There are many factors involved in running a business. Even if you start small, you want to grow and get more custom and build for the future. Expansion is achieved by paying attention to all the areas of the day to day running of the company, and this means spreading your budget carefully. Where should you put the lion’s share of the available funding? That’s just one question you need to ask. Another is to look at what you can do to ensure your budget is used most effectively.
For example, product development is important if you have a USP that drives your business. Marketing is vital – especially in this age of online retail – and you need to have a sales team on hand to take calls and process orders. You may already outsource your logistics – many smaller businesses use a preferred courier – but there is one other area in which growing businesses may benefit by outsourcing. We’re talking finance and accounting, which covers a great deal more than you may expect.
Areas of Accounting
Accounting is a necessary part of the smooth and efficient operation of a business. There are laws, rules and regulations that ensure you must keep accounts to some degree. However, it’s not just accounting and bookkeeping that are covered – there’s HR, the duties of the Chief Financial Officer (CFO) and much more to consider. The question is this: do you hire a CFO? If you do, that’s one more salary – an a high one – that takes money away from marketing or development. This is why outsourcing CFO services is becoming the chosen path for small to medium businesses, and it can help greatly where growth is concerned.
You will have your own plans for growing your small business and as each is different we’re sure you know where yours is heading. So how does accounting work in business? The basics include the day to day upkeep of sales and invoicing, purchasing and logistics and any other expenses. Then you have the HR department who deal with hiring and employment, plus salaries and wages. Every financial transaction needs to be logged and recognised, and accounts need to be put together and presented at regular board meetings and an annual general meeting if required. This would usually be done by a team headed by your CFO, but the cost-effective way is to outsource.
Choose the Right Professionals
There are many accounting companies offering their services to small businesses. They take the place of the CFO and act as one, and handle all the necessary daily accounting, reporting, and auditing requirements. Usually a team of professionally experience and qualified accountants and accounts personnel, you’ll find that the service they offer will be tailored to your specific needs, so you are not paying for part of the solution that you do not need. Have a look at the CFO, Accounting and HR services at Coffinity.com and you’ll see the sort of service that a respected company of this type can provide.
Your first step in outsourcing your accounting and HR is to talk to the company directly. They will assess where you are now and where you want to be in the future, and advise you as to the level of service you need in order to handle the expected growth of the company. You may be an accountant and simply want the HR area covered, and they’ll be happy to help with that if this is the case. Why not check out the outsourcing of your accounting requirements now and get back to spending your time and budget where it is most needed.