One year into the global pandemic, and it is clear the business climate has been turned upside down. Over 100,000 businesses, many of which have been around for decades, have vanished. Many others sped up their adoption of digital technologies overnight — leading more to rely on outsourcing professional services for efficiency and to counteract declines in revenue.
Outsourcing for accounting, human resources, legal and IT allows companies to be more efficient. It optimizes the business owner’s time, allowing them to work on their business instead of in their business. In addition, outsourcing can provide real-time data analytics for better business decisions and ample growth opportunities.
Businesses often outsource accounting services when an in-house department is not needed. As trusted business advisers, CPAs and financial service firms can connect strong software platforms to approve invoices and transactions, delegate duties and auto-pay invoices.
In some cases, businesses opt to outsource their entire accounting function, directly linking bank accounts to accounting software and contracting with an outside accountant to run the operation, from financial statements to data entry and everything in between.
Seeking counsel from human resources consultants also has proven to be invaluable for many business owners during the pandemic. With ever-changing employer guidelines, small businesses often can get lost in the nuances of ever-changing updates.
Having a human resources adviser at the ready allows business owners to pick up the phone and quickly determine the best path forward, instead of spending valuable time deliberating on complex decisions. HR consultants also help with specialty areas, including employee rights signage, remote work, benefits, government aid options, paid sick leave and much more.
The need for technology solutions has been unsurpassed in the last year and clearly has emerged as a critical area of focus for business owners shifting to a digital workforce. As many scrambled to assess their IT infrastructure, business owners have turned to information technology consulting firms for IT assessments to see how well their technology environment supports the mission of their organization. As a result, IT experts help businesses identify which areas are the biggest threat or biggest opportunity when it comes to cybersecurity.
It’s important for businesses of all sizes to have a strong bench of experts on-hand to provide comprehensive business solutions. Providing real-time data analytics, specialized expertise and historical information allows businesses to take advantage of unrecognized opportunities, allowing more time for business owners to focus on what they do best. When done well, utilizing outsourced service providers can help business owners deliver top-line growth, as well as bottom-line results.
Businesses looking to outsource accounting, information technology or human resources should ask their peers for recommendations and seek out firms to evaluate their options. There is a common misperception that outsourcing comes at a significant cost. The reality is that strong firms with well-versed experts can save business owners significant time and money in mistakes, and in many cases, outsourcing proves to be equivalent to or less than the cost of hiring someone internally.
For those who haven’t done so already, now is the time to consider outsourcing as a business strategy. As the pandemic has shown us, outsourced experts add valuable knowledge and resources and underscore businesses’ ability to move quickly and adapt.