Three Ways Managed Accounting Can Help Grow Your Business Faster

Managed Accounting is a scalable way to serve your business’ accounting needs, using a combination of cloud-based software automation and human accountants. Join us as we discuss the elements of managed accounting.

When it comes to businesses that endure, unlocking sustained growth is the name of the game. While there are a number of approaches for achieving faster and more significant growth, many successful business owners will recommend starting with your bookkeeping. After all, increased sales will mean nothing if you don’t have a handle on income and expenses, and you simply can’t make effective, data-driven decisions if your books are never up to date enough for you to find the opportunities between the numbers. 

Enter managed accounting: a more effective way to manage the accounting function in your business. More than the traditional online bookkeeping software that most small business owners are familiar with, managed accounting combines information software and automation technology with a live bookkeeper for accurate financial data in real-time. This unique approach delivers the flexibility of online bookkeeping software and the benefits of a full-service accounting firm – all without the added price tag.  

Read on to learn more about the key ways you can leverage managed accounting to help save time, scale faster, and make savvier decisions:

1. Replace monthly reconciliations with time to focus on your business

Manual bookkeeping is inherently time-consuming. Fishing around for receipts, mining credit card transactions, categorizing each and every expense – it all adds up to ample time and precious energy spent in service of maintaining the status quo of your business. And if you’re like most business owners, you don’t want the status quo. You want growth – ideally, the kind of growth that beckons a spontaneous happy dance each time you look at your monthly cash flow numbers. To get there, you need to create the time and mental space for strategic planning. You need to work on your business, not in the weeds of it.

What’s one of the best ways to find the time when you haven’t any to spare? Outsource an activity that someone else can excel at. Managed accounting services can help you eliminate the monthly reconciliation process by automating expense categorization. And, with an actual team of specialists on the other end to address and proactively communicate with you about any potential anomalies, you will know that everything is being reconciled correctly without actually having to do it yourself.

With less time and energy spent at the computer entering expenses, you can replace Reconciliation Mondays with time to focus on how you’ll tackle lucrative growth opportunities for your business.

2. Take on Tax Season with Managed Accounting Services

Many entrepreneurs and small business owners approach tax season like they’re about to board a rickety carnival ride: they feel virtually forced into the whole ordeal and expect to be thoroughly confused and disoriented when it’s all over.

With the right assistance via a managed accounting platform, tax season can go from an unpleasant, reactive process to one that provides critical information for future growth investments. The accounting managers at Decimal keep the numbers up-to-date and accurate to make tax preparation even easier. And because reconciliations are always up to date, you’ll be able to quickly evaluate the best time to make big investments, increasing tax advantages as you take concrete steps to confidently grow your business. With the automation technologies pillar of managed accounting, real-time reconciliations and annual books are ready for immediate tax return preparation.

3. Choose Online Bookkeeping Software that Can Scale Alongside Your Brand

Sustaining company growth over the long term requires smart systems. As you grow your business, you may find that you need a more robust Customer Relationship Management database or a more versatile payment system that consolidates purchases across physical and digital storefronts. Decimal’s managed accounting software is designed to scale your business. Tailor your online bookkeeping needs for the short term while knowing that more offerings are accessible with a couple of clicks. Outsource time-consuming activities (like payroll and invoicing) as your business scales, and as you’re needed elsewhere. And if you already have a bookkeeper managing your financials, managed accounting frees up valuable time for your employee to focus on analyzing the financial data – instead of producing it.

While the advantages of managed accounting extend far beyond the directive of meeting company growth goals, Decimal can be leveraged in a multitude of ways. Click here to learn more about managed bookkeeping and see if the approach is right for you. 

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