Let’s Talk Business for January 26, 2024

The process of managing small business finances can be time-consuming and challenging, from projecting cash flow and staying on top of monthly account reconciliation to preparing for tax season. Outsourcing these tasks to a reputable accounting services company at the right time can alleviate this burden while saving you valuable time and resources.

As with any outsourcing decision, the right time to delegate your accounting tasks to an outside firm depends on your business circumstances, challenges, and budget. One clear sign to consider outsourcing your accounting is if you’re struggling to get quality financial information in a timely manner. Whether you lack the time or qualified internal resources to manage accounting in-house or your business is growing faster than you can track financial changes, not getting the information you need, when you need it can make it challenging to run your business effectively. Here are four other key indicators that it may be time to offload your accounting tasks:

  1. You want to save time and money. Startups and small businesses can save a lot of time by letting an outsourced provider handle routine financial tasks, such as accounts payable and accounts receivable.
  2. You’re worried about employee fraud. Sometimes, internal accounting roles may leverage their access to steal from their employer. A trustworthy outsourced firm can help alleviate this concern.
  3. You want access to the latest technology. The advanced, enterprise-level tools many outsourced accounting firms use can help level the playing field for your business while also saving you money and enhancing efficiency.
  4. You need deep financial expertise and connections to other professionals who can help you run your business better. Outsourcing provides you with access to specialized knowledge and highly trained professionals who can bring best practices to your business. A good accounting partner can also connect you with other professionals and vendors who can help you grow your business.

As you evaluate accounting service providers, consider the following factors to find the best fit for your business.

  • Expertise in your specific industry.
  • Timely and proactive communication.
  • A strong, positive reputation.
  • Data protection compliance and best practices.

Once you’ve chosen an accounting firm, set yourself up for a successful relationship by setting clear goals and expectations and prioritizing frequent communication with your point of contact. You’d do well to establish communication channels and set up regular meetings to discuss financial reporting, compliance issues, and other relevant business matters. Some of the best and most insightful information is often transmitted simply by having regular touchpoints to discuss the business. By maintaining open communication channels, a business will likely receive much better service from their provider and have confidence that their provider is delivering good value.

The Emporia Area Chamber of Commerce offers many resources to help you start, run, and grow your business–including our annual Leadership Emporia Academy, monthly Group Lunches, Ribbon Cuttings, Business After Hours events, Legislative Dialogues, and more. Stop by the Trusler Business Center at 719 Commercial St., call 620-342-1600, or visit our website at www.emporiakschamber.org to learn more.

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“Let’s Talk Business” is a weekly column of the Emporia Area Chamber of Commerce and Visit Emporia. The mission of the Chamber is to be proactive in creating an environment for business and community success, guided by the vision that positive attitudes promote positive actions. Contact us at 620-342-1600 or chamber@emporiakschamber.org and visit our website at www.emporiakschamber.org.