BOSS has collaborated with numerous startup companies throughout the years and frequently observes them encountering the same challenges repeatedly. Therefore, today we want to highlight some warning signs and provide insights on how outsourcing bookkeeping can help you steer clear of these issues.
1. Challenges in Recruitment
There are essentially two main obstacles within the realm of recruitment. The first arises when you mistakenly hire individuals who aren’t a good fit. For instance, consider you have a client that wishes for you to manage more of their tax responsibilities, but unfortunately, you’re lacking the necessary expertise to fulfill their request on your own.
So, you invest significant time and resources into finding an expert instead of simply outsourcing the bookkeeping tasks. Although this new employee is capable enough to handle basic assignments, it may seem like everything is going smoothly at first.
However, as time progresses, you realize that while they possess satisfactory skills, they’re not genuinely part of your team. They might be using your firm merely as a stepping stone toward employment with larger firms or there could be interpersonal issues such that they don’t share your vision for building something extraordinary together in your company.
As a result, you’ve acquired an obstacle just as you’re attempting to move forward. If you decide to part ways with them, you’ll face severance costs; if you keep them on board, they’ll likely continue dragging down team morale significantly.
The second issue with employing an in-house bookkeeper, rather than opting to outsource this service, is that a specialist may not have sufficient workload to justify their role. It can be quite challenging to navigate the decision of whether to retain a client seeking additional services while also managing the expense of an unnecessary team member.
However, by outsourcing your bookkeeping needs, you can eliminate both challenges. You won’t risk bringing someone into your organization who might hinder your overall objectives. Additionally, you won’t incur the overhead costs associated with maintaining staff who lack enough tasks to warrant their salary; instead, you only pay for assistance when it’s necessary.
As an added advantage, you save on both time and expenses related to recruiting new employees. The overseas staff at BOSS are thoroughly vetted and typically possess a minimum of six months—often several years—of professional accounting experience.
2. Casting a Wide Net with Your Services
Who constitutes your perfect client? Which types of individuals do you prefer to collaborate with the most? One significant error is attempting to appeal to everyone across various markets.
Firstly, this approach will require you to employ a scattershot marketing strategy, resulting in a considerable financial drain.
Secondly, you’ll find that it takes considerably longer for news of your skills to circulate widely.
In contrast, by concentrating on a specific niche—such as assisting new small business owners in overcoming their initial financial challenges—you’ll notice that referrals tend to multiply more quickly since recommendations resonate within an interconnected group.
As you cultivate a satisfied clientele, they are likely to seek your assistance for additional matters like their personal taxes. By outsourcing bookkeeping tasks, you can effectively manage the growing workload from increased referrals while we remain available when you’re ready to broaden your service offerings with skilled professionals capable of managing the expanded demands.
3. Delegate bookkeeping tasks to free up time for marketing efforts
Marketing often requires significant time investment, and there’s a learning process involved in effectively promoting yourself. To minimize the costs and hours spent on marketing, you might feel inclined to take on as many clients as possible initially, even if that leads to an overwhelming workload.
Nevertheless, it’s crucial to remember that the standard of your work plays a vital role in your self-promotion. If you produce subpar results, it can ultimately define your brand negatively.
By outsourcing bookkeeping responsibilities, however, you can drastically lessen your compliance duties—you simply need to collect information from your clients and pass it along to your team abroad. Your international staff will deliver high-quality outputs on those files, which enhances your reputation by ensuring timely delivery of excellent work—representing the kind of branding success you should strive for.
