Business owners seem to have less and less time. One thing in plentiful supply in today’s business world is help. Orbiting every industry are providers, consultancies and independent contractors offering a wide array of support services. Simply put, it’s never been easier to outsource certain business functions so you can better focus on fulfilling your company’s mission and growing its bottom line. Here are four such functions to consider:
- Information technology. This is the most obvious and time-tested choice. Bringing in an outside firm or consultant to handle your IT systems can provide the benefits we’ve mentioned — particularly in the sense of enabling you to stay on task and not get diverted by technology’s constant changes. A competent provider will stay on top of the latest, optimal hardware and software for your business, as well as help you better access, store and protect your data.
- Payroll and other HR functions. These areas are subject to many complex regulations and laws that change frequently — as does the software needed to track and respond to the revisions. A worthy vendor will be able to not only adjust to these changes, but also give you and your staff online access to payroll and HR data that allows employees to get immediate answers to their questions.
- Customer service. This may seem an unlikely candidate because you might believe that, for someone to represent your company, he or she must work for it. But this isn’t necessarily so — internal customer service departments often have a high turnover rate, which drives up the costs of maintaining them and drives down customer satisfaction. Outsourcing to a provider with a more stable, loyal staff can make everyone happier.
- Accounting. You could bring in an outside expert to handle your accounting and financial reporting. A reputable provider can manage your books, collect payments, pay invoices and keep your accounting technology up to date. The right provider can also help generate financial statements that will meet the desired standards of management, investors and lenders.
Naturally, there are potential downsides to outsourcing these or other functions, and you will still incur costs in engaging a provider. It will be critical to get an acceptable return on that investment. You’ll also have to place considerable trust in any vendor, so it’s important to choose a reputable one. Last, even a good outsourcing arrangement will entail some time and energy on your part to maintain the relationship.
Depending on your business’s size and goals, this may be a good year for your business to look into using outsourced services. Dalby Wendland provides Client Accounting Services to help our clients with business process outsourcing, including payroll processing and reports, billpay, financial reporting and statements, virtual controllership, CFO services, and advisory on general ledger setup and internal controls. Our professionals stay abreast of tax and regulatory requirements and can provide valuable financial information to help you make timely important decisions.
Call us for more information:
Grand Junction (970) 243-1921
Glenwood Springs (970) 945-8575
Montrose (970) 249-7701