Five Benefits of Outsourcing your Finance Functions
As a small business owner, your life is probably ruled by to-do lists and managing various aspects of the company. Not only do you need to consistently hone and perfect your products or services but there’s also a lot that happens behind the scenes to keep your business profitable.
‘Finances’ can seem like an impossible task for some business owners but it’s a necessary task. Have you thought about outsourcing your finance functions? If not, here are five reasons you should consider it…
- Increase Efficiency
Did you know that most small business owners spend around 41 hours per year on tax preparation alone? What could you do with an extra week worth of time? When you outsource your finance functions, you’ll save tremendous time.
- Reduce Errors
There’s a reason people go to school for finance – it’s because finance functions take specialised education and training. It’s a complicated subject and if you have little experience or knowledge in finance, you could make potentially costly errors. By outsourcing, you can minimise the risk of human error.
- Start Projects Sooner
When you’re running all other aspects of the business, starting a new finance or accounting project can take time. When outsourcing, the firm will be able to get started immediately, reducing your wait time and banking the benefits of the project much sooner.
- Level the Playing Field
Whether you like it or not, your competitors are already outsourcing their finance function. If you want to keep up, you need to consider outsourcing too. It will save you time, money, and tonnes of unnecessary stress.
- Value for Money
If you were to hire a full-time accountant or bookkeeper, you would end up paying a full-time salary for one resource with a specific skill set. Although they may bring tremendous value, you’re better off outsourcing the finance function and utilise a cross range of skill sets for a similar cost i.e. bookkeeping, payroll, month end reporting, CFO business advisory. By outsourcing, you’ll be able to save on costs while receiving more value from a range of skill sets to help you achieve your business goals.
Let Us Help
ABJ Business Solutions specialises in taking the stress out of finances. Get in touch with us today to see how we can help save you time and money.