As small businesses adjust to the new business environment, owners should be evaluating their current structures and strategies in order to build a sustainable future. Luckily you don’t need to tackle this burdensome task alone. How you ask? You can start by looking for help from a Client Accounting and Advisory Services (CAAS) partner. CAAS firms leverage cloud-based technology to allow you to outsource a portion, if not all, of your accounting and finance functions, including providing expert insights to help guide your business to success. Here are some other ways that a CAAS partner can provide value to your business:
Sounding Board for Advice
When starting a new business, owners are often the only one involved in the decision-making process. Some would consider this to be a perk of entrepreneurship, but in reality, having a sounding board for advice as you develop your business strategy is important. From tax planning to cost benefit analysis and buy vs. lease decisions, a CAAS partner can provide valuable advice for a business that is trying to scale and grow. They should be your partner, after all!
A Fresh Set of Eyes
Identifying areas of opportunity leads to improved efficiency within the organization and better reporting. Often times the executive and management teams become so immersed in the day-to-day minutia that it’s difficult to see the bigger picture. Engaging an outside perspective, like a CAAS firm, can bring a fresh set of eyes, which can lead to more insightful advice to help improve efficiencies. Some CAAS firms even choose to specialize in particular industries. In order for the CAAS firm to have the in depth understanding of the business needed to determine the most beneficial services, the relationship begins with a needs assessment. The needs assessment can provide valuable observations regarding business practices and operations that may have been overlooked. This enables them to gain valuable and specific knowledge, which helps them develop best practices for businesses based on the specialized information they have gathered. They’ve seen that payroll issue that you’re having with your tech startup company and can resolve it quickly, no sweat. The result is having an expert at the table, helping you make better-educated decisions regarding your overall strategy.
Automate Manual Tasks
Unfortunately, humans make mistakes and while some mistakes have little impact, when you’re running a startup organization or small business, minor errors and a lack of consistency within your organization can lead to wasted resources. By working with a CAAS partner, businesses can implement technology to streamline manual processes that leave room for human error. Instead of manually cutting checks you could utilize a platform like Bill.com to automate this task. Automating manual tasks frees up more of your time as a business owner. And who doesn’t need more of that?
Data Analysis and Reporting
When technology is implemented and processes are simplified, you are able to access real time financial data more quickly. Being able to gather data more efficiently will help to improve the evaluation of KPI’s and benchmarking so that you are able to gain the valuable insight you need to make effective business decisions. A CAAS can set you up with software, like Javiar, which allows you to import data to perform forecasting budgeting and “what if” analysis. These processes are vital for you to understand the strategies you can implement to stay afloat during these uncertain times.
Utilizing a CAAS firm could be an ideal option to explore. Outsourcing your day-to-day accounting and finance functions could provide you with more time to focus on your business development and staffing. Small business owners often wear many hats leading to many inefficient time wasting tasks. Having an expert team partner with your business helps free up your time and resources. And who wouldn’t want that.
If you have questions about working with a client accounting and advisory services firm, please reach out.