Small Biz' Series (Ep. 1) - Why outsourcing your finance function makes so much sense
As a small business owner, you no doubt spin a lot of plates. You manage operations, handle customer service, market your products, and, in many cases, try to keep up with your finances.
But handling your finances is more than just recording transactions - it’s about keeping your business financially healthy.
If you’re struggling to stay on top of it, unless you have a finance professional in your business already, outsourcing your finance function could be one of the smartest decisions you make. Here’s why:
1. Saves time
Tasks such as bookkeeping can be time-consuming, especially if you’re not trained in it. Every hour spent on financial records is an hour you’re not spending on growing your business. By outsourcing, you free up valuable time to focus on what really matters - your customers and business growth.
2. Reduces mistakes
Accounting errors can lead to major financial problems, from inaccurate reports to tax penalties. If you’re manually tracking expenses or using spreadsheets without proper knowledge, it’s easy to make mistakes. A finance professional knows best practices and will help ensure your records are accurate and up to date.
3. Keeps you organised
Are you constantly searching for invoices, scrambling at tax time, or unsure about your business cash flow? Proper bookkeeping helps you stay organised, but it requires a consistent effort. Having an finance professional at your disposal will maintain accurate records, ensuring everything is in order for financial reporting and tax filings.
4. Helps with tax compliance
Tax deadlines can be stressful, especially when you’re unsure if everything is correctly recorded. Missed deadlines or errors in reporting can lead to penalties. An outsourced finance professional ensures that records are maintained properly, making tax time far less stressful.
5. Provides access to market-leading tools for decision making
Many small business owners still rely on manual record-keeping or outdated software. Cloud-based bookkeepers use the latest accounting tools to streamline processes, track expenses, and generate reports efficiently. They can also help you choose the right software and add-ons if you prefer to maintain some financial oversight yourself.
6. Reduces stress!
Running a business is stressful enough without financial worries looming over you. When you outsource, you gain peace of mind knowing that your finances are in expert hands. You’ll no longer have to worry about missing transactions or making last-minute calculations before a deadline.
Final thoughts
Outsourcing the task of managing your finances isn’t just about reducing workload, it’s about improving accuracy, saving money and making better business decisions.
If you’ve been struggling with your financial records or find the bookkeeping overwhelming, its time to consider outsourcing.
Want to hear how we can help? Book in a call or fill out a contact request on our website. Let’s make managing your finances effortless!