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As businesses continue to battle economic uncertainty in the COVID-19 landscape, startups and small businesses should focus on financial management. Research quoted by Small Business Trends recently shows that 32% of small businesses have cash reserves to last them a month or less, and more than 15% don’t have cash reserves at all.
The significance of streamlined business operations and its impact on better cash flow cannot be overlooked.
Begin with bookkeeping and accounting functions
As startups grow, the volume of financial data that needs to be processed increases. An effective way to manage this data is by automating essential bookkeeping and accounting tasks. Basic bookkeeping functions can be time-consuming but necessary. If transactions are overlooked, the missing information can cause gaps at tax time.
Partner to outsource critical functions
Partnering to manage critical functions allows small businesses and fast-growing startups to access resources they would otherwise lack, without extensive in-house investments. Partnering also addresses another crucial area: filling the need for trained bookkeeping staff without having to hire personnel in-house. Trained staff can start working on requirements immediately; beginning with bookkeeping tasks, and moving gradually to all operations within the business, thus effectively bringing financial management into the fold.
Streamline professionally to increase profitability
It is important to choose the right assistance. Functionalities such as a business management portal can enable businesses to track work while ensuring they are aligned with current customer expectations. Portals also enable efficient and transparent communication between businesses and outsourcing providers.
From conducting basic bookkeeping tasks and accounting functions to financial management, professional insights can help businesses manage existing workloads. They can also help the business scale as the volume of work grows. Thus, even basic accounting and bookkeeping outsourcing can help streamline business operations measurably.
This is in direct contrast with in-house resources that must be upgraded as needed, involving expenses of time and effort for the business. A growing startup must possess the infrastructure that can help keep pace with growth, otherwise the business risks missing opportunities. Here’s how we helped a client positively transform their business.
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