Outsourcing these 5 tasks can help boost your business

From managing people to managing money, running a business requires juggling a lot of responsibilities. While you have strengths in some areas, savvy owners take their businesses to the next level by outsourcing certain tasks to the professionals. Third-party consultants not only bring a deep level of expertise, they can work on a project or seasonal basis which may be less expensive than bringing on a new full-time employee.

If you’re struggling to do it all, consider these five areas of your businesses and the consultants that can help free up your time and boost your business.

1Filing taxes

 

Who should I call? Tax specialist or accountant, depending on the complexity of your business

What will they do?
  • File your tax returns.
  • Prepare tax forms for your employees, contractors, or vendors.
How can I maximize the relationship?
  • Keep good records.
  • Consider online bank statements1 that you can easily share.
  • Check in during the year to avoid surprises during tax season.

Why should I outsource this job?

  • A tax specialist or CPA can explore new credits and deductions that save you money and minimize your tax liability.
  • Experts will also make sure you’re current with the latest tax requirements.

 

2Bookkeeping

 

Who should I call? Bookkeeper or accountant

What will they do?
  • Keep accurate and up-to-date books.
  • Identify areas where you can save money on expenses.
  • Build sales forecasts and projections to help you understand how different factions affect profit.
How can I maximize the relationship?
  • Keep good records — bookkeepers and accountants are limited in what they can do if you don’t share accurate information.
  • Use accounting software that your bookkeeper or accountant can access, like QuickBooks®2 or Xero®3.

Why should I outsource this job?

  • A bookkeeper or accountant can perform these tasks for you on a periodic basis, which means you won’t have to hire a full-time employee.
  • A bookkeeper will help prepare your financial records to make tax time easier.

 

3Technical Support

 

Who should I call? IT consultant

What will they do?
  • Set up your business’s technology infrastructure, including hardware and software.
  • Keep your systems up to date and advise when it’s time to upgrade.
  • Troubleshoot tech issues as they arise.
How can I maximize the relationship?
  • Make a list of all your technology and providers.
  • Run regular software updates.
  • Back up your information on a schedule and know how those backups are stored, such as in the cloud, and protected.

Why should I outsource this job?

  • You won’t have to worry about a tech glitch negatively impacting your day-to-day operations.
  • You may be able to save money and time by working directly with providers. For instance, Wells Fargo can help you set up the technology for a point-of-sale system.

 

4Human Resources

 

Who should I call? Recruiter or HR consultant

What will they do?
  • Recruit, hire, train, and even fire employees.
  • Manage the paperwork to onboard and maintain your employee relationships.
  • Design comprehensive, attractive benefits packages and employee policies.
How can I maximize the relationship?
  • Describe the type of company culture you want to build to help your recruiter source the right candidates.
  • Write detailed job descriptions to help HR consultants fill clearly defined roles.

Why should I outsource this job?

  • Finding the right talent can take a lot of time, and recruiters and HR consultants ease this load.
  • Working with a trusted HR pro can help you provide your employees competitive benefits while also protecting your business’s bottom line.

 

5Marketing

 

Who should I call? Marketing consultant

What will they do?
  • Get the word out about your business.
  • Generate ideas for social media, digital ads, email, and your website that can help attract new clients.
  • Build marketing into your business process.
How can I maximize the relationship?
  • Document the process for how you develop your products and services.
  • Write down your sales pitch.
  • Ask about key performance metrics so you can evaluate whether your plans are working.

Why should I outsource this job?

  • Marketing will raise awareness about your business and help you sell your products and services.
  • Marketing consultants can fill your “funnel” to generate and nurture leads.

 

Sources: thebalance.com, Internal Revenue Service (PDF), The Motley Fool, Northeastern University blog, The CPA Journal, Monster.com, Wells Fargo, humanresourcesedu.org, CRF Research (PDF), Indeed (PDF).

1. Online Statements require Adobe® Acrobat® PDF reader. The length of time Online Statements are available to view and download varies depending on the product: up to 12 months for auto loans; up to 2 years for credit cards, student loans, home equity lines of credit, and personal loans and lines of credit; and up to 7 years for deposit accounts, home mortgage accounts, and trust and managed investment accounts. The length of time the specific product statements are available online can be found in Wells Fargo Online® in Statements & Documents. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply.

2. QuickBooks is offered by Intuit, Inc. Wells Fargo doesn’t own or operate QuickBooks. Intuit is solely responsible for its content, product offerings, privacy, and security. Please refer to Intuit’s terms of use and privacy policy, which are located on Intuit’s website and are administered by Intuit.

3. Xero accounting software is offered by Xero Limited. Wells Fargo doesn’t own or operate the Xero website. Xero is solely responsible for its content, product offerings, privacy, and security. Please refer to Xero’s terms of use and privacy policy, which are located on Xero’s website and are administered by Xero. For more help, visit Xero support.

QuickBooks and Quicken are trademarks of Intuit Inc. registered in the United States and other countries.