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The right answer is both. Businesses, especially startups and small firms, need adequate amounts of time and money. In the current COVID-19 landscape, small businesses have either shut down or are battling the prospect of permanent closure. A report by JP Morgan Chase Institute states that in the early months of the pandemic, substantial revenue and cash liquidity loss were experienced by the typical small business, leading to higher rates of business failure. The link between uninterrupted income and small business sustainability is vital with nearly 29% of businesses failing due to depleting cash and lack of other financing options.
It is critical for business owners to focus on both generating revenue and pursuing new business. Doing so can create a strong pipeline for future revenue. Many business owners overlook these critical needs and focus on critical back-end operational tasks such as streamlining financial information, determining budgets and forecasting. These operational tasks may include due diligence carried out at tax time, or recording financial transactions as part of regular business bookkeeping. By utilizing the expertise of outsourced services, such as accounting and bookkeeping, owners can more efficiently share workloads with industry experts to ensure reliable financial management.
A steadily growing revenue channel is the goal of a growing business. New business building and smart accounting practices are a proven way of boosting both revenue and profitability. However, business owners routinely get preoccupied in everyday business operations, including financial management and infrastructure management. Each of which demands a significant amount of time and attention. Outsourced management and operational responsibilities, including accounting and bookkeeping, can afford business owners the time needed for business building activities, including identifying potential customers, preparing communication material, and successfully closing leads.
Judicious spending and investing can boost business profitability, but cash liquidity needs diligent bookkeeping to create effective cash flow management. An outsourced accounting partner, responsible for managing basic bookkeeping tasks, can help businesses record financial transactions, track accounts receivable, identify potential delayed payments, and reduce instances of bad debt. A partner can also help direct debt collection efforts by identifying potential bad debt.
While the COVID-19 pandemic continues, remote working capabilities, contactless transactions, and long-distance communication have become the new norm in how businesses connect with their customers. As trends evolve, businesses must keep pace to be successful. Outsourced accounting and bookkeeping help businesses in two ways – by ensuring businesses can access high caliber skills to extend higher value deliverables to their clients, and by providing access to upgraded capabilities for meeting dynamic customer requirements without investing in expensive in-house modifications.
When you outsource, your clients continue to receive customized deliverables, all without your business needing to invest in expensive upgrades and hires. Professional accounting services also help business owners shift their focus to business building activities and support of existing customers. An outsourced partner allows you, the business owner, to focus on what is important for the business, including revenue generating activities, better cash flow management, and continued value-adding deliverables. A collaborative partnership is vital for business continuity, customer centric service and, most importantly, for growing income.
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