Rather than wear every hat — every single day — small business owners need to think about time consuming activities that can be outsourced or subcontracted out. As a small business owner, time is one of your most precious commodities. When you can get assistance with tasks you are probably not skilled at anyway, you will have more time and energy for other important activities like business development and project management. Great leaders know it is more productive to outsource work that is not revenue generating, but essential to business operations. Since time is such a prized commodity when running a small business, it is smart to leverage the talents of others rather than trying to do it all by yourself.
One way to free up time and human resources is by outsourcing your Finance and accounting (F&A). F&A was one of the first processes that companies outsourced, and the practice continues to boom. Many companies outsource their F&A, and it is generally considered a very good business practice. Outsourcing authorizes a third party to manage your accounts in an efficient, timely manner, and provides valuable data that can help streamline your business. Simplifying your accounting processes through outsourcing is a cost-effective and efficient way to shorten the time it takes to close your books and help identify processes that work best for your company.
Bookkeeping is the number one task in a small business that owners routinely neglect. Do not let this happen to your precious business. By the 15th of the month, you need to know how well your company did last month so you can make any adjustments and take corrective measures. By outsourcing your accounting to a good accounting firm, you will have the ability to use updated financial information to run your business. They can do your accounting work a lot faster and more accurately than you can, and it is affordable. Outsource your bookkeeping services today!
Another activity which consumes a lot of time and effort on monthly basis is Payroll. You should not be doing your own payroll! You can get in trouble faster with the Income tax department for not deducting the taxes properly than not paying your own personal income taxes. If you hire an outsourcing company to do your payroll, then you can rest assured that you and your staff will have no issue when income tax season rolls around. If you do the payroll in-house, then you need to stay on the top of laws that often change. The fees to outsource payroll are not very expensive, so do yourself a favor, let a payroll service handle the deductions for TDS, social security schemes such as EPF and ESI, worker’s compensation. You can’t afford to make a mistake!!
Before you decide on outsourcing finance and accounting service, here are a few benefits that it will derive for your business:
- Access to skilled resources – You get the work done from professionals who are expert in their field.
- Cost Saving – Reduces the staffing cost by 70%.
- More time - For Yourself and your business.
- Increased focus: You are no longer distracted by low value work.
- Better efficiency – Improves the overall accounting operations and helps systemize the process.
- Adds Flexibility – No need to grow your team size for accounting as your business grows.
For every task you are ready to offload, there will be someone who is more than willing to do it for you, at a fixed rate or hourly rate. Why drown yourself with work that is not of pertinent value to you when you can outsource it at negligible costs? Outsourcing is a no-brainer.
The sky is the limit when it comes to outsourcing. Once you start, you’ll know what I mean.
CA Ankush Garg
M R Garg & Associates
Chartered Accountants
|
.png)
