Outsourcing to an accounting firm
Over the next few months we will be looking at various business services that are offered by many accounting firms in South Africa and more specifically, how these services can benefit your small to medium sized business.
Often business owners are unaware of the array and depth of services that accounting firms offer, let alone the value. This can be seen in smaller businesses where the company owner carries out certain accounting functions themselves, unaware that the strength of outsourcing is that their resources are freed up to concentrate on their core business and increase profitability.
However the services that accounting firms extend don’t stop at administrative tasks. As you will find out in this article, they can extend to provide valuable insight and guidance into your own business in the form of business administration and advisory services.
What is business administration?
The main pillar of business administration is the successful management of a business’s processes to ensure profitability and growth.
In most companies, the role of business administrator is spread vertically throughout the corporate hierarchy and spans both operations and management.
Roles can include anything from top-level management e.g. C.E.O to office level managers but what is vital to note is that the focus on all levels is with the broader management function i.e. the channeling of business activities to achieve the common goals of the organisation.
If we think about it, each staff member on every level is in some way completing their ‘business administrator’ role and ensuring the business thrives.
But what if you are a small business and lack the synergy of managers working towards your business goals? What if your current employees may be missing opportunities?
This is where outsourcing some of your business administration tasks can be particularly beneficial.
How can an accounting firm assist with business administration?
Understanding your business goals and objectives combined with financial data analysis can put accounting firms in a great place to offer a solid advisory service.
An accounting firm with a diverse portfolio of clients should have a clear understanding of the economy and current market trends, therefore being able to offer valuable insight into how to grow your business and highlight opportunities that exist in your market sector.
Being able to tap into this wealth of knowledge often trumps the abilities of staff members who may be isolated from the broader market. This alone makes outsourcing a viable option to help you achieve the goal of business administration.
If you are interested in finding out more about the advantages of a business advisory service or business administrative services, contact Brett from Dirmeik Consulting on 021 421 4444.
Apart from our advisory services, our business administrative services include:
- Business Transactions, Mergers, Acquisitions, MBOs and Exit Planning
- Business Valuations, Acquisitions & Disposal
- Evaluation of Purchase/Sale Options
- Partnership Agreements, Profit Share & Joint Ventures
- Profit Extraction & Dividend Policies
- Registration of CC’s, (PTY) Ltd., Trusts, NGO’s etc.
- International Transfer Pricing Policies & Financing Options
- Cross Border Mergers and Acquisitions