Let’s face the reality, internet cashes anxieties, if you go through online searches, they will be plenty of articles propagating that risk and business depressions are just going to cause your business failure. Such bloggers try to frighten people like they are about to die a financial death and there is no way out and this all is due to a lack of business sense and poor business management. At the end of the article, you find a link that leads you to a paid accounting software suggestion with pros and cons, which you will purchase and all your financial problems will be solved just with a swish of a magical wand.
This is a scam! Because, such accounting software applications are available in bulk on the internet, which doesn’t even have good ratings and are also not more than ordinary bookkeeping tool that involves nothing but data-entry. So, you can get the point these are not at all worth attention.
To get out of the mess you will have to look at the opportunities by yourself and have to find ways on your own. Being the pioneer of the company you need to believe in yourself. once, you are done with calculating the flaws and loopholes of the business, now you will require the help of an expert to overcome these loopholes.
You have two choices; one is, hiring services of accounting firms or hiring accounting experts, but before choosing an option, look at the pros and cons of each.
Well, if you will hire an accounting expert he will be the single professional, only and only efficient in work related to accounting. Accounting, no doubt, is one of the crucial things to bring business success but as a whole, it is minor and requires to work with various other variables to promise success.
Secondly, if we look at hiring a company that provides accounting business, you will find that from basic bookkeeping to vast financial planning, such companies deal in vast array. Here are the services that accounting and bookkeeping expert company offers:
- Business Development and Financial Strategic Planning
- Cash Flow Forecasting
- Budgeting vs Forecasting Evaluation
- Break Even Point analysis
- Managing Payrolls and Human Capital
- Accounts Receivable Services
- Accounts Payable Services
- Bank Reconciliation Services
- Expense Tracking
- Debt Reduction Planning
- Compliance Management
If here we consider hiring staff for each above-mentioned service separately then a big sum of cash would require to purchase tools, managing salaries of staff, employing building where staff will operate and all with this, a extra amount in terms of electricity charges will have to be borne.
On the other hand, if you employ a company for all the above-mentioned services then there can be seen a big cut in the price as you have no need to hire staff, purchase numerous tools or have separate workplace; because service providing company will give you access to their CFOs, they will bring you the most cost-effective tools to automate the process of the accounting and bookkeeping and all with this, their finance gurus will always be there to help you in building business strategies, reaching business milestones, and developing goals to get success over your competitors.
In my opinion, the latter is the most feasible option for a company that has just started or the one with the limited number of workers like 500. As stated above, you are the only one who can sail your dwindling boat out of the cyclone of obfuscate.
Anyhow, before hiring or signing up with a company you will have to take care that you hire a company i.e. legitimate in services and will support your business in the long run. Also, their services should be as per their promises. Check out the following points before hiring an Accounting Service Provider:
- They offer a free trial for at least one week.
- They should have human CFO support along with software applications.
- Talk to their CFOs and question them regarding your concerns and queries and if they fail to satisfy you, listen to guts and do not signup with them.
- Lastly, their customer support should be responsive and available on the continuous basis.