Do any of the following statements apply to you?
- I am spending more time in my business on admin and bookkeeping than I intended and often it takes up valuable personal and family time
- I didn’t set up my business to become an expert at bookkeeping
- I lie awake at night worrying about cash and deadlines for filing accounts and returns
- I wish I had more time to analyse my books than preparing them.
If so, we understand your pain. Nuvem9 ‘s core offering is a completely outsourced Virtual Finance Department. What this ultimately means is we can provide you with a “Done for you” accounting function, and our awareness and use of technology mean we can integrate this into your current processes and systems.
But why is that important?
The problem of managing your own business
Quite often we find we are approached by business owners that have come via a familiar journey. They have gained expertise and experience working in a company, then identified a niche in the market to offer their services and/or build a product to solve a market problem, and ultimately decided to set-up a new Company to work independently.
Quite often the move was coupled by a frustration of working hard and making someone else rich. And more personally wishing they had better control of their destiny to gain valuable personal time to visit the world, spend time with family, work on fitness and health etc.
However, the reality of setting your own business up is that cash can be tight and doesn’t stretch to cover separate IT support, marketing and design and accounting – functions you took for granted in a bigger company as an employee. The result is you end up wearing multiple hats; you do business development to get new customers, you then service the customers and then you have the admin to get customers invoiced and paid. Suddenly you are working more hours than you were in your job and with a lot more headaches to deal with on your own!
We understand that Business owners want to minimise costs, especially in the early months of their business. This means that they will often do their own bookkeeping, prepare customer invoices and chase for payments when due. However, as the business evolves there is less and less time for this.
The other issue is expertise. Unless you actually are offering bookkeeper or accountancy services, this will be work that you do not specialise in. I never do painting and decorating in our apartment. Why? Because I am (a) terrible at it (my wife attests to that!) and (b) I would rather pay someone to do it and use that time elsewhere myself. And that is the key point. For every hour you spend doing your admin you will have (a) someone who could do it in half or quarter of the time and (b) your opportunity cost is costing you earning capability and/or much needed non-work time for family, health and experiences.
What is a Virtual Accounting Department?
Nuvem9 understands that business owners will face this choice. Why? Because we have been on that journey ourselves. I have set-up two businesses from scratch and know exactly what it takes to get a business moving forward.
And that is exactly why we recommend a Virtual Accounting Department for any business serious about growing and delivering the owner’s the lifestyle they dreamt of when they started. We use our experience, know how and slick systems to get you the function covered in an efficient way and via an affordable flat monthly fee.
Essentially what we offer is a “Done for you” service. We cover the finance function as if we were working in your business. This works for you in a number of ways:
You can rely on Nuvem9 taking accountability for the work that needs done
You can stop worrying that deadlines, reports etc. will not be completed on time
You have access to senior ex-CFO level expertise that can not only provide you with figures but offer advice and analysis to assist ongoing strategic decision making.
Our USP for business owners seeking that magic work-lifestyle balance is that we are doing that ourselves. I now live in Portugal, having moved my family there in 2016. Our staff are located in UK, Ireland, Europe, South America, Carribean and Asia. We have clients in UK, Ireland, Europe, Middle East and South America. The ethos of our offering is to provide business owners the dedicated accountancy support they need via cloud based tools and services, and an always available gold level support to know they can always speak to us and get advice and support within their monthly fee. Because we live and breathe this ethos in our own day to day logistics, and with our focus on building internal cloud reporting tools to support our global team, it means we know what we are talking about when we talk about system efficiencies, cost minimisation, overcoming traditional hurdles etc. to grow.
Want to know more?
If you have read this article and it resonates with you because:
- You worry about your accounts and finances
- You are doing too much admin on your business
- You are struggling to get head above water and focus on growth activities
Then we would love to speak to you about how a Virtual Accounting Department could work for you. Let’s set up a video call and have a discovery session and we can chat through potential solutions and a way forward.