Starting and running a small business is a thrilling adventure, but it’s not all smooth sailing. One of the most significant hurdles that small business owners face is finding the right employees to take their business to the next level. Did you know that according to a survey conducted by Indeed, 60% of small business owners struggle to find qualified candidates? It’s no surprise that sifting through resumes, conducting interviews, and onboarding new employees can be a daunting task, both in terms of time and money. Even after all the effort, there’s no guarantee that the new hire will be a good fit for the company.
“By outsourcing specific roles or functions, companies can quickly and easily fill gaps in their workforce without having to go through the hassle and expense of recruiting, interviewing, and onboarding new employees.”David Stellini, Co-Founder at All Front
Managing financial functions like accounting, bookkeeping, and payroll requires a high level of expertise and accuracy. Mistakes can be incredibly costly, especially for small businesses operating on a tight budget. In fact, according to the National Small Business Association, payroll errors cost small businesses an average of $4,000 each year. Small business owners may not have the resources to hire a full-time in-house accountant or financial expert. So where are we going with this? You guessed it.
Many small business owners are turning to financial outsourcing as a solution to delegate financial tasks to third-party service providers specializing in accounting, bookkeeping, and payroll. This not only frees up their time and resources but also provides access to specialized expertise and technology that may not be affordable in-house. By outsourcing financial functions, small business owners can save time and money spent on recruiting, interviewing, and onboarding new employees while also ensuring that financial tasks are handled by experts. Pockets full of money and a bunch of financial superheros on your team? This situation makes it clear that there’s not much to lose and huge gains to be made.