The annual job growth rate for all professions in the United States is 10% faster than that of accountants and bookkeepers. Considering this trend, it’s no wonder why so many accountants feel overworked because the economy is growing faster than the number of accountants. In addition to causing burnout and frustration on the part of bookkeepers and accountants, this trend hinders business growth in general, especially for those concerned about overworking their accounting staff. However, by outsourcing your accounting, you can grow at will—and scale up your bookkeeping as often as you’d like. Here are two ways outsourced accounting services can help you earn more business.
When Expanding Your Target Market
If you want to expand the demographic or geographic groups you market to, you should first outsource your accounting. In today’s international, electronically connected business environment, finding new markets to sell your products to is often a lot more straightforward than finding the staff to support your expansion. Every new product, sale, and geographical area has to be factored into your bookkeeping system.
But when you outsource, you put your bookkeeping service provider in charge of the influx of new data, ensuring it aligns with the rest of your finances. By freeing up your internal staff, you also get more creative, invested individuals who can direct their energies towards your financial strategy. For instance, you can allocate internal accounting staff toward:
- Identifying ways of financing your expansion.
- Analyzing the revenue from the new markets to see if it aligns with expectations.
- Devising more efficient, less expensive ways to source your products, components, or raw materials.
Adding New Locations
By outsourcing your accounting, the process of adding a new location is far easier and faster. The success of a business model is often apparent almost immediately. In many cases, you may even be able to replicate it in another location. The biggest obstacle may be how to staff a new location, even if that just means assigning a single manager to run it. Finding qualified, dedicated, knowledgeable help can be a challenge. Outsourcing your accounting means you have more leeway when choosing and training a manager for your new location.
For example, if you run a boutique clothing store in the Boston area and you want to add a location in the nearby suburb of Waltham, and you have outsourced your bookkeeping, you can scratch several concerns off your list:
- You can promote your in-house bookkeeper to a managerial position, either for the existing shop or the new one.
- You can have your outsourced bookkeeping service handle the old shop, while you get the finances of the new one up and running.
- You can use outsourced accounting to carefully gauge the profitability of certain types of clothing as you judiciously roll out your new location.
Outsourcing with PABS gives you the freedom to earn more business at whatever pace you’d like. Not only do you free up personnel, but you get a scalable accounting solution that can grow as you do. Learn more by connecting with PABS today!