5 Ways Outsourced Accounting Can Help You Start Accelerating Business Growth
Figuring out how and when to start accelerating business growth can be puzzling, especially if you’re wondering how to grow a small business. However, the right accounting solutions can actually help you pinpoint the proper times and places to start scaling your business.
Accounting certainly helps daily operations run smoothly and keeps your company compliant. But when managed properly, it can have an impact beyond just every day.
So if you’re serious about figuring out how to accelerate your business’ growth, consider these 5 ways that outsourced accounting can help you set and meet that goal.
What Is Outsourced Accounting?
Outsourced accounting is when you hire a third party to help you handle the accounting function for your business. That support can come in a variety of forms, including assistance for things like:
- Daily accounting function operations (payroll, invoices, etc.)
- Implementing new accounting technology
- Reporting and financial statements
- Strategic business advisory on next steps
Outsourcing accounting operations has several advantages. But most importantly, it provides expertise around everything from processes to tools, so you can ensure you have the proper infrastructure for accelerating business growth.
Below we’ll examine 5 ways outsourced accounting can help support your business’ growth in greater detail.
1. Streamline & Find Ways To Improve Business Operations
One of the most significant issues a growing business faces is a team juggling too many responsibilities. As a result, it’s hard to be proactive in spotting and adjusting inefficient practices.
But with the help of an outsourced partner, you can create space to find those ways to improve business operations. An outsourced accounting partner will be up to date on the latest financial standards and tools. And their focused expertise can benefit you in choosing and implementing the most efficient solutions.
This in turn can help streamline daily operations for your in-house team, relieve the burden on them, and free them from highly repetitive or manual tasks. And ultimately that can be a huge help with cutting costs in business.
Outsourced accounting helps you avoid having to hire another employee on your bankroll, but it provides necessary relief for your busy team. They can find more time to focus on important business development tasks instead of getting bogged down with time-consuming accounting tasks.
2. Provide Insight On Expanding Product Line / Services Offered
Thinking of accelerating business growth by expanding your product line or services offered? A properly managed accounting function can help you with that.
It provides the insights and data you need to be able to measure the success of your decision making. In fact, it can even guide you around which products and services are promising to expand and which ones you should look at cutting.
The caveat is that you need your accounting function to be:
- Tracking everything properly. One consideration if you don’t already is to ensure you use cloud-based accounting solutions. Apart from tracking everything in real-time, cloud-based software can also give everyone (from owners to investors) easy access to see important data.
- Reporting information clearly. Reports are not one size fits all. When you work with a partner like Powered By Centri, you leverage our experts to get custom reporting templates that display the financial information that matters most to you / other decision-makers.
Ultimately accounting is about more than just meeting regulations and helping your business day to day. It’s a crucial part of seeing the big picture and measuring your tactics as you begin working on growth goals.
3. Support Your Team As You Expand Your Target Market
Another popular growth strategy is to expand into new geographic markets. While there may be lots of opportunities waiting in a new market, there may also be different rules and regulations around accounting for your product or service.
In short, figuring out how to expand your target market can come with a new set of obstacles.
This is where finding an outsourced accounting team with expertise in a variety of industries and geographic areas is important. They can help guide you through the process so you can have peace of mind that you’re staying compliant. Plus, you can spend more energy focusing on other details of your market expansion.
4. Give You Flexibility In Hiring The Right People
Unfortunately hiring an in-house accountant can cause you to spend more time and money than you might foresee, due to the costs of training and risks of turnover. And in today’s landscape, hiring the right people is extremely competitive.
The same can be said for retaining employees. A Future Forums survey showed that in 2022, about 63% of knowledge workers in the US were open to looking for a new job within the next year. Relying on in-house accountants can put you at a disadvantage if you lose a team member. (Especially if you’re close to a season where accounting work picks up.)
By outsourcing the work, you benefit from having consistent support. You reduce the threat of mistakes happening from either employee burnout or turnover.
Plus, it can alleviate pressure on your internal team. If you or an employee were previously handling the accounting in addition to other work, you can now focus more on your goals for accelerating business growth. (Which might include hiring the right people for critical internal teams that support those goals.)
5. Demystify Your Decision-Making
Whatever growth strategies you’re trying or testing (eg., expanding products/services, new markets, etc.) accounting can show you the full story. You should look at leveraging your accounting not just to examine the past, but to do business forecasting and set future goals.
Plus, depending on how quickly you grow that accounting data could be critical for attracting stakeholders or possibly taking your company public. So you’ll want to make sure you have the right tools and processes in place to track everything accurately and make it easy to share.
Experience Growth When You’re Powered By Centri
At Powered by Centri, our team of accounting experts is here to help make your accounting function run as efficiently as possible. That way you and your team can focus on prioritizing the goals that matter most for your growth.
When you’re Powered By Centri you’ll benefit from:
- Accessible information in real-time. (Your data will always be available in easy reach.)
- Seamless onboarding and clear communication.
- Enhanced suite of software and tools to streamline your operations.
- Helpful support from setup of new tools and training to troubleshooting.
- A team of experts well versed in the latest strategies and standards.
Ready to take your next steps towards accelerating business growth? Get started with a free consultation to learn how being Powered by Centri can help support your goals as you grow your business.
