As we collectively say a farewell that might not be so fond to 2020, we can all relish in the hope that the next year will bring health, peace, and prosperity. As a business owner, the emphasis is on prosperity for 2021, and the return to normalcy in the marketplace. Although a challenging year full of ups and downs, there are a lot of lessons to learn from such a tumultuous and uncertain year.
A very important takeaway is that life can always throw you a curveball, no matter how prepared you are. But the other is that preparation and pivoting, when necessary, are two very integral skills that every company and business owner must master as we move into, hopefully, a recovery period. One of the best ways to anticipate necessary changes, and also, ways to optimize your bottom line, is by using outsourced accounting over regular bookkeeping for the New Year ahead.
Bookkeeping Versus Outsourced Accounting
When we talk about “bookkeeping, “ generally it is about managing what comes in versus what goes out, financially speaking. It is a sum equation where you want more to go out than in. And although outsourced accounting entails the same processes as bookkeeping, it has the additional tools of gaining a better view of the overall health of a company’s financials at any point and time. Financial information isn’t just something that you use to balance books or to report to the government, although those two things are super important.
Make the Most of Your Financial Information
Financial information is about more than keeping track of what goes out and in. It is about using the data available to plan for the maximization of your business goals. Your financial health isn’t something that should sit on a computer, having one person input and forget. It is a live entity that provides you with a wealth of information about how to guide your company going forward.
Your accounting data can be used in real-time to plan and organize daily planning, like how many staff members you need and at what time, and how much inventory you need during certain periods of the year. If you aren’t using it to your advantage, you are missing out big time!
Cloud Real-Time Information
Another important advantage of using outsourced accounting, like Current Accounting service, is that we aren’t the gatekeepers to your financial data. We use all the information possible to provide you with detailed reports and analysis that can be taped into no matter where you are. You don’t have to reach out to your bookkeeper to ask for specific information and wait for them to find it.
All you need is available when you want it and from anywhere. That means you can display your financials to get other people to invest, to make changes to your overall plan during a weekend meeting, or take a look late at night when your mind is on overdrive. We make all the financial data you can use, at your disposal, when you need it most.
No Human Resource Issues
Perhaps one of the biggest advantages of outsourced accounting is that you don’t have to pay for a full-time employee to manage your books. When you hire an outsourcing company, they take care of things like inventory, accounts receivable, invoices, payroll, and everything money-wise. And you don’t have to worry about offering them incentives, paying a full-time salary, or offering benefits and perks. Human Resources can be a nightmare with high turnover rates or the need to pay large sums to retain talent. When you outsource it, those types of issues just don’t exist.
As we roll into a new year with hopefully a recovery period, it is a good time to take stock of how we could have all, as business professionals, been better prepared for disaster. Outsourced accounting is an excellent way to eliminate the need for a full-time accounting professional, have the data available to make crucial plans for your financial health daily, and have it at your fingertips when you need it most. For more information about all that we can do to take your company to the next level, contact Current Accounting today.