Remote work, particularly in the realm of fiscal and financial management, presents a solution that tackles several prevalent pain points experienced by small business owners who wear different hats simultaneously.
Business owners often find themselves multitasking, attempting to wear the hats of CEOs, salespersons, and, yes, financial managers. The result?
Overwhelmed, burnout, and a lack of focused attention on the financial health of their company.
In this article, we will look at some of the most typical financial challenges that small businesses face, as well as how remote staffing can help them get back to their core business, particularly, discovering the benefits of remote work in the Philippines.
Financial Pain Points of Business Owners
Finding your way through the complex maze of financial management can be an uphill battle for many business owners.
Let’s look at the most common financial pain points faced by small and medium-sized businesses.
- Cash Flow Management
- Insufficient Capital
- Unexpected Expenses
- Workload Balance
- Limited Expertise
- Employee Turnover
- Costs
Cash Flow Management
Inadequate cash flow management is a significant pain point for small businesses. Challenges in meeting financial obligations, paying employees, and covering operational expenses are shared. Maintaining a healthy cash flow is the most challenging task for small businesses.
Insufficient Capital
Small businesses often face challenges due to limited capital, restricting their ability to invest in growth opportunities and sustain operations. Lack of funds is one of the primary reasons small businesses shut their doors, according to a 2023 report. Finding potential financing options such as small business loans, lines of credit, angel investments, or venture capital becomes crucial.
Unexpected Expenses
Acquiring permits and equipment can unexpectedly strain the financial resources of small business owners. Building an emergency fund and having a contingency plan can help mitigate the impact of unforeseen expenses, a common headache for small businesses.
Workload Balance
A lot of small businesses have trouble keeping track of their finances, especially if they don’t have a full-time finance team. This problem is known to be a pain point for small businesses and can be fixed by offshoring or outsourcing financial tasks to remote staffing services.
Limited Expertise
Not everyone possesses financial expertise. Understanding balance sheets, profit and loss statements, and cash flow analysis can seem as complex as deciphering hieroglyphs for many business owners.
Employee Turnover
High turnover in finance-related roles, like bookkeeping, leads to disruptions, training costs, and potential gaps in financial management. Retaining qualified professionals poses a challenge, impacting expertise and scalability for small businesses.
Costs
The expenses related to hiring, training, and retaining finance professionals burden small and medium businesses. Offshoring financial tasks to remote staffing services can help reduce overhead costs associated with in-house staffing, a significant challenge for small businesses.
The Real Cost of Hiring an In-House Financial Staff
Hiring an in-house financial staff provides the advantage of having dedicated professionals who are physically present within the company. They can facilitate seamless communication and collaboration with other departments. Additionally, in-house staff may better understand the company’s specific financial needs and operations.
However, hiring in-house financial staff can be costly for small businesses, especially considering salaries, benefits, and overhead expenses. Moreover, finding and retaining qualified professionals may pose a challenge, and the company may face limitations regarding expertise and scalability.
Cost of Hiring an In-House Financial Staff at a Glance
The Solution Is Remote Staffing
Embracing Remote Work
Remote staffing is a game-changer for companies who want to streamline their financial management without breaking the bank. Remote staffing offers businesses access to a worldwide talent pool, allowing them to cherry-pick specialists that meet their specific needs.
Flexibility and Cost-Efficiency
Businesses can save significantly on overhead costs associated with in-house hiring by opting for remote employees. There is no need for physical office space, equipment, or additional benefits. It’s a cost-efficient solution without compromising expertise.
Remote finance jobs are available in diverse industries, including technology, healthcare, government, education, nonprofit, and the automotive industry.
Below are the top remote finance jobs:
- Chief Financial Officer (CFO)
- Accounting Manager
- Financial Consultant
- Business Development Associate
- Financial Analyst
- Actuary
- Underwriter III-CL
- Senior Manager of Energy Operations and Risk Management
- Senior Analyst Finance/Planning
- Controller
- Financial Planner
- Operations Analyst
- Independent Financial Planner
- Day Trader
- Financial Writer
- Senior Manager, Financial Reporting
- Tax Professional
- Computer Programmer
Remote Work in the Philippines
Remote work has become an indispensable tool for businesses worldwide, especially in regions like the Philippines, where its impact has been disruptive.
Remote work reclaims hours lost in commuting, granting employees valuable time for personal pursuits. It decentralizes job opportunities, uplifting underdeveloped regions economically. Access to diverse talent transcends boundaries, while cost savings and statutory benefits of remote work in the Philippines, is a win-win for employers and employees.
How iSWerk Champions Remote Staffing for Financial Management
We at iSupport Worldwide (iSWerk) know how essential it is for small businesses to have efficient financial management. Through our remote staffing solutions, we provide access to highly qualified bookkeepers and accountants who can seamlessly integrate with your business operations. Our remote staff are equipped with the expertise to handle various financial tasks, including accounts payable, accounts receivable, payroll management, financial reporting, and more.
Cost-effective Solutions
iSWerk understands the nuances of effective remote staffing. When businesses choose remote staffing over in-house staffing, they can save a lot of money on costs like office space, equipment, and benefits.
Access to Specialized Talent
iSWerk gives companies access to a wide range of skilled workers to find the right person for their specific needs.
Scalability
As a company grows, online staffing lets it easily adjust to changing needs without having to hire and train new employees.
Tailored Expertise
We handpick skilled bookkeepers and accountants, matching businesses with professionals well-versed in their industry’s financial intricacies.
Seamless Integration
Our streamlined onboarding process ensures a seamless integration of remote staff into your existing financial ecosystem. Communication channels are established, goals are aligned, and workflow is optimized for maximum efficiency.
Cutting-Edge Technology
iSWerk harnesses the latest in financial management technology. From cloud-based accounting software to secure communication platforms, we empower our remote staff with tools that enhance productivity and accuracy.
Embracing remote work for financial management is not just an afterthought. It solves the common pain points of small businesses. Companies like iSWerk champion this approach, providing highly skilled remote workers in the Philippines for your business operations. Through iSWerk, businesses gain access to specialized talent, cost-effective solutions, scalability, tailored expertise, and innovative technology.
Final Thoughts
When it comes to managing money, business owners deserve partners who can alleviate their burdens. Remote staffing offers expertise, flexibility, and cost-efficiency. With iSWerk as your ally, navigating the financial maze becomes a seamless journey toward business success. It’s time to let your business reap the benefits of remote work in the Philippines.
Discover how remote staffing can transform your business’s financial management. Say goodbye to overwhelm and inefficiency; let us optimize your financial operations together.