Are you a startup and are considering hiring accounting and finance personal?
Having the right finance and accounting policy, procedures and technology in place could be critical to your success. Lots of startups outsource many of the tasks not related to your company’s core competency, including accounting & finance. Should you invest the money in hiring FTEs and purchase accounting software or use an outsourced accounting firm? Let’s look at four ways hiring an outsourced firm can help your startup business.
- Select the right accounting package.
Too many startup businesses purchase off the shelf accounting packages that do not provide proper visibility into their business. As a result, they either spend a lot of time with Excel spreadsheets to try and gain necessary information or they simply neglect items that inhibit growth and put the business at risk.
With the proper technology you have visibility into your business from anywhere, enabling you to spend more time on the business instead of in the business.
- Help with investment capital.
Whether you’re applying for a business loan or seeking outside funding from angel investors or venture capital firms, accurate and up-to-date financials are essential.
Professional services firms will provide you with the up-to-date financial statements, along with explanations of the data in those financial statements, which can help your company standout amidst all those other businesses.
Be financial audit, partner and/or investor ready from day one.
- Trusted advice.
Fractional CFO services or CFO guidance including advice, counsel and insight — providing you with financial statements, budgets, forecasts and dashboards to monitor all your financial data. It’s one thing to have all the financial data you need to run your business. But the real benefit is to have someone to explain exactly what the financial statements mean, and help you to make the decisions that will steer your company toward growth.
4 . Scale with your company.
With outsourced services your variable cost become a scalable fixed cost. Why add non-revenue generating cost when you can gain resources, technology, quality and support all tailored to your needs? When your company grows the outsourced services company grows with you.