Why You Should Outsource Your Finance Department – Reason #3: Make Smarter Business Decisions About Technology

By Cary Selby
March 07, 2019

You: “Hey Siri, manage payroll, deal with accounts payable and receivable, and develop a comprehensive financial plan to help grow my business based on trends you’re seeing.”

Siri: “I’m sorry, I didn’t get that.”

There is a lot of software out there that claims to be the solution to your in-house financial needs and, while it may seem easier to let technology handle all of your business’ finances, the software itself  can only do so much.

Case in point: As mentioned in our last blog post, it’s important to be prepared for a CRA  audit by having proper records, which certain software systems can provide. However, the software doesn’t  come with the human intelligence required to identify which records are required nor how to present them to the CRA like a CPA can.

Additionally, while small business accounting software can help keep your finances in check, most business owners aren’t well-versed enough to use them properly. They end up being an expense that doesn’t return the intended value.

As a business owner, you don’t have the time to learn about every function that comes with financial software, let alone learn how to use the technology effectively for your unique business needs – that’s ok.  When you outsource your finance department to a team like us, you will get full access to a wide range of financial software offerings along with the proper processes that match your unique business situation.

The right software + the right processes = proper accounting for your business.

Choosing the Right Software

There’s no doubt about it – having visibility into the financial workings of your company can help you make smarter and faster decisions, but this requires digitizing your data and making it accessible through the cloud. Not sure how to do that?

The first step is to identify which  financial tasks you need your software to accomplish. Do you need automated invoices? Perhaps you have multiple team members who need limited  access to financial records? Maybe you want to be able to view your P/L statement while you’re on vacation with your family? Once you’ve identified what you need from your financial software , the next step is to compare the functionality that each technology solution offers.

Feeling overwhelmed?

Don’t worry! At Qmulus, our team of bookkeepers, tax professionals, and Chartered Professional Accountants have already tested a wide range of different software options, and selected those which  offer the functionality that is relevant to our clients. Every new client gets the same treatment, and we choose the technology solutions that match their specific financial needs.

Even better – our partnership with some of these software companies like Quickbooks Online, Plooto, Hubdoc, and Wagepoint let us provide our clients with Enterprise level technology solutions. “Encryption,” “two-step authentication,” and “read-only connection” are some of the data protection functionalities these software provide. We also make sure you are always up-to-date through the cloud technology we use: access your files anywhere at any time.

A full-service finance department doesn’t need to be in-house, as long as you have the right team using the right technology.

A Holistic Solution

For many business owners, the world of finance might be a black hole.

Our full-service team of CPAs, tax specialists, and bookkeepers are not only dedicated to help you maintain the financial health of your business, but also provide a customized plan for making informed and calculated business decisions moving forward.

Our services include:

…and more.

Whether you own a growing startup, are managing a mid-size corporation, or run an international enterprise, having an outsourced finance department means you’ll not only have a team of specialized experts handling your day-to-day finances on a cost-effective basis, but you’ll also have the help of powerful technology that allows you to focus on what you do best: growing your business.

We know there’s no one-size-fits-all solution. If you’re ready to get the experts to handle your business’ finances, we’re here for you: call us at 647-476-2145 or schedule an appointment with us.

Leave a Comment

Your email address will not be published. Required fields are marked *