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Why You Should Outsource Your Finance Department – Reason #1: Save Time and Money

By Frank Bilotta
February 22, 2019

Your business means everything to you. You spend countless hours developing a business strategy, creating a marketing plan, managing your employees, and invoicing your clients, leaving you with little time to focus on the most important task: actually growing your business. Peter Drucker said it best in his famous quote,

“Management is doing things right; leadership is doing the right things.”

What he meant here was that a great leader knows what to focus on while delegating non-essential tasks to the people who can do them best. That includes managing a business’ finances.

In our new blog series, we’ll lay out why outsourcing accounting tasks like bookkeeping, payroll, invoicing, and taxes should be left to the experts (us!) while you focus on what you do best: growing your business.

Save Time and Money in the Long Run

You started your company because you were passionate about providing a product or service to the world, right? Waking up every day and doing what you love is something people strive to achieve. Waking up and having to collect your accounts receivable? Not so much.

You’ve probably considered bringing on in-house professionals to help ease up on your responsibilities. But have you ever actually tried finding someone who is a CPA, bookkeeper, well-versed in tax and accounting technologies, and within your budget? Trust us, they don’t exist. Paying a full-fledged CPA’s salary when they may not be at full capacity at your company is just not worth it.

It turns out that 52 percent of Canadian executives agree with this, too. The costs associated with having a specialized internal team are way too high, and Canadian small businesses are turning to third parties to provide highly specialized roles, such as financial services. Outsourcing functions that your team may not be well-versed in reduces costs and allows companies to focus on core competencies.

Trying to figure out the ins and outs of managing finances yourself can also be a huge time-waster, especially if errors are made during the learning process. Here’s a nightmare you never want to face: you had too many things on your plate one month, and invoicing a particular client just slips your mind. Hate to break it to you, but it’s unlikely that your clients will remind you that they had to pay you. An even bigger nightmare? Imagine if the Canada Revenue Agency comes knocking on your door and wants to perform an audit. Would you know how to calmly and properly handle the situation? You don’t have time to focus on the controls around your business, but it’s unwise to leave things up to luck. Instead, you need a team that understands your business and industry, recognizes financial problems before they arise, and manages all the finer details.

Rather than wasting time doing it yourself and making mistakes or paying an extortionate amount for an in-house CPA, outsourcing accounting, bookkeeping, tax compliance, and other financial tasks can help save you time and grow your business. Companies can customize their financial plans, set explicit deadlines and metrics, and figure out key objectives with an outside team that will be held accountable.

At Qmulus, we offer bookkeepers, tax specialists, and experienced CPAs from SBLR LLP all at the fraction of the cost of retaining a specialized in-house team. We can be your outsourced finance team: an experienced one-stop-shop that can dedicate the time you don’t have to managing your finances. By taking over things such as tax services, and payroll management, our SBLR LLP-backed team can give you back the time you lost on these tasks.

Stay tuned to find out how else your business can benefit from outsourcing your finance services.

Ready to start focusing on your business’ growth? Schedule a consultation and learn how we can help you save time and plan ahead:

Talk to an expert at 647-476-2145, info@qmulus.ca, or schedule a meeting.

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