The Struggle for Early Stage Companies

Early stage companies can often struggle to keep up with their day-to-day accounting requirements. This is especially true, as founders and management try to handle accounting in addition to all their other responsibilities. This challenge is compounded as business activity and business complexity increase. Accounting solutions for these types of companies vary of course depending on their industry; however, outsourcing accounting services can be beneficial in order to keep staff focused on core competencies and revenue-generating tasks.

Solution: Outsource

Nothing is more important or sensitive to your business than your financial position. That is why you should invest in both people with deep experience and an infrastructure with enterprise strength. Early stage companies can find solutions to their day-to-day accounting requirements by outsourcing the following services:

1. Transactional Requirements

This includes accounts payable, accounts receivable, bank reconciliations, payroll processing, asset tracking, etc.

2. Financial Control and Decision Making

This could be for a short term engagement to review processes, set up budgets or refine financial reports or on a continuing basis. Additionally, early stage companies can hire a consultant to act as the CFO/Controller that oversees daily activity, managing cash flow, communicating with tax advisers and presenting financial status at board meetings.

By leveraging resources and enterprise quality accounting applications, you will have the controls, confidence and focus to help drive operational improvements in your business. Companies in the early stages usually need to spend most of their attention on acquiring clients, developing business and performing their core competencies. The day-to-day accounting requirements can add to the stress of all the other challenges of being in the starting phase of growing your business. Deciding whether you should outsource or not depends, of course, on your situation and business; however, it undeniable that outsourcing services that are non-revenue generating can be extremely beneficial and valuable.

How Outsourced Accounting Can Benefit Small Businesses

When you start a small business, you're driven by passion and grit. But as your business grows, so do its demands.  Many entrepreneurs make the mistake of wearing too many hats, seeking to cut expenses by handling their own bookkeeping and financial needs. These...

12 Signs It’s Time to Outsource Your Accounting

Every business knows that there are times, be it times of growth or times of strain, that additional accounting resources are needed to help the business meet or exceed its goals. The question remains: How do you know when it’s that time? We’ve outlined 12 common...

In-House Accounting vs. Outsourced Accounting

When a business is in growth mode, executives need to make more difficult decisions that are efficient and cost-effective for their organization. The foundation of these decisions is a firm grasp of the financial health of the organization. That is why business owners...

How Outsourced Accounting Saves Businesses Money

One of the biggest benefits of outsourced accounting is that it can save businesses money. In fact, businesses can save 30-40% by using an outsourced accounting partner. How? In this article, we dive deeper into the ways outsourced accounting can save companies...

Women Who Lead: Grace Lightner with Unbox the Dress

Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.Not every bride wants to wear their mom’s outdated wedding gown with puffy...

Women Who Lead: Jenny Moates with Moving Ideas

Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.In 1994, brothers Bert and John Jacobs started the Life Is Good company, an...

Women Who Lead: Neville Poole with IBM

Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.Very few people hope there comes a day when their job is obsolete. Then there’s...

Women Who Lead: Terry Cox with Business Innovation & Growth

Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.Charlotte is an entrepreneurial haven — a thriving metropolis where...

Women Who Lead: Meggie Williams with Skiptown

Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.Meggie Williams may be the world’s most successful dog walker. In 2016, after...

Women Who Lead: Kerry Barr O’Connor with Dress for Success Charlotte

Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.As a young professional, Kerry Barr O’Connor learned to wish carefully. ...