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Most small business start ups are focused on surviving the initial tough years. As an owner you neither have the time or energy to hire talented skilled employees nor the budget to accommodate them on regular basis. The result is you end up compromising. This means either doing the accounting work yourself whenever you get some time or taking help from somebody you know and trust, usually a relative or a neighbor who does your bookkeeping for you. Even if this person doesn’t have experience in bookkeeping (or very little) but as they are more skilled than you, you thank your lucky stars that you have at least some help for the time being.
Well this is fine as a stop gap arrangement, but have you ever thought that your business has outgrown such green horns handling your accounting work?
As your business expands, so will the complexities involved with a growing business. You need to realize when such a stop gap arrangement of hiring part time help to manage books just won’t work. This means your business is in dire need of professional accountants who can take your business to the next level. A bookkeeper is more focused on basic tasks, while other crucial financial objectives stay neglected.
In such a situation no one is managing cash, or monitoring profitability, or keeping tabs on how to build relationships with lenders and various business vendors. Key Performance Indicators (KPIs) are ignored which cause irreplaceable damage to business.
Be alert and recognize when you need professional help before it’s too late. If hiring a qualified CFO or controller is not within your budget, don’t worry, relief is available in the form of FAO services. FAO which stands for Financial and Accounting Outsourcing vendors are equipped with various levels of skilled personal to help you manage all your bookkeeping, accounting, financial reporting and tax preparation needs. You can now hire part time CFO or controller services when required at very affordable rates without any compromises on quality. Best part of partnering with a FAO vendor is that they don’t need you to train their staff, no set up costs are involved; there are no additional infrastructural requirements while you have a ready-made team at your disposal anytime you need 24×7.
They will automate your processes along with providing much needed controls with the help of financial statements and budgets which are essential tools to help your business expand and prosper. Meanwhile your existing staff/help can be trained to other functional roles much suited to their capabilities while you can also focus all your attention to developmental activities required to grow your business.
Your accounting operations directly impact the profitability and growth of your company. If you don’t feel confident that existing help is poised to take your company to the next level, it’s time to call in a professional accounting services.
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