Keeping your small business afloat is not the only goal you should aim for, in fact, it should be your motto to keep upgrading your business strategy to keep your enterprise growing through the years. One of the most essential strategies should be to start taking some aspects of the business in your own control, especially the ones that deal with direct monitoring and financing of the business.
Outsourcing your accounts and bookkeeping to other companies can be tricky since it is confidential information that you are sharing with some other company, but can also be an added expense in terms of the retainer fees you have to pay per month for these services. Instead, plan on investing in long term growth of your business by getting your staff trained in the most advanced strategies of bookkeeping and accounts as a one time plan for growth and accession. Elite companies like WiseClick Training Services can be your ideal solution to upgrading your staff with the latest accounting training. If you are still not convinced about why you should consider this, here are a few facts to help you make an informed decision.
The integrity of your information:
With your staff trained for bookkeeping services, the integrity of your financial information and business decisions will be kept within the business instead of having to be shared with other firms. While outsourcing companies do protect your information under Non-disclosure agreements, but a small breach of contract can leak vital information about your business to your competitors. With your staff trained to handle such aspects within the company, you can rest assured about these consequences.
Reducing the time lag for decision making:
Often outsourcing companies can provide monthly or quarterly reports at the end of the session for all of the accounting information calculated for that session. However, if you have a vital business opportunity before that time and need to make an informed decision, you can be delayed due to the inaccessibility of the reports until the session is over. If the bookkeeping is being managed within your office, you can access the current status of your company accounts within real-time, making it much easier for you to create projection reports to help you decide on taking up new business opportunities without losing time.
Managing cash flow:
While accounting is outsourced, you have to be segmented in keeping the records of your petty cash flow as opposed to digital accounts. Often in this segmentation, some aspects of the cash flow remain undocumented in the absence of real-time reports being sent to the outsourcing company. In the best-case scenario, the cash flow reports are delayed since they have to be communicated to a third party before they can be put into reports. Bookkeeping within the company can be tighter in the calculation of all aspects of your business management including your cash flow per day on petty issues.
Finally, by getting Xero Training Perth your staff can be an added advantage when you are prepping for the periodical Government audits for your business. You do not have to rely on an outsourcing company to finish your audit reports amongst all of the competition from their other clients. Instead, you can have your reports ready and waiting with the work done by your own staff to apply for the audit sessions.