When you started up you were careful with money, so outsourced accounting for your construction company wasn’t even an option! But things have changed, so is now the time?
What does outsourced accounting involve?
By this we're talking about all the accounting work that you've never been keen on and are now realising isn't the best use of your time.
Bookkeeping and VAT
It need to be done, but let's be honest, it’s not really work that you value and it doesn’t generate the cold hard cash you want.
Payroll and CIS
It's a hassle to deal with so easy to get wrong.
You're starting to feel like you need more information to be able to make strategic business decisions and this is where regular management accounts come in.
How do I know the time is right for outsourced accounting?
As the company’s grown you’ve found you’re left responsible for a multitude of tasks that are outside of your comfort zone. You’re not only in charge of finding the work but running the jobs and supervising them too. There’s also the marketing, not to mention the accounting side of things.
You want the company to continue growing, but already feel as if every minute is packed with things to do. If only you could only free up some time to focus on what’s really important!
You already work hard all day. The only time you have available to do the additional stuff is in the evenings, or at the weekends – which quite honestly sucks. But at the moment, it’s either that or allocate time in the week and lose out on actually generating income.
You’ve lost focus
It’s well known that multitasking never produces the best outcomes. It’s less productive and you’re bound to take your eye off the ball meaning something will go wrong. Perhaps you already feel like it’s just a matter of time?
Just remember, you can’t do everything … and you shouldn’t have to.
Something has to give. It’s time to get the help you need and invest in outsourcing now!
What are the benefits of outsourced accounting?
There are so many benefits but here are the main ones.
It generates more time
Spending less time on your accounting will free you up to do what you do best. This leaves you in a better position to scale the core business and ultimately generate more income.
Or perhaps you could use the extra time to relax and spend it with your family instead. After all, they’re what’s driving you to want to be successful in the first place.
By passing the accounting to us, you’ll free up so much time. However, even if you decide not to take up a full package we can still help. We’ll use our experience to introduce you to ways of working smarter and more efficiently. For example, we recommend all clients use Xero and link it to their company bank account. They can then raise sales invoices directly in the system, link to receipt capture technology to collect all purchases invoices and set up bank rules which all save time.
It will be more accurate
Bookkeeping isn’t given the respect it deserves and its importance is often overlooked. Many forget that it’s the foundation used to see how well the business is doing. It’s also what you’ll use to make business decisions and forms the basis of the tax you’ll pay; what could be more important than that?
As qualified accountants we’ll take care of the bookkeeping, giving you peace of mind it's being completed correctly. We'll be able to spot and correct any errors you’ve made which may be costing you money. In fact, we find clients are extremely happy when we point out things that they are entitled to claim but have been missing out on!
It’s cost effective
We realise it can be hard to justify the thought of paying for outsourcing. It's therefore a good idea to work out how much time you spend doing it yourself and to put a value on it. We guarantee it’s likely to be far more than you thought!
As trusted advisers, we’ll manage your finances on your behalf so that you don’t have the headache of wasting valuable time and can spend it doing what’s needed to grow. Most clients tell us that with our help, they free up enough time, to generate income which more than covers our fees.
You'll have better quality management information
Accurate and up-to-date financial records play an important part in the success of a business, giving better data from which to make important business decisions.
As progressive accountants, specialising in the construction sector we’ll ensure you have expert advice and high quality information from which you can ultimately make more informed business decisions. Our management accounts package provides all the information you'll require to see how your business is really performing. Plus, we’ll explain it to you in the format you prefer, be that written or via recorded video, with a follow up meeting to discuss it.
If you'd like to find out more about how we can help your construction company with it's outsourced accounting, book your free 15-minute discovery call today.