Fast-growth companies are designed for revenue to outpace expenses. Unfortunately, the side effect of fast growth is that your business activity can quickly outpace your accounting capabilities. Managers and executives often spend too much trying to support accounting when they should be focused on sustaining growth.
At a certain point, it will become apparent that you need the support of outsourced bookkeeping services. This way, key accounting processes can be taken off your company’s plate so that your team can focus on revenue-generating activities.
Does This Sound Like Your Accounting Challenge?
Growing companies need reliable day-to-day bookkeeping services. It’s part of the nature of doing business. But, you need a solution if back-office processes are slowing down your company and causing key team members to spend too much time on accounting.
You’ll know it’s the right time to outsource bookkeeping if your company is currently experiencing these common accounting issues during rapid growth:
- Team members are wasting time with manual accounting processes and searching through spreadsheets.
- Each period’s financial consolidation process is overly time-consuming.
- Your forecasting and budgeting is a “best guess” vs. based on facts.
- You are running multiple different instances of QuickBooks and other disparate software to support accounting and business needs.
- You do not have access to real-time information to make decisions.
- There is a lack of visibility to see whether cash flow can keep up with growth potential.
- The information that you do have is stored in various places.
- There is no “single source of truth” because you are using multiple pieces of software.
- You’re not ready to hire an accounting professional because it’s expensive and time-consuming.
Does this list sound like your situation? In our experience working with companies that need outsourced accounting support, we have found that they lack the appropriate accounting software and processes to achieve efficiencies and make informed decisions.
A typical fast-growth company will start with QuickBooks or a similar basic accounting platform. One or two managers are then responsible for executing accounting processes. However, these basic accounting platforms are not designed to handle the complex accounting and business situations that companies encounter as they grow.
– For example: are you able to generate a reliable forecast of how much cash you need on-hand to take care of future expenses so that you aren’t caught off-guard by a sudden cash crunch? If your team is simply monitoring current activity, trying to keep the business going from one day to the next, the lack of visibility could lead to an unwanted surprise managing cash flow.
Additionally, the accounting processes that may have worked initially will not support the business as you grow. It’s not scalable for management to continue with manual accounting processes or spend time trying to work around the basic capabilities of entry-level accounting software.
What you need is a highly capable team to provide an outsourced bookkeeping solution that fits the organizational need. That’s where Finlyte can step in to provide a higher level of support than what you will typically find in the market.
Why Utilize Our Outsourced Bookkeeping Services?
We built a robust team of accounting professionals to support the accounting needs of growth companies. We have bookkeepers, junior and senior accountants, controllers, and CFOs on our team ready to provide expert support for your company.
Our company can step in at any capacity – from a bookkeeper to a full-time controller – to meet your needs. We have accountants on staff with experience at all levels across multiple industries. We not only make the accounting process easier for your company, but we bring a level of experience to the table that growing companies generally cannot afford.
We offer companies the ability to select the appropriate service level for the organizational need. Instead of spending time and resources trying to hire and train an accounting professional to fill the role, you can rely on our team to provide you with the support you need at a reduced cost. Consider our service options:
- Day-to-day bookkeeping support
- Chart of Accounts (COA) creation
- General Ledger Management
- Account Reconciliations
- Accounts Receive/Payable processing
- Month-end close support
- Payroll coordination
- Financial reporting
- Support working with large auditors
Realize the Full Benefits of Outsourced Accounting Services
There is also an opportunity to package our services with migration to the Oracle NetSuite ERP platform. If you’re ready to advance from QuickBooks or another basic accounting system to a more robust platform, we’ll get you set up with NetSuite ERP to unify accounting, finance, and business processes in one location.
Our full solution will set you up for sustained growth and position you to best manage relationships with investors to fuel the next stage of growth. You will regain focus on growth and revenue-generation activity versus wasting valuable time on back-end accounting processes.
Consider the power of a full accounting team on your side versus making one hire. We’ll take care of critical accounting processes and provide you with increased visibility so that you can make faster, more informed decisions to keep up with the pace of growth.
Our complete solution is risk-free. We offer month-by-month subscription pricing, or you can sign up for a longer-term engagement. Now is the time to leverage our deep experience setting up and optimizing financial and business processes that will scale with your company.
Contact us today to discuss our outsourced bookkeeping services and the additional opportunity for NetSuite ERP implementation. Let’s position your company for sustained growth!