This millennium can be called the age of “I will do whatever I want and there is a chance that it would work”. It is so surprising yet satisfying to see that more and more people find opportunities for themselves. Being an office minion can still be the way to go, and a lot of people still follow that route. There are those who go to medical, engineering or technical school and fall in love with the work there. However, building a business was almost impossible back then without any kind of capital. Now, with the power of the internet, you can start a business and work your way up to the top.
Take note though that not everything about starting a business is simple. In fact, it is far from it as there are a lot of factors that can determine your failure or success. You still need a bit of a capital, and some internet connections. Also, you need to decide what kind of business are you getting into, the potential market and the timing of the sale. If you have hit most of those points then et voila, you might become the next face of Forbes magazine. After all, the billionaires of today were peons of yesterday, right? Not all of them, but they did need to work for them to get at the top. Read about it in this link.
Started from the Bottom, Now you’re… On Your Way
There are so many startup companies these days and the competition is fierce. Even those who are in different areas of focus will have to compete one way or another. The internet has made most of these things possible, and it can be quite surprising to see that some of them do succeed. If you are one of those people, then congratulations! You are now doing something that many of us might not be able to in our lifetimes: to manage your own company. It is a challenging role, but a fulfilling one as well.
If you are now running the business or even a manager of one, you need to hire some employees. This helps in keeping the company running. One of the most important departments that you need to fill in is the accounting department. They are the ones who make sure that every expense that you do matters. These people will also analyze the cost of operations, salaries, returns and almost everything related to money. They help in monitoring the spending and generation of money as well.
One question remains though: would you rather hire someone as a permanent part of the company? On the other hand, you may also want to employ contractual services like Entreflow Accounting & Bookkeping Services. As a startup, we would recommend the latter for the following reasons below.
Why Hire People from the Outside
- Hiring can take too long
A major disadvantage of hiring someone on a permanent basis is that it can take too long to find one that would suit your team. Most of the best accountants all around the country would probably choose a bigger company. The hiring process can be a detriment for you since this is a rather important part of the business. No one wants to deal with a company that doesn’t even know how to track their expenses.
- Non-biased reporting on business
Another great aspect of a third party accounting team is that they do not have any ties with the company. You do not need to worry that they might trample all over your data. There are some people who are not keen in trusting third party companies to do their accounting files because these are sensitive information. However, these firms do take your privacy seriously and they do not want their reputation to be ruined anyway. You can always trust them to give a report that would not be affected by any internal conflict.
- Can tackle other duties
Most of these accounting firms can also perform other duties like those in the HR. They can deal with the compensation and benefits which will lessen the load of your HR. Now, they can focus on other pertinent parts of managing the other employees. They can also process the salaries of the employees.