Research reveals that a majority of business owners just like you struggle on a day to day basis to keep their bookwork correct and up to date. If you are taking days to prepare invoices then your cash flow will be in damage control and there will be the possibility of your business failing.
The days of manually entering receipts and invoices are long gone. Cloud technology can now take care of all of this for you and outsourcing your bookkeeping work means that you don’t even need to have a bookkeeper on site. Quality outsourced bookkeeping provides you with the ability to:
- Maintain focus on your business
- Save time and money (and you can get back to your weekends )
- Manage cashflow effectively
- Review meaningful management reports and make good business decisions based on accurate data.
Many small and medium business owners struggle to find the time to shape the direction of the future of their businesses through robust planning and measuring the reasons behind success or failures.
Will using technology solve all your problems?
The simple answer is no…In fact, in many cases implementing new technology can actually result in a detrimental and frustrating user experience for a lot of small business owners.
There is a lot of “noise” around encouraging us all to embrace and adopt technology. But you need to be sure that you are implementing technology for the right reasons. In addition, you need to ensure you understand the use of the technology and build some success measures to monitor and report on the effectiveness of the implementation.
We encourage our clients to sit down and conduct a thorough audit of all business processes to determine:
- What is working well
- Which areas need improvement
- Establish what is important in your business, and what is taking time away from what you need to do?
There has to be some reasons that you were looking at implementing a change in the first place – this usually comes out of frustrations with the current situation.
As a result of putting the spotlight on your business processes, you should now have clearer objectives or goals that need to be achieved when introducing new technology. Engaging an expert in this field with the knowledge and experience to guide you through the transition is highly recommended. This will offer you both technical and implementation support through this somewhat daunting task.
Partnering bookkeeping with a virtual CFO
With the growth of your business comes the need for a clear financial strategy, and the expertise of a trusted business advisor. For many companies, this need arises before the cash flow required to support it becomes available. The solution? A virtual CFO.
Don’t let the term CFO (Chief Financial Officer) turn you off. Think of it more as a partner to your business that can help you understand what is financially happening in your business and help you with developing strategy.
Not all businesses’ can afford to have this resource in house so outsourcing this service is a must for a modern business that utilises technology. It can be done at a fraction of the cost of employing a full time resource but you still receive all of the benefits.
A quality bookkeeping system is crucial for an external CFO service to work. With a good system in place, a virtual CFO can access information remotely to prepare reports tailored to your business needs – the benefit to you is receiving meaningful information to make smarter business decisions.
Contact us to discuss how this can benefit your business. The Business Advisory professionals at AGS Accounting can help with the next stage in your business growth.
Related Pages Bookkeeping
Published : 13 Nov 2017