Outsourced Accounting is a better solution for Start-ups
According to a Sage North America survey, the top business challenges that new owners faced during the start-up process were:
- Money Management
- Time Management
- Stress Management
- Work/Life Balance
As the survey states, it is clear that start-ups deal with issues that surround managing their time and money. Start-ups have unique needs for accounting and finance support, yet usually lack the resources of time and expertise. The first year of business is critical, and most owners put their energy into marketing the product or service, so the accounting needs get neglected. As the company starts to grow, it is important for the start-up to have real time access to financial information for both reporting and decision making needs. By outsourcing accounting functions, owners spend more time working on the core functions of their business, instead of bookkeeping and financial management. Start-ups who hire outsourced accounting firms, such as Plumb, save both time and money. Consider the following reasons why start-ups should take advantage of outsourced accounting:
Top Advantages for Start-Ups to Use Outsourced Accounting Services
- Save Time: Outsourced accounting firms will scale their services, depending on the needs of the start-up. Outsourced accounting firms can provide a full-range of services, including CFO and Controller services to part-time staff accountants, bookkeeping or even month-end or year-end project work. With accounting professionals on board, start-up owners can focus on their core competency, which is generally the part of the business at which they excel and find the most enjoyment.
- Save Money: With hiring an outsourced firm for your accounting, you only pay for the accounting needs you require. Some start-up firms don’t require a full-time staff accountant or bookkeeper in the beginning, so you save money with staff down-sizing. By outsourcing, start-ups do not have to take on the monetary burden of insurance, taxes, health benefits and payroll associated with employees.
- Gain Expertise: Start-ups can eliminate some of the stress they experience, by receiving guidance from an accountant’s expertise. Not only do accountants give you the data you need to maintain and grow your business, but they have the industry experience to put best practices in place for start-ups to avoid failure.
Click here for an example of how Plumb helped this start-up with their accounting and software system needs.
Based on our experience working with start up organizations, Plumb has developed a three-step process for helping clients succeed: ANALYZE, ACCELERATE, ACHIEVE. Beyond a process, it is our commitment to delivering clearly superior results for every client we serve.
Contact Plumb for more information.