The good news is that your business is taking off – the bad news might be that you aren’t prepared to handle the growth and expansion that you are “enjoying.” When things start to pick up, you have to decide what to focus your attention on and what to hire someone else to manage. If your finances aren’t used for planning purposes and to advise you about the “big picture” of what your small business is headed, then you just might be missing the opportunity to take things to the next level. These are five surefire signs that it is time to contact our team for outsourced accounting in Charleston, SC!

Spending Too Much Time and Too Many Resources on Accounting Processes

Sometimes multitasking can be a good thing; at other times, it can distract you from focusing on things that might be falling by the wayside. According to a study published by the American Psychological Association, too much shifting between tasks can end up costing you as much as 40% of your overall productivity. Sometimes, to really be successful, you have to learn to delegate things that someone else may be able to do better. If your accounting is consuming a large chunk of time, you are taking your eyes off the prize!

You’re Concerned About Giving Employees Too Much Freedom

Obviously, you want to trust the people you employ, and you probably can – but it is always better to err on the side of caution. It isn’t just about fraud, either. When you allow someone to take over your finances without any real checks and balances (literally or otherwise), you can suffer from substantial and unexplained losses. By hiring an outsourcing accounting firm, you can trust that the people dealing with your finances are reporting accurately and honestly. You also don’t have to worry about paying multiple employees for things like health benefits and other expenses. An extra set of eyes can help to ensure that everyone is on the up and up, and that your numbers are, too!

Payroll Delays!

If you have to switch gears to other things, you want to go on vacation, or you end up sick, who is taking care of your financial information and processes? When you let things slide, things like employee payroll errors or delays can cause issues between you and your employees. The last thing you want is an accounting backlog, or for the people who are relying on you to go without. By outsourcing your accounting, you never have to worry about deadlines or making sure that the people who work hard for you are taken care of!

Filing Cabinet Nightmare

If you are putting everything into a file cabinet and then forgetting it, you aren’t using your financial data and information as you should! No one should have to go through folders to find the information that they are looking for when it can all be uploaded into the cloud and be available at a moment's notice. Also, all those facts and figures are very useful – not just for tax time, but to plan and organize your strategies for growth and expansion. Your office should be nearly paper-free. If it isn’t, you are wasting precious time and resources reinventing the wheel.

Growing Too Fast to Stay Ahead

Growth is what you always dreamed of, and now that you are seeing the fruits of your labor, you are probably both excited and overwhelmed. When businesses grow too quickly, you don’t have time to accommodate everything that you need to do. Instead of taking on new employees, it makes much more sense to outsource things like accounting. That way, they can take the overflow and you can continue to adjust elsewhere to keep up with demand.

First, congratulations! As a business owner, it is so nice to see your hard work pay off and for your business to catapult to the next level. But the only way to maintain your success and continue forward is to learn to focus on what you need to and delegate the rest. Our firm for outsourced accounting in Charleston, SC, would love to take one thing off your hands. We can help organize your data, make it available, keep up with timelines, and ensure that your numbers are always adding up. Contact us today to discuss how we can help your continued success.