By Nikola Nikolov
Further up the grid you get, you realize that some jobs you can’t and shouldn’t handle by yourself. Managing the administrative side of your company can often be more than a handful especially when you’re in a rapidly developing environment. That’s the exact reason for which accounting companies like us exist.
The world of technology is a world of art and good art is driven by ideas which need comfort and space in order to expand. Going through extensive tax-legal paperwork, finalizing your financial statements or just figuring out how and to whom to pay properly is pretty much the polar opposite of the environment in which ideas thrive.
That’s why we have established a team which focuses mainly on managing the “backend” of your tech company.
We’ve put together 5 examples why outsourcing your accounting is genius or at least why it will be until the AI starts doing our job.
You have to understand accounting and you have to understand the nuances of accounting. It’s the language of business and it’s an imperfect language, but unless you are willing to put in the effort to learn accounting – how to read and interpret financial statements – you really shouldn’t select stocks yourself.
1. You should be doing everything you can to not do it yourself!
First of all – we have to get rid of the elephant in the room. Yes, accounting is sensitive and there is a reason certain people and their companies want to keep it indoors rather than outsource it. In the general situation – outsourcing shouldn’t be regarded as something additional. The reason for this is that the way to save money and at the same time receive the full service that you require – is to have a separate team which handles only your accounting needs, thus being able to monitor and react to every situation, whilst letting the least amount of money spill through.
2. Man still overpowers machine
There are numerous softwares currently that offer to service your day-to-day documents, manage payroll, and just do your general accounting. But at this point you will probably just add a bit more weight on your shoulders with something like that, because the time you’ll spend getting to know the software, figuring out how to make it do what you want and hoping that it is in line with your local legislature doesn’t make it sensible in the end. Accounting is a pretty sensitive craft and it has to be built to fit your needs. That’s where the human touch plays its part.
Outsourcing your accounting means that you will have a team of professionals in the area – which handle all the different aspects of the umbrella term which is accounting. Here is an example of things services you can benefit from:
- Payroll management
- HR & day-to-day manageemnt management
- Risk assessment which is key in an economy which is pretty unpredictable.
Having a team capable of doing that means that all of the previous experience accumulated over their professional careers will be employed to take care of your company. Having witnessed different aspects of local legislature, the spontaneous needs and wants of local tax authorities and just knowing what’s what is a great advantage when it comes to the lifeline of your business. Also – imagine 50 people in an office engaged in the same metier. When something new comes up in the accounting world – it’s going to be eaten up for seconds.
4. Manage accordingly
Outsourced accounting means that you won’t have to hire a new person every time your business outgrows the possibilities of a single employee. Being able to assess the needs of your business is pivotal for its growth – and an outside accounting service will do just that. Being informed on time and being flexible enough to make the right decisions is what makes the difference between failure and success.
5. Your accountant is your advisor
Optimising your accounting can involve several parties and is definitely not a one way street. Having access to a good, trustworthy accountant whо is not directly in the body of your company is a great way to get a third-party advice, share experience on how others are doing it, or just be able to share your worries or visions of your businesses’ future.
If you are here – you’ve probably come up with an idea that just needs the right environment to grow. We have the tools to make that happen – get in contact, we will help out.