By Lisa Purichia
Partner, Director of Accounting Services & Retirement Plan Services
Right now, amid the economic upheaval of COVID, business owners should be focusing on streamlining their business. During times like these, bookkeeping and financial reporting probably take a backseat in favor of efforts to sustain and possibly grow the business.
Are worries about your accounting department looming over your head as you try to keep your business afloat? Now may be the time to take some weight off your back as you focus on the management tasks you do best and delegate the operational tasks at which you are less skilled.
Outsourcing accounting and/or bookkeeping functions is becoming a popular option for businesses of all sizes. You can outsource in multiple ways to meet your needs:
- As needed — Retain a CFO to assist on a regular basis (for a few days, a week, a month).
- For a specific task — Your relationship ends once the project is complete.
- Staff augmentation — Require greater skills than what your in-house staff members possess.
- Temporarily — Your controller quits, and you need help until you can secure a replacement.
- Permanently — Outsourcing doesn’t have to be a Band-Aid solution; you can hand over all of your accounting and financial reporting responsibilities to an independent party.
Delegating accounting tasks to financial experts allows business owners to focus on sales, marketing and strategies for growth. It relieves managers of the responsibility to supervise one more department and meet the deadlines within it.
Here are some of the ways in which a CPA firm can help with your outsourcing need:
- Developing annual budgets
- Evaluating current results against the budget
- Preparing financial projections
- Identifying key performance indicators that measure your company’s progress
- Providing access to databases with resources that show how your company is operating and performing financially compared to others in your industry
Outsourcing a department’s functions not only helps a business run more smoothly; it also provides peace of mind. Developing a customized approach to a problem with a tailored solution is the number one goal of outsourcing!
If we can assist you with exploring outsourcing for your business, please contact Lisa Purichia at (317) 608-6693 or email LPurichia@sponselcpagroup.com.