Outsourcing routine tasks is an easy way to simplify and grow your business. Accounting, customer service, and marketing are easy places to start when it comes to outsourcing. None of these tasks are unique to your business but all are necessary for a successful business.
Fewer in-house employees and the legal and financial complexities that come with them mean you’ll be able to quickly adapt when the time comes to grow your business. But is outsourcing your accounting right for you?
Consider these five advantages when looking to hire an outsourced accounting team.
Save Money and Reinvest to Grow Your Company
Employee hiring can be expensive. Recruitment, pre-screening reports, training, and payroll taxes add up quickly when hiring a full-time accountant. The ongoing salary and taxes will eat into your profits even when your business is in a lull.
By using an outsourced accounting team, you’ll pay a fraction of the money you’d spend on full-time employees. And that money you’ll save can be used to grow your business.
Perhaps your winery needs to replace its aging cooperage or purchase a new point of sale system for your retail operations. Reducing your payroll costs can help fund these new investments and grow your business.
As an extra bonus, no more searching for an employee with decades of experience in the beverage industry who knows the industry jargon and nuances. You’ll have a team of winery accounting experts on hand.
Promote or Reinforce Good Business Habits
If you’ve been attempting to do your own bookkeeping and find that it’s not a priority and doesn’t get completed until the bank, the tax preparer, or an investor asks, you’re not setting yourself up for victory. Accounting is the language of business and your business needs to be fluent.
When you work with an outsourced accounting firm, you’re working with a team of financial experts with years of experience in bookkeeping, financial statement preparation, and internal controls.
An outsourced accounting team can help with calculating winery inventory costs and design internal controls to prevent employee theft. Relying on your team of experts allows you to have up-to-date bookkeeping records so you’ll always know where your business stands.
These solid habits will pay off when the time comes to expand your business. Outside investors will love seeing that you have complete control over your business and its operations.
Receive Unbiased Advice From Your Accounting Team
If growing your business means soliciting outside investors or competing in a new market, your outsourced accounting team can provide you with the unbiased advice you deserve.
Your team of experts can offer tips on how to reduce your cost of goods sold to obtain a higher profit margin to make your winery attractive to investors. Or they can help you evaluate various warehouses to find the best fit for you.
And if you’re in need of improving cash flow, ask your team how you can reduce your accounts receivable and encourage customers to pay quickly. Offering a discount for prompt payment may cut into your profits but if it decreases your need to rely on expensive short-term loans to meet your cash needs, it may well be what your business needs to hear.
Outsourced accountants can see your business from the outside, something that may be challenging for the business owner. They can see what’s working and what isn’t. And any fair and trustworthy accountant will give you an honest take on the health of your business.
Reduce Burdens on You and Your Managers
As a winery owner, you’re pulled in dozens of different directions. Harvesting, production, operations, finance, and customer relations all compete for your attention each day.
You can alleviate stress on you and your management team by letting a team of expert accountants handle the day-to-day finances. Let them get into the trenches so you don’t have to. They will keep your bookkeeping records current so that you’re free to focus on areas that need your personal touch.
Relying on your team’s expertise gives you the confidence you need to make sound business decisions.
Your expert outsourced accounting team can even help with production reporting and TBB compliance – freeing up your operations team to focus on quality production.
Grow Your Business Together
When the time comes for your business to expand, your outsourced team will be able to grow with you. You won’t be slowed down searching for and hiring additional full-time employees. Start with a team now that has the ability to meet your needs today and tomorrow.
Rely on a team of experts who can help you answer questions like:
- Am I pricing my cases correctly?
- Which customers are most profitable?
- Can I afford to offer seasonal sales incentives?
And if the time comes when business is slow, your outsourced team can easily be scaled back. You won’t have to continue incurring overhead payroll costs when revenue has dipped. Your outsourced team can fluidly adjust to your business needs.
If you’re considering outsourcing your accounting, do your due diligence to find the right team of experts to complement your business. With the right outsourced team, you’ll be able to tap into the top talent in the accounting industry setting your business up for continued success.
Let Protea be your team for today and tomorrow. Discover why we’re the premier winery and beverage accounting experts on the West Coast by requesting your complete business evaluation today.
