data is stored in an organized fashion, making it easily accessible whenever you need it. Should the IRS audit you and require you to hand over certain information, your outsourced accounting service will be able to provide the exact data you need when you need it.
Benefits: With an accounting team, there will be no more worrying about how to handle an audit. There won’t even be a need to search for files from several years ago while wasting time in the process. When you outsource your accounts, the possibility of an audit will no longer be equal to stress.
5. You’re scaling your business.
Indicators: Every business owner’s dream is for a successful company, with increasing growth and cash flow. When you’re ready to scale your business, this is the perfect time to outsource your accounting.
Warning: Don’t try to take on too many roles when your business is expanding. This is the time you need to focus on doing what you do best—running the company.
Solution: Make the most of outsourced accounting services to free up as much of your time as possible. Allow yourself one less thing to worry about at a time when everything is moving quickly.
Benefits: Outsourcing your accounting and payroll while you’re scaling your business will allow you to focus your energy on company growth and planning, increasing revenue, boosting your brand image, reinforcing your relationships with customers, and achieving company goals.
Why Choose Signature Analytics?
Here at Signature Analytics, we have been providing small and medium-sized businesses with outsourced accounting services since 2008. We have given hundreds of companies high-quality accounting solutions from our team of professionals, including; experienced accountants, controllers, and CFOs.
We enable businesses to receive superior services at a lower cost than hiring in-house accounting employees. We can work to complement your existing staff, or we can handle your entire finance and accounting functions.
Don’t wait until it’s too late to outsource your accounting. Doing so can cost you valuable resources and could ultimately result in the downfall of your company. Contact Signature Analytics today and let us provide you with an accurate, safe, and cost-effective outsourced accounting solution.