Reduce the cost of doing business and improve operational efficiency by outsourcing tax, accounting, and financial management functions. This is the message from a couple of local business owners providing mission-critical Business Process Outsourcing (BPO) services.
Launching and operating a business is a major feat for most people. Manufacturing quality products or providing excellent services can be a consuming endeavor that is taxing financially, emotionally, and physically.
Funding payroll, buying equipment, paying rent, purchasing materials, and servicing debt are typical business obligations with price tags attached. These costs of doing business can be quite significant depending on the industry.
Being the best you can be – especially in a competitive market with tight margins – can be challenging. Keeping up with the latest developments in your industry, while managing employees, and serving customers, can dominate your day and absorb your energy.
Learning new federal, state, or local government regulations impacting your core business operations can require your undivided attention and pull you away from business operations. Layer on a life you may have outside of your business – such as with family, friends or exercise equipment – and you may find yourself squeezed for time.
Doing business requires money, energy, and time. And for many companies, these resources are precious and limited. Therefore, it makes sense to consider reducing costs and improving efficiency by outsourcing business processes that are not core areas of expertise.
Businesses often rise and fall based on how they handle tax, accounting, and financial management issues. Taking your eye off the ball – or missing an important regulatory development – in one of these areas can be problematic and undermine success.
A local service provider sees benefits from outsourcing tax and accounting processes. “The biggest benefit is that you don’t have the overhead expense of bookkeeping,” said Pam Burns, owner of ProActive Tax and Accounting. “Tighter controls on business resources and bank accounts can also occur if you are using a third party,” added Ms. Burns.
As a Certified Public Accountant (CPA), a Forensic CPA, a Certified Valuation Analyst, and an IRS governed Enrolled Agent with nearly 30 years of experience, Pam Burns has valuable expertise. She has graduate degrees in tax and accounting and co-authored the books entitled “The Pocket Guide to Obamacare” and “Why Didn’t My CPA Tell Me That?”
ProActive Tax and Accounting offers business services such as small business accounting, payroll, business valuation, and succession planning. Their tax services include preparation, planning and addressing a range of problems such as non-filed tax returns, back taxes owed, payroll tax problems, and IRS payment plans.
Leveraging the experience of leading professionals can help business owners run their operations more efficiently. Being a jack of all trades in this day and age might not be the best strategy for growing a thriving business. Securing third party assistance can be a wise move and better position your company for success.
“Business process outsourcing (BPO) allows companies to tap into the time flexibility and expertise of BPO professionals. It provides business owners with the peace of mind to pursue their passion knowing that the outsourced functions are in good hands,” said Dwight L. Hulse, owner of D.L. Hulse Consulting, LLC, a CFO Advisory Services company.
“BPO can help businesses get to the next level because it enables business owners to focus on their core competencies and achieve success a lot faster without the demands/distractions of those non-core activities,” added Mr. Hulse.
Mr. Hulse is a credentialed professional with international experience. He is a Certified Public Accountant, a Certified Information Technology Professional, and a Chartered Global Management Accountant. He also holds advanced degrees in business administration and public administration.
A CFO Advisory Services company, D.L. Hulse Consulting, LLC advises small and medium-sized businesses in areas such as start-up assistance, business planning, cash management, financial analysis, financing, information technology, internal control, and management reporting.
With the advent of digital communication and social media, businesses have more advertising and marketing tools at their disposal. As a result, it can be easier to market goods and services to potential customers and compete more intensively with other market participants.
Outsourcing can enable a business to be agile, reduce costs, free-up more cash flow, and re-invest into key growth drivers. This can help a business compete more effectively in the global market.
According to Mr. Hulse, outsourcing “when structured strategically will provide companies with a competitive advantage/edge in the market place. In the past, considering it was optional, but today it is fast becoming not only a key component for a company’s return on investment but also for its survival.”
By Kamal I. Latham