Outsourced AccountingAll The Benefits, None of The Overhead
The Importance of Your Financial Data
Did you go to the office this morning only to find an assortment of tax notices, your bookkeeper resigned and a slew of other challenges are piling up and demanding your immediate attention? Are you faced with decreasing profitability, slow sales, and increasing taxes? Or, do you simply want more time to live your life without the stress of running a business that keeps exacting more of you each day?
In order to manage your business profitably you know you need the right financial data. For example, your Profit & Loss accounts provide details about your business and if it’s making efficient use of financial resources. Your balance sheet information provides details of your assets and liabilities, as well as the liquidity of the business. Sales and purchase information sets out particular types of trading and accounts with customers and suppliers.
By providing a steady and up-to-date flow of information, a business is able to make appropriate decisions about:
- how to reduce costs
- how to increase sales
- how to raise profitability
- when to purchase new capital assets
- the best sources of finance and duration
According to FORBES, Finance and Accounting (F&A) was one of the first processes that companies outsourced, and the practice continues to boom well into 2014.
Driving efficiency is a high priority for CFOs who want to outsource F&A processes, according to an Ovum study of 150 companies in the United States, United Kingdom and Canada. Most survey respondents saw the main strategic aim of the accounting department as delivering efficiencies, whether that is within the department itself or across the company as a whole. Today, companies want to know what else their outsourcers can do to make their processes and technology run more efficiently.
There are many intangible benefits from outsourcing your accounting, but at the end of the day, it’s what feels right for you. Take a look at Your Business Solutions (YBS), a firm providing expert business services to clients. We are dedicated to three underlying principles – professionalism, responsiveness and quality. Hire YBS for your important business functions such as accounting and we will help you increase your efficiencies and profitability.