We love entrepreneurs. They are tenacious, resilient, and scrappy. Is it no wonder that the bulk of them strive to bootstrap their business? And in this day of ready information it is easier than ever to glean the knowledge for almost anything your business will require. Gone are the days of acquiring a large business loan, leasing a brick and mortar space and hiring full time employees.
a means of advancing oneself or accomplishing something:He used his business experience as a bootstrap to win voters.
relying entirely on one’s efforts and resources:The business was a bootstrap operation for the first ten years.
self-generating or self-sustaining:a bootstrap process.
verb (used with object), boot·strapped, boot·strap·ping.
to help (oneself) without the aid of others:She spent years bootstrapping herself through college.
That said, we often meet a lot of clients at a critical turning pointing in their growth phase. Business owners who have met that elusive million dollar mark in annual revenue and suddenly feel the burden of managing their own bookkeeping catching up to them. Perhaps your mother-in-law doesn’t cotton to reading FASB updates. Maybe you are the one updating Quickbooks and you haven’t done it. In four months.
It doesn’t take long for a new business owner to understand that accurate and up-to-date financial records play an important part in the success of a business. It is difficult to act proactively when you don’t have an up to date snapshot of your company’s financial situation. At the same time, the daily tasks required to maintain these records often fall to the bottom of an owner’s to-do list of priorities. After all, business owners didn’t go into business to become bookkeepers–and the value of time spent on maintaining the books translates into a pretty expensive hourly rate! Your passion is business and employee development, community outreach, and of course, your family.
Here are five good reasons to outsource bookkeeping and CFO services:
- Privacy. There are few things more guarded in a business than internal financial records. This is information that an owner wants kept private and secure. Finding someone you can trust to do the job well, stay with the company long term, and maintain confidentiality is not a simple task–especially when a local bookkeeper knows your personal financial health. Outsourcing to a virtual bookkeeping service with strong client references can give an owner peace of mind by removing the opportunity to have a member of their community in contact with their financial records.
- Scalability. Growing businesses often start out with smaller needs but rapidly grow to require a full suite of bookkeeping services. Hiring an outsourced bookkeeping service with controller oversight and a full-service offering enables the service to scale to needs, without having to hire or train additional staff.
- Training and Management. Most business owners are not in the position to be able to train or manage bookkeeping staff–primarily because their bookkeeper likely knows more about it than they do. But the benefits of having a bookkeeper up-to-date on the latest QuickBooks features or have comprehensive knowledge of state tax rules or reporting methods makes a big difference in the quality of bookkeeping.
- Maximize Your Resources. When business owners try to save money by doing their own bookkeeping or delegating it to another key employee, they are expending valuable time and energy that could be better used growing the business. When they outsource their bookkeeping services, they free themselves up to spend their time doing what they do best. CFOs, office managers and non-accounting personnel simply shouldn’t be spending their time on the books.
- Tax and Audit Ready Financials. Using outsourced professional bookkeeping services to prepare financial records makes accountants, the IRS and banking institutions happy. There is no concern over whether the books are accurate or questioning the integrity of the financial data. Whether a business owner needs to provide financial statements to the bank, satisfy investor reviews or share information with the IRS, outsourced bookkeeping services help make sure there is no doubt about the data.
Whether a business needs current financial figures to present to a banker or it just needs to keep tabs on cash flow, keeping up to date on accounting tasks is essential; An easy solution is to outsource bookkeeping to a professional service.
We are here to help.
Rektio Accounting knows that there is more to your business than your bottom line. Yes, we do provide services performed by credentialed accounting professionals. But we provide so much more. We come from a long line of business owners. We know what that means for you and your family.
If you are needing CFO services, but not a fulltime CFO, let us help. We are passionate about the story of every business we serve. Nothing galvanizes us more than knowing: Why you do what you do? What client has made the greatest impact on you? What keeps you up at night? and What are your dreams for the future of your business, your employees, your community, and your family?
Let us take the accounting and CFO piece from you. The piece that is so very necessary, but perhaps not your strong suit. It’s our pleasure to take these things off your plate so that you can serve your clients, employees, community and family by doing the things that you do best.
It takes a special brand of person to go out on their own and to build something from nothing. We know that. And it is our honored to partner with every client we serve.
Mari Sandifer | Director of Marketing & Business Development
Mari joined Rektio as Director of Marketing and Business Development in 2020 after spending over 25 years in corporate finance and 3 years as a business owner. She holds a BS degree in Marketing and an MBA in Finance from Indiana University’s Kelley School of Business. Her CPA license is inactive (and morbidly obese).
Connect with Mari on LinkedIn