Running a business is hard. Whether your company is old or new, a large corporation or a microbusiness, your team has more than enough on its plate. And chances are you could use some help.
If there are any areas where your team is unequipped, you may be wasting precious time and money by trying to handle them in-house. That’s where outsourcing comes in.
By outsourcing, you can boost efficiency, gain specialized expertise, offer better services, and save money in the process. Plus, you can use your saved time to focus on growing your company! Below, Optima Office discusses the benefits of outsourcing your accounting and HR functions and provides a few tips for doing so.
Benefits of Outsourced Accounting
Hiring an accountant could be one of the best decisions you ever make for your company. Here are a few reasons why:
Facing Financial Challenges
Every company deals with a myriad of financial challenges, and accountants can provide expert services and insight. Whether you hire them on a full-time, part-time, or as-needed basis, their services can prove invaluable and relieve a lot of stress. Taxes, payroll, bookkeeping, and loan applications are a few of the many tasks a qualified accountant can handle.
Making a Business Plan
Any solid business plan will include financial projections, and an accountant can help you make accurate and professional forecasts. They can also provide financial advice early in the process to help you determine which legal structure (e.g., sole proprietorship, partnership, LLC, etc.) will work best for your company.
Delegating Vital Financial Tasks
Being a business owner means you can choose your own hours, modify your workload as needed, and create your own business strategies. While these are ultimately freedoms, they are also responsibilities that can lead to stress and burnout.
Why not allow an expert to take care of any financial tasks stealing your peace of mind? You can use the extra time to focus on running your company!
Benefits of Outsourced HR Functions
More and more businesses are choosing to outsource their HR functions because of the complexities involved and the various processes and regulations. If you try to navigate the challenges without professional expertise, it can be costly. Here are some of the primary reasons for hiring HR consultants:
Outsourcing your HR functions will allow your team to focus on what you do best, keeping your customers satisfied. It costs a significant amount of money to fulfill all the necessary HR responsibilities in-house. Finding the right service provider means you can have confidence that a seasoned expert meets your HR needs.
Recruiting Top Talent
If you are hoping to grow your company, it’s critical to hire with purpose and attract top talent. The right HR consultant can create a compelling and impactful job description that helps you recruit the best available employees.
A good job description will communicate your company’s goal for the position and the job requirements, responsibilities, and benefits. Working with an HR professional also means that your job descriptions will always remain current and relevant.
Higher Employee Retention
When a company has HR problems, the whole team can feel it. And it can quickly lead to employee dissatisfaction and low morale.
Having a professional come in to handle your HR functions can mitigate these problems and help you create a healthier workplace. If your team members are happy, they will be more likely to stick around and tell their friends about what a great company they work for.
Better Risk Management
Employment and labor law get many businesses in hot water. Failing to mitigate the associated risks can significantly hinder your growth potential.
Since they change so frequently, it can prove invaluable to have HR professionals on board who are well-versed in employment and labor laws. HR consultants must stay current on federal and state labor laws to help companies remain compliant and avoid catastrophic lawsuits.
Better Performance Management
If your company hopes to maintain a competitive edge, you must prioritize employee performance and development. Working with a seasoned HR professional will leave you in a better position for improving your performance management and ensure you have all the best tools to measure the essential metrics.
How to Hire a Fractional CFO
Fractional CFOs work for various companies part-time, but they can significantly impact a business’s bottom line and overall growth. When looking for a fractional CFO, evaluate each candidate’s experience to ensure they know your industry inside and out. Interview several candidates and ask situational questions to see how they would respond to your company’s unique needs.
Another way to tell if a fractional CFO can benefit your business is to ask them to identify gaps in your strategic planning and structure. You will also want to ensure any candidate you consider has experience with the specific services you need. One quick way to connect with qualified fractional CFOs is to ask for references from your professional network.
How to Hire an HR Manager
If you have determined it’s time to hire an HR manager, your first step is to find an online template and create the best job description you can. Make sure it details your expectations and paints your company in the best light possible.
Once you have a decent job description, promote it through the appropriate channels. Post an ad on LinkedIn, Glassdoor, Indeed, Monster, HR Jobs, and other relevant job boards.
Ask for referrals from your professional network, and utilize your social network to connect with prospects. When you have found several candidates, assess their experience to get an idea of which would be the best fit for your team. Ask each candidate how they can benefit your company and which tools they prefer to use for the job.
Don’t hesitate to have an honest discussion with your HR manager candidates, and be sure to lay out all the challenges your business is facing. This will show how confident each candidate is in how well they can help your business navigate the challenges ahead and position you for long-term success.
There are countless benefits to outsourcing tasks to seasoned professionals. Consider hiring an accountant to help you navigate various financial challenges and develop effective strategies. Hire an HR manager to save your company money, help you build a stellar team, and help your team improve its overall performance.
When it’s time to find and choose the best candidates, follow the tips above. And always look for other ways to take your company to the next level!
Would you like to read more helpful content or learn about our accounting and bookkeeping services? Visit OptimaOffice.com today!