Maybe your business was one of the lucky ones and grew exponentially during the pandemic. And now, your current finance and accounting team are overworked and need help. Or perhaps your bookkeeper has handed in their resignation and you’re finding it hard to find a replacement.
We recently gave you 5 reasons why outsourcing can boost your business performance, which people really responded to. But we also had some feedback that, while business owners could see the benefits of using outsourced accounting and finance services, they weren’t quite sure where to begin.
Because we understand the importance of having a finance team you can rely on, here’s our guide to getting your business ready for outsourced finance and accounting.
Signs your business needs to start outsourcing finance and accounting
Exhausted staff and departing bookkeepers are both great reasons to make the move and start outsourcing your business accounting. However, sometimes the signs are a little more subtle, yet make the need to outsource more urgent.
Lack of timely or insightful reporting to make crucial business decisions
Imagine missing a brilliant business opportunity because you didn’t have the correct reports in front of you when you needed them. Or an important financial deadline passes and you’re none the wiser.
Spending too much of your own time involved in the day-to-day finances
Chances are – unless you’re an accountant or bookkeeper – you didn’t go into business to spend all your time managing the numbers, which may be the very best reason for outsourcing accounting services.
You didn’t know there’s an app for that
It’s not surprising you don’t know about all the technological advances that could make your business more efficient. Finding the right apps for your business can be overwhelming, but they can also transform the way you do business. It’s not that we don’t love a good spreadsheet, it’s just that there are so many other tech options in the world of finance and accounting.
Your business is growing fast
A business that takes off quickly is a wonderful thing. But when you’re no longer spending a quick hour or two each week managing numbers, or your finance team can no longer keep up, it might be time for finance and accounting outsourcing.
Finance function turnover causes major business disruption
Maybe you’ve been meaning to get clear financial processes in place, but then your bookkeeper left and now it’s chaos. Outsourcing can help you avoid disruption and ensure you don’t have to panic about your finance staff leaving again.
Getting your business ready to outsource
So the signs are there and now you’re ready to outsource. But before you get on the hunt to find your perfect outsourcing partner, there are a few things you need to consider to give outsourcing the best chance of success:
Your outsourcing provider checklist
When you outsource, you’re partnering with another business. As with any good business partnership, you want to ensure they’re a great fit.
Here are the questions to ask and things to look out for:
- What liability are they prepared to take on?
- What insurances are in place and what are they?
- How and when will pricing change?
- What are their contract terms and cancellation conditions?
Feel ready to outsource your finance and accounting?
If you know you need to outsource and your business is in the best position to start, we can help. Slate Accounts is ready to take on the processes and finance function work you need today.
We also keep an eye on things and provide the financial insights you need to ensure your business is ready for tomorrow. And we’d love to chat with you.