If you’re reading this because you have just launched your startup - congratulations! Starting your own company is a big step forward. It takes a lot of grit, hard work, and patience to get to this stage. What comes next is gaining traction and clients. These two things demand time and effort, restraining you from focusing on administrative tasks such as human resources, IT support, and finance and accounting (F&A).
Outsourcing is a great way to get hold of these tasks. However, it is understandable for startups to be wary of the outsourcing process, especially those that deal with your finance and accounting. But is F&A outsourcing a threat or an opportunity for startups? We take a look at startup accounting services and how outsourcing can help you make the most out of these services.
Finance and accounting outsourcing firms can help you start your records right.
F&A outsourcing firms, unlike any other outsourcing firms, are specialized services firm. They are expert teams who can provide you with valuable insights in different areas of the industry. F&A outsourcing firms will help you navigate the different phases of your growth and help you sort the right strategies and tools to use in these phases. This kind of assistance is very relevant in driving traction and growth to your company.
Time and cost savings.
One of the main reasons why companies outsource is due to the cost and time savings that they get. Outsourcing cuts down your overhead costs, depending on their service delivery model (READ: Staff Leasing vs Specialized Services Outsourcing). More importantly, outsourced finance and accounting services take away the time you spend in performing F&A tasks. This means that you get more time in growing your business and turn your attention where it is needed the most.
Valuable insight on F&A software and tools.
Today, the use of the latest F&A software and tools makes it easier for startups to access valuable data and perform tasks with minimal costs and fewer man hours. More importantly, these tools allow startups to automate certain processes that are previously accessible only to companies with considerable resources for F&A. Some reputable accounting software developers even provide free tools that are tailor-fit for startups. One such example is the easy-to-use free invoice creator developed by FreshBooks.
Reputable F&A outsourcing firms understand the needs of their startup clients, the challenges that they face, and more importantly, where their clients need technology the most. F&A outsourcing firms will help you determine the tools and software can give your money’s worth.
These are some key benefits that you can get from outsourcing accounting services. Getting experts to help you during the formative years of your company will make wonders for you in the long-term. In addition, they will help you set and achieve your F&A goals in the long run.
Looking for an F&A outsourcing firm that offers great startup accounting services? Visit D&V Philippines and get a copy of our “Outsourcing: How to Make it Work” eBook and find out how we help startups navigate the finance and accounting side of your business.