In a small business, because cash flow can be a challenge at times, you (the owner) must be very cautious with your expenditures. But balancing quality against cost efficiency can be its own challenge.
Which part of your company can best help you identify cost savings? Your accounting department, of course. That department tracks all your expenses and, therefore, best understands where you can save money. In fact, the accounting department is key to keeping your financial operations on track. It has direct influence on the overall productivity of your company. Your awareness of these facts can, however, lead to overspending on bookkeeping and accounting functions, because the expenses seem to become a necessity.
There are ways to optimize the accounting processes and reduce costs, without degrading quality. Modern technologies and business practices allow you to reduce accounting expenses such as hardware and software, facilities, and manpower, while achieving the same level of quality. These technologies and practices allow you to easily outsource outsource your bookkeeping and accounting functions. Secure cloud accounting applications significantly reduce your hardware and software expenses. Such applications also give you real-time access to updated financial records, from any internet-connected device. (More on cloud accounting applications in my next blog post.) Other applications such as Hubdoc.com, Bill.com, and Teamwork Projects streamline the handling of receipts and other important documents, bill payment, and financial project task management.
These technologies allow you to hire virtual bookkeeping and accounting staff on a contract basis, greatly reducing your expenditures on both manpower and office space, without sacrificing speed, convenience, or quality in your company’s accounting functions. To ensure your quality standards are met or exceeded, seek out qualified, experienced financial professionals who are certified in the application(s) of your choice, and who have verifiable references. It’s also important to take into account any language barriers and differences in time zones, especially if you want your virtual staff to be available via IM during your office hours.
Schedule a free consultation with me today and learn how easy it is to work with a virtual bookkeeper.