Growth companies that are on track to multiply revenue in a short period of time face a specific set of accounting challenges.
A dramatic escalation in business activity — such as providing more goods and services — requires a more efficient and informed accounting approach to create efficiencies, avoid costly mistakes, and spend more time focusing on continued growth. This often requires support from a proficient and experienced outsourced accounting service provider.
How Outsourced Accounting Services Can Support Growth
The accounting required with the growth in production will quickly become more sophisticated with added volume.
– Instead of dealing with one or two vendors, now you are dealing with multiple vendors across the country or perhaps across the world.
– You’re also thinking differently about office space needs, adding new equipment, and increasing headcount to generate additional revenue streams or build on existing revenue sources.
The increased revenue means more ways of recognizing that revenue. As you start to bring in sales from more sources via more product lines, this introduces the need for a higher level of accounting and financial support.
Many growth companies do not have the internal staff to support the level of sophistication required. You may have started with a basic accounting team using basic accounting tools that could help your company get off the ground. Now, you’re entering new territory with more things to worry about.
That’s why it’s a great idea to consider outsourced accounting services from an expert team that can provide needed accounting support and financial oversight. This is one of our areas of expertise at Finlyte.
Why Utilize Outsourced Accounting Services?
In our experience, one of the key benefits of working with a firm such as ours for accounting support is that you have a pre-built knowledge base from Day One.
While your current team may be accustomed to performing their accounting duties in a legacy accounting system or an entry-level tool such as QuickBooks, our team can introduce sophisticated accounting capabilities to support each new challenge that growth companies experience.
We recommend utilizing the Oracle + NetSuite platform to achieve this objective because of the tool’s ability to manage complex accounting situations and provide decision-makers with visibility to make critical decisions.
Through our NetSuite Implementation service, we pair this sophisticated approach to managing accounting needs with a true ERP experience inside of NetSuite. That decreases the learning curve of your back office team and helps you avoid a costly search for a particular skill set and knowledge base for a new employee.
Instead of trying to find the right employee on the open market or trying to build a new group of accounting employees, you can quickly find support through an outsourced accounting service provider. Our team already understands exactly what your company is experiencing and can quickly enter the picture to provide the necessary support implementing NetSuite.
You can also avoid adding another salary to your overhead cost by using a firm such as ours. Instead of bearing the full burden of a new employee or group of employees, you can utilize our team for a short period of time or a longer period to support the complete implementation and usability of NetSuite. We scale our service as you scale your business.
The team we put in place is easy to bring on and just as easy to replace as your company grows to the point where it makes sense to bring in a new full-time team member. Our approach allows for a more organic approach for growth companies.
Mistakes We Help Growth Companies Avoid
A steep learning curve is often attached to a period of accelerated revenue growth. We often hear from leaders in growth companies that they don’t know what they don’t know about sophisticated accounting and financial situations that were nowhere near the forefront in the early stages of the company. Now, the issues are top of mind, and support is needed.
Our team carries substantial experience with accounting responsibilities that growth companies face. Using NetSuite, we help clients avoid the early mistakes often associated with the transition to a new software tool to manage complicated situations.
Oftentimes, clients want to use their new ERP to produce consolidated financials for the first time, which requires accounting processes for intercompany allocations and transfers, shared expenses, and accounting across different locations or segments.
This process can quickly become complicated and burdensome for accounting teams that are accustomed to entry-level software tools. We fill the gap by delivering best practices across the board to make all these efforts roll out more smoothly.
That’s why we recommend working with a team that has done this before. We will sit down with your team to walk through common issues together. This way, mistakes can be avoided and your team can best understand how to use available tools to efficiently complete critical accounting and financial tasks.
Our approach takes the guesswork off the plates of everyone charged with performing accounting and finance duties inside of NetSuite for the first time. In turn, this helps with user adoption across the board.
Now You’re Prepared for Unrestrained Growth
More growth means more inquiries. One side of the coin is the potential for an audit from an external party reviewing your accounting and financials. On the other side of the coin could be an investor seeking to gain a deeper understanding of your financial position before making further investment.
An outsourced accounting service such as our firm can provide you with assurance that your company has complied with accounting standards and that your financial reports can be relied upon.
While it may be easy to keep your accounting and reporting needs to a minimum to focus on other areas of the business, you would be exposing the business to risk from an audit or missing an investment opportunity.
Someone looking to invest in the growth of your company or join the company as a shareholder will often require a more sophisticated view of current performance. They will also want to look into the financial data to gain an understanding of potential future performance.
At Finlyte, we can help you satisfy both sides of the coin and position your company to continue climbing toward your long-term growth goals.
If this sounds like the situation your growth company is facing, then reach out to us today. We are prepared to deploy a team of experts to provide outsourced accounting services and full NetSuite implementation support.
On a daily basis, we help companies like yours streamline their accounting through the NetSuite platform to continue growing and prepare for additional investment. Let’s get started.