In the heart of the tech hub, a mid-sized SaaS company was on the brink of breaking into the big leagues. The company’s owner was adept at steering the ship when it came to software development and client acquisition. However, the financial side of business management and growth was quickly spiraling into chaos. Without dedicated accounting support, the company’s leadership team found themselves struggling to complete the month-end close, missing critical financial data, and failing to meet their compliance requirements and deadlines. Without this key support in place, the growth and stability of the SaaS company was on the line.
This scenario is an unfortunately common one in the small- to mid-sized business world
When you’re running a growing business, it’s easy to get focused on innovation, research, marketing and building demand. But it’s careful financial management that keeps businesses on track. That’s why dedicated accounting support is one of the most valuable services your business can invest in. It’s a service designed to bring order to your financial chaos and steer businesses towards a path of sustained growth and stability.
What is dedicated accounting support?
Dedicated accounting support refers to the specialized services provided by financial experts who focus solely on managing and optimizing your company’s financial operations.
Accounting support goes beyond crunching numbers and keeping your books. It’s a comprehensive approach to financial management, reporting, compliance, taxes, financial planning and more, so every aspect of your finances is meticulously completed and organized.
While general accounting services primarily deal with the day-to-day financial transactions and record-keeping, dedicated accounting support takes a more holistic approach to your finances. It integrates seamlessly with your business operations, providing insights, strategies, reports and forecasts that can help steer your company toward financial stability and growth.
This kind of hands-on support isn’t just about bookkeeping — it’s about working with a strategic partner who has the expertise needed to support every financial and reporting complexity with ease and efficiency.
What kind of businesses benefit from dedicated accounting support?
Startups and small- to mid-sized businesses stand to gain the best benefits from a dedicated accounting support team, because these companies can have complex financial needs, but may not have the resources needed to meet those requirements.
Typically, businesses that leverage dedicated accounting support have one or more of these traits in common:
- They operate in a complicated regulatory or compliance environment, like private equity, life sciences, technology or the financial sector.
- They have multiple revenue streams.
- They work across state or country lines, and have revenue coming in from different locations.
- They have a large workforce or remote workforce and have significant payroll needs.
No matter your industry or growth stage, having a dedicated accounting support team available to help you manage your day-to-day finances frees up your team’s time, so they can focus on core business activities, innovation and growth.
Dedicated accounting support can boost your business in three major ways
Managing your company’s finances can become overwhelming, especially when you have multiple competing priorities on your plate. That’s what makes dedicated accounting support so valuable for business teams still handling their finances in-house.
Here are three ways dedicated outsourced accounting support, in particular, can strengthen your company — and boost your bottom line:
1. Improving the accuracy and reliability of your accounting
The quality of your biggest decisions often comes down to the integrity of the data you base those choices on. If your team struggles to gather up-to-date, clean, applicable financial data, when it’s time to make those key decisions, you may not have what you need to steer your company forward.
A dedicated accounting support team can enhance the financial accuracy and reliability of every datapoint, producing faster, more accurate reports for stronger decision-making at each key junction.
2. Meeting compliance and risk management requirements
As your business grows, so does your need for compliance and financial risk management support. Dedicated accounting support can help you navigate the world of regulations and compliance standards, even when those requirements shift unexpectedly. When you partner with an accounting team that’s well-versed in your industry, you can focus on your core strengths while your support partner monitors the regulatory environment.
3. Assisting with strategic business planning
Beyond managing your numbers and reporting, did you know your dedicated accounting support team can also help with long-term business planning? With a deep understanding of your company’s financial landscape, your outsourced accounting team can provide valuable insights and forecasts based on your current data, market trends and industry expertise. That support can be a significant contributor to your future growth, giving your leadership a fresh perspective — and insights they may miss on their own.
Is dedicated accounting support the competitive advantage you’ve been missing?
Back in the tech hub, the chaotic mid-size SaaS company partnered with a dedicated accounting support team and set out to bring order to their books. Within a few months, the disorganization that once characterized its financial department had been replaced with clear, accurate, timely reports that every member of leadership could use to make stronger decisions. Compliance was no longer a headache, accuracy became the new normal and strategic, data-backed planning finally began to guide the company toward a promising future.
This turnaround story is a simple example of the transformative power of a support team dedicated to your company’s financial health. As a business owner, it’s worth evaluating the potential advantages of integrating dedicated accounting support into your growth strategies, because this one move could be just the catalyst you need to take your business to a new level of success.
Want more? Escalon has helped over 5,000 companies across a range of industries to optimize routine business functions, like taxes, accounting, insurance, HR and payroll, and operate more efficiently. Talk to an expert today.
This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.