You Want to Outsource Your Accounting — Now What?

You’re ready to save time, energy, and resources by outsourcing your accounting services. But what’s the next move? How do you restructure your business to get the most out of outsourcing? In many situations, strategizing a new operational infrastructure can help you decide which accounting services to outsource. In other cases, you outsource based on need and then make changes afterward.

Read on to learn ways to alter your business to maximize the benefits of outsourcing and how you can use outsourcing to drive growth.

Make Growth-Based Changes

As a business owner, after outsourcing, it may be tempting to leave work a little earlier or give employees some time off, and while there’s nothing wrong with that, it’s good to use your extra time to strategize and implement your next growth phase.

For example, suppose you’ve decided to outsource your payroll administration process. Your employees who previously handled payroll suddenly have significant chunks of free time each week or bimonthly. You can have them follow up on leads, cultivate interested customers, and even meet with people—virtually or in-person—to generate new business.

Not only does this help your business grow, but it also helps employees buy into the growth, especially because they get to play a pivotal role in fostering it.

Investigate and Implement Digitization

Digitization solves a variety of problems, such as inefficient processes, inaccuracies, and the time it takes to do things manually, but it’s often hard to get started. Once you’ve outsourced your accounting, you can take steps to digitize important elements of your business, saving you even more time and further improving efficiency.

For instance, if you outsource your bookkeeping, you and your employees will have time to investigate digitization possibilities, as well as interview and vet potential providers. For instance, if you sell products or services, you can look into ways of digitizing your analysis of sales revenue, profit ratios, and how they influence your ROI on materials. By investing the time you free up by outsourcing your accounting towards considering your digitization options, you ensure you get the best possible solution.

Incorporate Business Advisory Services

Regardless of the kind of business you run, you can use your experience and success in your industry, using them to provide advisory services. Business owners are often willing to pay handsomely for advice that can take their operation to the next level. With accounting tasks off your plate, you can free up time to give others a boost—for a fee.

You can also train internal staff that used to handle your accounting to support your new advisory service offering. For instance, because they no longer have to manage your accounting, they can:

• Help market your advisory services.
• Assist you with the research needed to provide the best solutions for clients.
• Work as success managers, helping clients you advise to implement your solutions.