As an entrepreneur, CEO, or business leader, you set out with a vision for the future of your business. You put in the time and the grind to lay the foundation for growth and success.
In time, your goals will include being less entrenched in your company’s day-to-day tasks, as you spend more time enjoying the work-life balance you’ve worked so hard for – and deserve.
Like most businesses, that balance is often the first thing to go when you face staffing issues and recruitment complications. Finding the right candidates who will slot in well with your company culture is not an easy task, especially when it comes to critical roles like accountants or bookkeepers.
Recruiting and the Retirement Revolution
Now that companies across America are feeling the impact of the ongoing retirement revolution, business leaders are faced with significant challenges that are causing them to rethink their staffing protocols. Mass numbers of financial professionals are retiring or leaving the field, and their replacement pool is dwindling fast. Business leaders are having to step back into day-to-day tasks like accounting, all while trying to find a replacement and keep the wheels turning.
Will Your Business Survive When Your Accountant Leaves?
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The Downside of DIY Accounting
As an entrepreneur you will often wrestle with the ongoing tension between cutting short-term costs and investing in long-term profits. Handling certain tasks yourself, such as daily accounting and bookkeeping, instead of hiring someone experienced to handle it may have a short-term appeal. Having a lower headcount on your books is great, but it still doesn’t solve the additional responsibilities you now have to shoulder.
This DIY approach limits your business growth and will eat into your personal time and work-life balance. Add to that the time spent processing payroll, expenditure, accounts, HR, and month-end reports, and before you know it, you’re buried beneath a mountain of paperwork you were never meant to handle.
So, what’s the solution? The key to unlocking your entrepreneurial potential and reclaiming your precious work-life balance is a new and effective staffing strategy.
Adapt To Survive: A New Staffing Strategy
Don’t get stuck having to DIY your accounting. By embracing the benefits that technology, new processes, and the right people can bring to your business context, you are giving your business its best chance at survival.
The value that technology can add to a growing business cannot be overstated. Technology should be embraced in business, not feared. Technology is not there to replace your staff, but empower them to do their jobs better and more efficiently.
Adapting to the technological era is not just about surviving, but surpassing your competitors. Companies who have systems that allow them to service their customers better, faster, and more efficiently, will have a competitive advantage. From internal accounting systems to point of sale systems, technology is an essential part of your business toolkit.
Mastering efficiency is critical if you want to a) survive and b) scale your business for growth. Tedious, time-consuming, manual accounting processes will slow your team down and limit the amount of new business you can take on. By embracing automated systems, you free your accounting team up for more forward-thinking tasks like planning, problem-solving, and strategy. Take the time to relook at all of your internal processes, find ways to make them more robust, and use every opportunity to automate.
Changing up your staffing strategy may require you to reconsider your staff complement and your hiring processes. With the growing risk of your accountant leaving at any moment, you need to seriously rethink what you are looking for in the person (or people) who handle your company finances. Not only do you need someone to handle the day-to-day tasks, but you also need a strategic partner to help you plan for your future. Yes, you could replace your accountant, but that could prove difficult, costly, and time-consuming.
It’s time to consider a new strategy: outsourcing.
Meet the Accountant of the Future: Lescault & Walderman
Lescault & Walderman saw the Retirement Revolution coming a decade ago, and we acted fast to ensure that our business model would be flexible enough to provide the safety net that companies like yours needed when the time came. As your outsourced accounting partner, we come on board as an extension of your team to provide an efficient, automated, day-to-day accounting service, as well as strategic direction for your business going forward.
As a proud Sage Intacct Accounting Partner (SIAP), we’ve developed efficient, sophisticated, automated accounting systems with real-time dashboards and simple insights, powered by Sage Intacct software. We can help see you through the Revolution and set you up for a successful financial future.
Want to find out more? Contact Lescault & Walderman today!
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Time to Assess!
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