For good reason, entrepreneurs and small business owners can be a stubborn bunch when it comes to asking for help. Their line of thinking makes a lot of sense when you consider their points of view: “I’ve built this company with my own blood, sweat and tears, so why should I let someone else help me now?”
Well, when it comes to hiring an outsourced accounting and/or CFO services professional, getting help may be a more valuable investment than you think.
You see, handling your business’ day-to-day and long-term financial duties is not only an arduous task, but one that could be costing your business money and hindering its growth. Business owner Zalmi Duchman told Entrepreneur.com’s Eileen P. Gunn his decision to hire a bookkeeper after five years of doing it himself is saving him $2,000 to $4,000 a year in late fees.
Short-term benefits like saving time for other day-to-day tasks and avoiding late fees are great on their own, but outsourcing your accounting and CFO functions also offers long-term perks. Accountants and part-time CFOs prepare financial reports and provide valuable information that can help business owners make financial decisions. The best and most experienced outsourced accounting and CFO service providers can also offer advice in times when numbers don’t tell the whole story.
But when is the right time to invest in such a service? And what kind of financial services are right for your company? The answers to these questions can be variable from cases to case, but on a basic level, their are a few signs your business may be ready.
If your business has grown to the point to which everyday bookkeeping is getting in the way of your personal productivity, it may be time to consider an outsourced accounting function. At that point, or perhaps later on, you may find yourself wondering how you can put this information to use in your decision-making process. That’s when you should start thinking about hiring a part-time CFO.
Has your business reached one of these levels? Talk to one of our outsourced accounting and CFO service experts today.