4 Things all Startups should consider Outsourcing

4 Things all Startups should consider Outsourcing

Founders create businesses because they have a passion or expertise in providing particular goods or services to market and often get caught up on focusing on items outside of their expertise. Being a startup means there’s always more work to do, and not enough time to do it. It is easy to get caught in numerous non-value add tasks that take anyway from working on the business. That’s why most success startups outsource certain tasks to companies or individuals who specialize in providing valuable time-saving services for a fee.

With all the advancements in technology, it’s easier and more convenient than ever to outsource. Here are five things you should consider outsourcing to experts.

1. Accounting & Finance
Most entrepreneurs are not Accountants. However, understanding cash flows or analyzing profitability of a business is vital to its success. Too often startups neglect building an accounting process until profits go downhill or cash slowly drains away. Setting up an accounting process for your startup is critical to the long-term success. An accounting process is also important because it allows your business to look forward. Startups or small businesses that that don’t have an accounting process in place find themselves trapped by past actions or constantly worried about having enough money to pay bills.

In addition to accounting process, setting up an accounting system is important for your startup as it will allow you to see how your business is doing and allow you to make decisions to strategically position your business for growth.

Look for a firm that does more than just bookkeeping. Partnering with someone that goes beyond debits and credits and gives advice on such things as cashflow will help set you up for success. Technology is vital to help provide necessary insights.

2. Graphic Design and Web Development.
Coming up with a brand-defining logo, an attractive website, and print materials can be extremely time consuming and difficult to get right. Using a professional graphic designer will help your business look its best. They understand a lot of things that you may overlook. Whatever your goals, there’s a graphic designer with the talent, aesthetic sensibilities, and visual skills to fulfill your vision and enhance your company brand.

Look for a graphic designer that offers web development to help streamline the process and provide a unified message.

3. Web Research.
Prospecting for new business and keeping up with the latest developments in your industry can be time consuming and daunting. A web researcher can research information you, whether it’s gathering information and statistics for an upcoming presentation or looking up the names of companies and contacts for a leads list. They can also organize this material in a form that’s easy to use and read.

4. Administrative Assistance.
If half your day is spent sifting through your overflowing email inbox, returning call and making travel arrangement, a virtual administrative assistant (VA) may be just what you need to streamline that frustrating process and keep you from being inundated by a constant stream of on administrative tasks that keep you from more value-added items.

Before you waste your time on something that is not in your expertise, consider outsourcing. This will make your to-do list shorter and free you up to focus on the things you’re best at and that generate the most income for your business.

Technology Drives Accounting Efficiencies

Technology Drives Accounting Efficiencies

Technology is Transforming Accounting & Finance

The Association of Chartered Certified Accountants (ACCA) recently came out with a report last month showcasing technology’s role in the future of finance. The report concludes that technology can revolutionize finance and accounting.

Technology has played a role in Accounting and Finance for numerous years.  Originally, most software was targeted to large enterprise due to its cost and complexity.  The cloud drastically changed the landscape by bringing enterprise type technologies to the SME market.  Now 80% of CFOs have cloud as part of their technology roadmap.   Here are the benefits technology brings as identified in an ACCA survey of CFOs:

  • Improving efficiency and productivity – 70%
  • Creating new value for a business – 53%
  • Reducing costs – 33%
  • Improving communication internally and externally – 20%
  • Improving quality and standardization – 20%

As technology advances the above numbers will even be higher.  Software companies have already begun to use artificial intelligence and machine learning.

Even though the returns can be great, it is important to be cautious about guaranteeing huge returns or overnight results. The report warns CFOs to use caution about where, when, and how they do or do not implement new technology.

A Technology Roadmap is Key

Technology is not automatically the solution. You need to understand your business goals and processes.  Automating a bad process doesn’t fix anything.  Implementing the wrong technology can be catastrophic and can possibly lead to employee turnover and insurmountable costs.

Companies shouldn’t rush into a decision, but also there is a lot of risk in not embracing technology and being left behind.  The solution is to create a defined technology roadmap.  A technology roadmap is a document which outlines the plan to reach short-term and long-term goals through the use of technology solutions. This type of roadmap typically provides key information which helps organizations make better decisions around technology investments.

Technology roadmaps are often driven by IT.  However, it is important for CFOs and other business executives to be involved.  They are the ones that understand short and long-term goals. Lavoie CPA continuously studies and evaluates technology.  We also have the business acumen to apply the right technology correctly.  Need help with a technology roadmap or software evaluation, give us a call.

Accounting the Key Strategic Advantage?

Accounting the Key Strategic Advantage?

Most companies that are thriving view accounting as a strategic function. Companies relying on bookkeeping have a hard time keeping up in today’s changing climate.   Bookkeeping by itself does not provide opportunities.  In a fiercely competitive work environment, companies that properly manage finance can grow and protect themselves from risk.

The opportunities are exciting for the future but it also comes with lots of challenges.  Too many companies are stuck looking into the past because of lack of expertise and or technology.  It is important to understand the past, but essential to have the knowledge and tools to be able to see in real-time and make educated predictions into the future.  As companies grow, hiring and retaining qualified employees can be a difficult task with lots of uncertainty.

A growing number are relying on Accounting as a Service (AaaS) to gain a competitive advantage. AaaS combines tactical and strategic accounting and includes leading software.

Top 3 benefits of Accounting as a Service:

  • Focus on Core
    • Concentrate on growing the business
    • Efficiency gains
    • Eliminate staff turnover complexities
    • Ability to scale as you grow
  • Professional Expertise
    • Qualified controlled/CFO leading accounting and finance department
    • Improve cash flow
    • Reduce financial risk
    • Audit ready at all times
  • Technology
    • Real-time visibility into your business performance
    • Increased security
    • Reduced IT headaches
    • Integration with other applications to eliminate information silos

Forward thinking companies put themselves a head of the curve.  Interested in learning more about Accounting as a Service?   Contact us.

10 Benefits of “Accounting as a Service”

10 Benefits of “Accounting as a Service”

Small and medium-sized businesses (SMBs) are often driven by a passion or cause – not spending hours on accounting and financial management.

SMBs face many financial challenges that affect cash flow including hiring new employees, increasing profits, employee healthcare, growing revenue and properly managing expenses.

Fortunately, technology has changed the game for SMBs. In the last decade, new technologies have enabled SMBs to compete with large enterprises.

Technology is only part of the equation.  Accounting as a Service (AaaS) is a hybrid solution that combines services with software; thus, the client can enjoy the benefits of professional expertise and leading cloud technology. This lays a great foundation, allowing companies to focus on revenue generating activities.  They are able to focus on future growth instead of being stuck analyzing the past.

10 Benefits of  Accounting as a Service

  1. Real-time visibility to your business performance via dashboards
  2. Reduce financial risk
  3. Increase productivity
  4. Be audit ready at all times
  5. Improved process flow and automation
  6. Eliminate staff turnover
  7. Cost savings
  8. Increased security
  9. Reduced IT headaches (upgrades and maintenance)
  10. Integration with your other applications to eliminate information silos

Interested in learning more?

8 Signs You Might Need the Cloud

8 Signs You Might Need the Cloud

If you haven’t already, it is time to consider switching over to the cloud. Gartner recently released a report on cloud computing where they predicted that by 2020, a corporate “no-cloud” policy will be as rare as a “no-internet” policy is today. In order to stay competitive you need to stay ahead of the technology curve.

Not convinced you need to make the switch? Take a look at the following signs that indicate you might need the cloud.

1. You want to upgrade your software

Businesses with on-premise software need to maintain it with upgrades, troubleshooting and updates. This becomes rather expensive and time-consuming since you need to train employees, test systems and also implement the upgrades. Switching over to the cloud can reduce your costs, save you time and improve your efficiency. Cloud software is upgraded by the provider and without additional costs for you.

2. You want fast deployment

On-premise ERP systems are notorious for long implementation times. For larger systems and corporations it can take months to fully deploy the system. A cloud ERP system is quite the opposite. Since the ERP system is delivered via the Internet, deployment is almost instant.

3. You want to integrate your systems

Do you work with multiple software systems and wish they could all be integrated? Your wish can come true! Cloud software systems are inherently open and allows users to connect to other systems to allow for collaboration. For example, Sage Intacct, an ERP cloud-based software, allows integration with other providers such as Adaptive Insights, Bill.com and Avalara.

4. You want to increase employee collaboration

If you have multiple employees working with the same data, you might be in trouble. Having multiple versions of data can not only be time-consuming to fix, but you can also end up with a major financial loss. Off-premise software systems allows employees to access the data they are working with simultaneously and in real-time. Thus, you eliminate the possibility of having multiple versions spreadsheets.

5. You want to scale

This might be one of the first things you hear about the cloud. On-premise software can get really expensive if you’re growing at a fast pace, making it difficult to scale your business. On the other hand, with the cloud, you can request more functions, space or users and get them instantly.

6. You don’t want to spend your budget on IT, but rather your core products

It doesn’t make sense to manage your own on-premise servers and develop your own portals if IT is not your core competency. Nonprofit organization, for example, will benefit from investing their budget on their mission and cause rather than an IT department. Cloud software allows businesses without IT knowledge to operate without owning their own IT equipment. Rather, all you need is access to Internet and a device.

7. You have a mobile workforce or multiple offices

As Internet access increases worldwide and remote work continues to be a trend in the workplace, having remote access is becoming more important. Cloud software makes this a reality as you can access your data anytime, anywhere and from any device with Internet connection.


 

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Sage Announces Acquisition of Intacct for $850m

Sage Announces Acquisition of Intacct for $850m

On Tuesday, Sage Group, a U.K. based technology company, announced that they are acquiring Intacct Corporation. It is the largest ever acquisition by Sage, who will be purchasing Intacct for $850 million. The transaction will close within the next few weeks.

Going forward, Intacct will be known as Sage Intacct, and according to Sage, Intacct’s management team will stay the same and continue to be in charge “thereby ensuring continuity for customers, partners, and employees.”

Related: Intacct’s New Tools Provides Focus for Nonprofits

Strategic Acquisition

Strategic consolidation is a way of life in the software industry, as is true in many other industries. But, this combination is exciting because it means more innovation and more paths to efficiency and the next level. Sage and Intacct have branded the acquisition as “the combination that delivers the first and last cloud Financial Management Solution your business will ever need”.

Some advantages that will result from this acquisition are:

  • Current customers (of either companies) will now have access to additional resources and product functions as a result of the combination
  • Sage will further their reach in the US market
  • As pointed out in Diginomica; “Intacct gets close to top market dollar for its IP in the sense the sale price is equivalent to around 8.8x revenue, a price it could not get in today’s IPO environment”

In the press release by Sage, the CEO of Intacct, Robert Reid said “We are excited to become part of Sage because we are relentlessly focused on the same goal – to deliver the most innovative cloud solutions for our customers”.

In conclusion, this acquisition is a good thing. The combination of two of the leading companies in cloud accounting and financial management software will bring innovation and efficiency. As a result, customers will have more options for leading solutions that supports their business. Thus, everyone involved ends up benefiting.

Read more about the acquisition here, and find the full press release here.

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