Are you the owner of a small, growing business? If so, can I ask you a question? Did you start out as a one-person shop? I’m going to take a guess that you probably answered yes to that question. If not, I’d wager that you started with just a few people, maybe some family members or close friends who helped you in their spare time. I don’t know too many small business owners who didn’t, at least for some period of time, try to manage it all on their own, or with as little help as possible. At some point, though, it becomes absurd to try to do it all yourself. The demands on your time, energy, and attention reach a point at which you just can’t do it all. That’s the time when you’ll need to make a decision - to either hire more staff, or to outsource some of the work. For most businesses in today’s world, it ends up being a combination of the two. The current trend, quite understandably is to outsource the functions that don’t relate directly to the production of your offerings, and keep in-house those that do. This way, you’ll be hiring people with talents that further the development of your products or services, and delegating the rest to experts outside of your immediate staff. Not surprisingly, bookkeeping is one of the functions that is most commonly outsourced to a third party.
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It wasn’t too long ago that the media was abuzz with stories about “outsourcing”, and the loss of jobs that were being shipped overseas. Actually, what we were all so concerned about was really more accurately termed “offshoring”. In the past few years, however, business blogs and websites have been talking much more about another use of the term: the practice of delegating work that falls outside of your company’s core competencies, which frees up your time and resources to focus on what you do best.
When your company grows to the point of needing employees (other than you) it can be scary. There are so many unknowns that come with hiring on employees that you do not know personally. The possibility exists that you could hire someone who will do a poor job or even intentionally do harm to your business through employee fraud. The first way to guard against these issues is to be very diligent throughout the hiring process. After that, there are some safeguards you can put in place that will allow you to quickly catch employee fraud.
For many years, small and medium business owners have been outsourcing their accounting solutions. In fact, payroll has been one of the most outsourced business functions in the world. If you’re an SMB owner and have been considering outsourcing your accountant solutions, you may be wondering if it is a better solution than keeping them in-house. Let’s look at a few ways that outsourcing accounts is a better solution than in-house for your SMB.
If you are considering switching from in-house accounting to an outsourced virtual model, you probably have a lot of questions. Accurate accounting is essential to the financial wellbeing of your business and switching to a new method of bookkeeping should only be done after careful consideration. Access to your information is likely a major concern as you consider outsourced bookkeeping. Do you have immediate access to all of your financial data? What type of access does cloud based outsourced bookkeeping provide? Does the cloud provide secure access to my data? Start your research into outsourced bookkeeping by getting the answers to these important questions.