Top 5 Reasons you Should
Outsource your Indirect Work
Top 5 Reasons to Outsource Your Indirect Work
Have you ever wondered just how much are you really saving by doing all of the indirect work in-house? Do you have any idea what spending your time on accounting, timekeeping, payroll and other tasks, is really costing your company? Small Business Government Contractors often fall into the “I’ll-do-it-myself-to-save-money” Trap. The following list is a guideline that all Small Business Government Contractors should consider when deciding whether or not to outsource your Indirect Work (your Back Office).
5. Your expertise is not in accounting. Yes, it is straightforward but do you have the time to spend learning all the nuances, especially related to government regulations? Time you spend on accounting is time lost doing things that bring your business revenue such as:
Strategic Planning & Execution
Leadership & Business Direction
4. Cost type contracts and some Federal Grants will require a plethora of regulations be followed including (but not limited to):
Federal Acquisition Regulations (FAR)
Generally Accepted Accounting Principles (GAAP)
DCAA Contract Audit Manual (CAM)
Code of Federal Regulations (CFR)
Office of Management & Budget Guidelines (OMB)
3. Payments from your customer can be delayed if Invoices are not processed correctly or contain errors. This can severely impact cash flow for a small business if not done right.
2. Errors in accounting for government awards can lead to failure to pass government audits which in turn can lead to either a penalty or a loss of business opportunities.
1. Outsourcing your complete accounting function (bookkeeping, accounting, AR/AP, Invoicing, Bill paying, Payroll, Controller functions, budgeting, CFO functions, strategic planning, cash flow analysis, financing options, etc.) with a professional organization like ReliAscent can actually be cheaper than hiring a full time accountant for the small business. Not only is this more cost effective, you realize all the benefits of a fully functioning accounting department and an un-biased strategic resource to help your company grow.
ReliAscent, LLC is your one-stop source to help prepare your accounting system for DCAA compliance. ReliAscent has a tool to help you estimate the cost of doing this yourself versus having ReliAscent do this for you. Call today at 303-999-3802 to schedule one of our qualified team members to assist you.
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