BY Nancy Mann Jackson - entrepreneur.com
When Laura Lee Sparks left her job as a law firm manager to launch her own business, she knew from the beginning that there were certain tasks she didn't want to handle. The owner of Legal Marketing Maven--a firm that helps law firms streamline their practices through outsourcing--Sparks practiced what she preached from the start, hiring an outside bookkeeper and slowly adding to her virtual team of contractors. Within months, her business revenues reached six figures.
"Most entrepreneurs have great talents but many times they think they can do it all," Sparks says. "That can really stall the growth of the business. By outsourcing the day to day back-office tasks, the business owner has more time to focus on generating income. "Entrepreneurs have long seen outsourcing as a strategy reserved for big business, but technology has made it a more accessible tool for small businesses--and for some small firms, outsourcing has made a powerful impact on their growth, productivity and bottom lines.
Read More: http://www.entrepreneur.com/article/204652
More time to focus on your core business - Regardless of your company’s industry (Collision Repair, Law, Advertising, Construction, Distribution and more) spending less time on processing bills, sending invoices and entering weekly bookkeeping items will give you more time to focus on your expertise – your core business.
Accurate & timely financial data - Having access to relevant data is crucial when making business decisions. Too often, business owners rely on year-end financials when planning and strategizing for the future. It's at this time, they realize all the moves they could have made as the year progressed to better prepare them for the year ahead. Having access to real-time data enhances business decision making.
Reduced operating costs– Hiring a full-time employee to accomplish bookkeeping and accounting tasks can prove to be too costly for small to mid-sized companies. Outsourcing these tasks to a centralized, streamlined office can save on overall operating costs, by taking advantage of economies of scale, and eliminating the added costs of employee benefits such as health care, vacations, sick time and more.
Elimination of HR concerns – Often, companies who feel that they would benefit from a full-time Bookkeeper or Accountant on their payroll find that employee turn-over and training become too time consuming and cumbersome. Utilizing an outsourcing firm eliminates this concern, enabling business owners to feel confident in a long-term, stable business relationship.
Access to a team of knowledgeable professionals – As a business owner, you can rely on your outsourced bookkeeping and accounting team to be proficient in the accounting field, utilizing the latest technology and being able to prepare records and information for reporting, analysis, tax returns and more.
Access to additional services and alliance network - Having been in the accounting industry for over 30 years, our team of consultants have formed a business network of reliable experts including CPA Firms, Banking Partners and other specialists. Additionally, clients have the opportunity to take advantage of our Controller- level and CFO expertise for interpreting data, strategic planning and decision making.
Business Owners wear many hats, from building customer relationships, to paying bills, to developing marketing plans, to dealing with technical issues, small to mid-sized companies spend many of their weekly hours on back office tasks, giving them less time to focus on their core business. A popular solution to lessen this burden is outsourcing.