The First Things Your E-Commerce Business Should Outsource
Building a successful E-Commerce business is challenging.
Building a successful E-Commerce business while trying to manage every single operation is near impossible.
You don’t have to do it all, nor should you want to. Modern technology has allowed for the development of impactful outsourcing options across virtually all business areas, and leveraging the specialization of professionals to help your company grow has never been easier. Given the critical role your team has played in business development, it’s in the business’s best interest that internal focus remains on the areas crucial to development, leaving all else to those who are better equipped.
In this article, we’re going to explore some of the key benefits to business outsourcing and the areas that may need additional support as they become financially viable.
Sustainable businesses are built through leverage. By outsourcing tasks, you open yourself up to a variety of worthwhile benefits, including:
- Speed. Expect fast, efficient results from your outsourced support due to their increased focus on the specific task at hand.
- Quality. Expect high-quality results from your outsourced support due to the specialized nature of their work.
- Focus. Expect a newfound ability to focus on the business you built, free from the burden of operational tasks you never enjoyed dealing with in the first place.
- Scalability. Expect scalable systems that will allow your company to grow without fear of gaps in knowledge and support.
- Cost. Expect to save both time and money in the long run thanks to the affordable pricing and support structures provided by most outsourced solutions.
Now that you understand why outsourcing will be valuable to your E-Commerce business's success, let’s explore the areas you should first consider for support.
Key Outsourcing Areas
Reporting, compliance, payday. Oh my!
The number of tedious, time-consuming payroll tasks is endless, but unfortunately, the importance of proper management is paramount. As opposed to overwhelming your team with the pains of learning and implementing a payroll system, you should look to outsource the service when possible.
Expert support in the payroll space will ensure that your employees are always paid on time, government files are compliant, and reports are accurate. On top of that, payroll outsourcing services will allow your team to scale in size effortlessly.
Bookkeeping is one of the most aggravating administrative tasks that your E-Commerce business will need to manage. Every minute spent sifting through bookkeeping and reconciliation tasks is a minute that could be spent on building the business, and it’s certainly not an item you’ll want to be responsible for in the long run.
Thanks to recent developments in cloud computing, outsourced bookkeeping solutions have never been more readily available and affordable. With the proper support, you’ll have detailed monthly financial reports and actionable growth insights.
3. Tax Filing
Although DIY tax filing software has made it easier to handle the process independently, there’s no real comparison between doing it yourself and the value that comes with working alongside an experienced accounting professional. Outsourcing your tax needs will ensure that they are done correctly and minimize your tax liability as best possible.
As an added benefit, most bookkeeping teams will be able to assist with tax filing, so you can come to rely on one support for all of your needs.
4. Data Entry
From managing an accurate database to organizing your customer relationship management system and beyond, data entry is a tedious task that should be outsourced as soon as possible. Thanks to platforms such as Fiverr and Freelancer, you should be able to find reliable data entry support for a very reasonable cost.
When it comes to developing long-term strategic plans and determining the best implementation routes, it’s often best to enlist the support of an experienced advisory individual or team. Outsourced CFOs or E-Commerce specific advisors, will help you assess your current business status and prepare for long-term growth and success.
6. Legal Items
For managing contracts, filing business documentation or reeling in overdue payments and agreements, it’s essential to enlist the help of a trusted legal advisor.
7. Other Items
From marketing to inventory management to general administrative tasks, the list of business aspects that can be outsourced is endless. If you find that the growth of your E-Commerce company is beginning to hinder your focus on what’s truly important, it’s best that you find expert out-of-house support and get back to doing what you do best.
For bookkeeping, tax, and advisory services, ParallelCFO is here to help. Our experienced team of accountants will ensure you can focus on business development and provide you with the insights and reports you need. To learn more about our company or to chat with a specialist, contact us today!