Employees in growing businesses all wear multiple hats. All too often, the founder is the accountant, the office manager, the lawyer, the salesman, and the head of HR. Does this sound familiar?

It’s generally accepted that employees of startups and small businesses should be willing to go the extra mile. It is unacceptable at startups to say, “that’s not in my job description.” As your company grows, however, it is essential to step back and decide if your business will benefit from you splitting your and your employees’ time on different functions or focusing on your product/service and revenue.

A Deloitte survey of small businesses that use outsourced services revealed the following findings:

  • 59% of companies outsource their services to save money

  • 57% of businesses utilize outsourced services to focus on their core business

  • 47% of companies bring in an outsourced services firm to solve capacity issues

Some of the critical roles that can be handled by an outsourced services firm include business administration, HR, and finance. Let’s take a more in-depth look into how outsourcing each function helps save you both time and money.

Business Administration Services

Core business administrative services are vital to keeping any business and office afloat. Yet too often these tasks end up being delegated to specialists in your company who should be focusing their attention elsewhere. Admin outsourcing ensures that your key staff is focusing their attention on the matters that will make the most significant impact on your business.

A business administration services firm can assist with:

  • Office Management

  • Vendor and Facilities Management

  • Vendor Set-up

  • Meeting/Appointment Scheduling

  • Events Coordination

  • Office Relocation

  • Managing Company Correspondence

  • Database Management

  • Client/Customer Relations

  • Mail Management – Both Postal and Email

  • Research

  • Project Support

HR Services

HR specialists are crucial to ensuring that your current employee’s needs are being met and that recruiting is performed with proper and sufficient due diligence. Without having a dedicated HR person overseeing your employee-base, you risk employee dissatisfaction, a loss of productivity, and not hiring the best employees. Having HR staff also saves you valuable time in recruitment, allowing you to focus your attention on more pressing matters.

If you’re not in a position to hire a full-time HR manager, outsourced HR services can assist you on a part-time basis to ensure you are staying on top of these critical tasks.

An HR services firm can assist with:

  • Benefits Plan Guidance

  • Implementing an HR Technology Platform

  • Compliance & Internal Controls

  • Employer Liability Management

  • Employee Learning and Development

  • Succession Planning & Implementation

  • Recruiting Support and Interviewing

  • Diversity & Inclusion Programs

  • Fostering Company Culture

  • Rewards, Recognition & Retention

Finance and Accounting Services

No business can thrive without the guidance and support of accountant expertise. Still, too often, companies rely on bookkeeping services like Pilot or Bench and miss out on the analytical capabilities of a Certified Public Accountant (“CPA”). CPA’s specialize in preparing financial statements, interpreting financial data, communicating finances to stakeholders, and assisting in making critical business decisions. An accounting services firm will be able to provide detailed insights that software simply cannot.

A joint survey by CPA.com and Bill.com asked 1,700 professionals who work with accounting firms how those firms benefit their business. The results showcase the potential of transformative impact for companies of any size:

  • Saves Time: 80% of the respondents say that outsourced accounting provides them more time to focus on their business.

  • Easier Accounting: 68% said implementing best practices from their outsourced accounting firm made their accounting easier.

  • Increased Profits: 28% report that following advice from their outsourced accountants resulted in increased profits.

An accounting services firm can assist with:

  • Financial Consulting and Services

    • Monthly/Quarterly Close

    • Customer/Client Invoicing

    • Bill Payments

    • Bank Reconciliations

    • Maintain Financial Support

    • Journal Entry Processing

    • Internal Communication

  • Financial Administration

    • State Registration

    • Office Mail

    • Subscription Maintenance

  • Financial Communications

    • Accounts Receivable

    • Accounts Payable

    • Financial Statements

  • Corporate Workouts

    • Tax/Audit Preparation

    • Internal Controls

    • Accounting Software Implementation

    • GAAP Accounting Standards

    • Revenue Recognition

California Businesses Look to Greenough Group For All Their Outsourced Services Needs

Here at Greenough Group (GCG), we provide outsourced talent on a short and long-term basis for all of the above services – and more. We have provided both a-la-carte and full-stack outsourced services to more than 800 clients, including over 200 Venture Capital & Private Equity Funds and over 600 Corporate and Startup clients.

If you’re still on the fence about bringing in an outsourced services firm to benefit your business, contact us for a free consultation. We’ll work within your budget to propose services that will make the most significant impact on your business.