Businesses in today’s markets are moving with incredible speed and are looking for ways to increase efficiency at every turn. One way to increase efficiency is to focus time and energy on things that drive an entity’s mission and core values. Keeping those activities in-house and putting non-core functions in the hands of a professional is the new reality of today’s business owners.
Business Areas to Consider Outsourcing
Whether it is entering and processing accounts payable to integrating new accounting software, outsourcing part or all of one’s business functions can mean better talent at a lower cost. Despite the stigma, clients widely use outsourcing to find a solution to a problem which adds value and saves money. Farming out the areas where you lack expertise may save you time and money.
Back Office Accounting
Having a team of personnel dedicated to managing the everyday processes such as accounts payables and accounts receivable, general ledger maintenance, month end financial statement review and preparation, and working with business owners as other situations arise can create a more efficient and accurate operation for a business.
Outsourcing this function keeps the risk associated with one’s business at a minimum and allows the underlying professional to oversee issues at the Federal, State, and Local levels with ease.
Providing talent to one’s Human Resources Department leads to an enhanced employee onboarding experience. This includes providing consistent employee training, the ability to retain existing talent, and reducing risk. By utilizing an external platform, companies will increase transparency and achieve corporate goals, objectives, and timely performance reviews.
Outsourcing shipping, handling and/or warehousing functions may increase inventory turnover, increase product need transparency, and provide the ability to better monitor and maintain inventory levels.
With the changes currently surrounding the health care industry, finding a broker or benefits consultant to help curate a customized benefits package that fits each business’s situation is ideal.
Hiring a talented helpdesk to answer questions from employees, provide back up, offsite storage, and maintain software updates will prove to be an efficient solution to keeping a business on the forefront.
Utilizing a third-party payroll processor can alleviate time associated with payroll tax agency processing, direct deposit, and filing of quarterly payroll tax returns. Time tracking and workman’s compensation insurance are often additional client selected add-ons helping to minimize future audit requirements and promote hourly tracking.
Working with a design team to create and design a website that is easy to navigate speaks volumes to a business’s dedication to collaborating with their customers. Working to boost one’s search engine optimization also adds value and can be achieved through outsourcing a marketing professional.
If a business’s phone is ringing off the hook, it’s time to analyze that company’s needs. Where could they better utilize spending their valuable time? Is it drumming up new revenue or traveling to a conference for added exposure? Contact our office today to speak with our Entrepreneurial Services team for more information regarding any of these services or any other business-related topic.
About the Author
Lindsay joined McKonly & Asbury in 2003 and is currently a Principal with the firm. She provides audit, tax, and consulting services, with an emphasis on family-owned business. Lindsay is a leader in the firm’s Outsourced Accounting… Read more