Over the past couple of weeks we have explored a variety of reasons why Outsourced Accounting Services may make sense for your small business. We've seen how it can save you in direct payroll costs, how it can help insulate you against staff loss or turnover, and how it can take away some of the daily hassle small business owners routinely deal with.
Let's take a more detailed look at three specific case studies of how different firms put our services to use:
- One firm (a start-up) needed assistance with getting their books in order to comply with the accrual accounting method so they could obtain needed financing. They already had someone in-house (their office manager) who had some basic experience with accounting and bookkeeping. We developed a detailed training plan to help bring their person up to speed on the new methods, while establishing solid fundamentals at the same time regarding their future operational procedures.
- Another company had recently been experiencing a period of sustained growth. Despite this, profit margins remained slim, and the owner was barely covering his costs, so we were brought in to analyze the cash flow situation. After restructuring the companies' chart of accounts, we realized that the firm needed to change their pricing structure to more accurately reflect true administrative overhead costs if it was ever to achieve desired profitability targets. We helped develop a strategic plan with measurable goals tracked both monthly and quarterly, and within no time at all the business was back to earning solid profit margins.
- A small business came to us requesting that we perform an independent review of their internal financial controls. Their regular tax firm had been quite lax about segregating and documenting the different services and duties performed for their client, and thus there was a potential for misuse of funds which carried an unacceptable risk. We delivered this information (as well as our expert instructions as to what corrective measures should be taken) to upper management, who promptly acted on our suggestions and fixed their problem.
As you can see, there are a nearly infinite amount of situations where the use of Outsourced Accounting Services can end up saving you and your business money. Consult with a qualified professional from Ignite Spot today too see if their services can work for your company as they have for hundreds of their other clients.