Follow Robert Linkedin Facebook
Email Robert Email
Financial
Feb 15, 2014

Why It Makes Good Business Sense To Outsource Accounting

Sponsored Content provided by Robert Rickert - Founder/President, Robert J. Rickert, CPA, PC

I had a conversation with a client before the holidays about what he should be doing as the president of his company. I asked him how he wanted to spend his time at work every day. He said he wanted to be out running his crews and working in the field, but that he didn't think that was what he should be doing as the president.

I told him that as the president and owner, he could do whatever he wanted. It's his company. But the things he should be doing are those that he does best and where he can add the most value. For most people, what they do best coincides with what they most enjoy doing. It’s human nature – people tend to like to do what they're good at. For my client, the thing he enjoyed doing the most was working with and supervising his crew.

I shared with him the best piece of advice I’ve ever received as a business owner – you can’t do everything yourself. Or as Clint Eastwood said, “a man has got to know his limitations.”

Most business owners are either great technicians or great salespeople, but not both. Some are great managers and team builders. A small number are great visionaries with world-changing ideas.

An even smaller number of business owners are good at accounting. The skill set it takes to grow a business – the ability to build a team, negotiate deals or manage logistics, for example – is just not the same as those it takes to be a great accountant.

This is why many growing businesses have accounting departments and financial statements that could be best described as a dumpster fire. The owner doesn't understand it and the person left in charge of it is often overwhelmed. This is why it makes good business sense to bring in someone who does accounting for a living.

Outsourcing accounting responsibilities also offers the added benefit of freeing the owner’s mind to focus on ways to generate sales and grow the business. I tell all of my clients to not worry about the minute details of cash management and accounting because that's what they pay my team to do.

It's a downward spiral for business owners who have cash flow struggles to focus on the cash issue only. Doing so saps energy they could be using to go out and generate more revenue, which is the only way they will be able to get out of the trouble they are in. That’s another reason why outsourcing accounting makes sense, and if you surveyed our clients they would say that taking that burden off of their shoulders is the most valuable thing we do for them.

Robert J. Rickert CPA, PC focuses on giving its clients timely, accurate and relevant financial information to help them make informed decisions about their businesses. The firm provides customized solutions to meet the specific needs of its clients. Services offered by the firm include CFO and controller services, crisis management, interim financial management, acquisitions and business buying, divestitures and business selling, litigation support, business tax services, and tax dispute assistance for individuals. For more information, visit rickertcpa.com, call 910-319-9127 or email [email protected].

Rickert insight 14oct
Ico insights

INSIGHTS

SPONSORS' CONTENT
Dallas headshot 300x300

Growing Business Value When Times Are Tough

Dallas Romanowski - Cornerstone Business Advisors
Chris coudriet

New Hanover County Offers Expertise And Resources For Safe Reopening

Chris Coudriet - New Hanover County Government
Headshot2 3182020512

How To Protect Your HVAC From Hurricanes

Chris Jones - Green Dot Heating & Air

Trending News

Burney's Sweets & More Coming To Mayfaire

Jessica Maurer - May 27, 2020

Some Area Restaurants Stick To Carry-out

Jessica Maurer - May 27, 2020

Attractions Face Significant Revenue Losses

Christina Haley O'Neal - May 26, 2020

Attorney: Business Interruption Insurance Should Cover Virus Losses

Jenny Callison - May 28, 2020

On Castle Hayne Road, Fetching Space For Doggy Daycare

Cece Nunn - May 27, 2020

In The Current Issue

Stay-at-home Improvement

As hardware and other do-it-yourself (DIY) home improvement retailers and gardening supply stores begin to enter their busy season, they are...


Education Leader Forges Way Forward

Burns was tapped as interim superintendent of NHCS in February, following the resignation of Tim Markley. Burns assumed his new role in Marc...


WorkTok Aids Communication

One new Wilmington startup is trying to address those current workforce trends and increase employee/ employer interaction through its app,...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`