What Bookkeeping Services Should a Colorado Springs Small Business Outsource?

As a small business owner in Colorado Springs, you wear many hats. From sales and customer service to operations, your plate is full. And managing the books often becomes overwhelming. This is why many small businesses turn to outsourcing certain accounting and bookkeeping tasks.

In fact, over one-third of small businesses outsource at least some business process, and accounting is one of the most commonly outsourced functions; 37% of small firms outsource their accounting and bookkeeping (Clutch, via Exploding Topics). The reason is simple: outsourcing allows you to tap into specialized expertise and free up time to focus on core business activities. A Deloitte survey showed that 65% of companies outsource to focus on core operations, and 63% do so to cut costs. 

But what specific bookkeeping services should a small business consider outsourcing? Below we’ll explore the key areas: accounts receivable, accounts payable, payroll, budgeting, cash flow forecasting, and fractional CFO services. Also including how they differ and why outsourcing them can be a smart move.

Accounts Receivable and Accounts Payable (AR & AP)

Accounts Receivable (AR) and Accounts Payable (AP) represent two sides of your company’s cash flow. AR is money owed to your business (invoices), while AP is money your business owes (bills, vendors). Managing both efficiently is critical for financial health.

According to First Credit Services, outsourcing AP boosts accuracy, prevents late payments, and ensures vendor relationships remain strong. Moreover, maintaining steady cash flow is critical; a U.S. Bank study famously found that 82% of small businesses fail due to mismanaged cash flow. Outsourcing accounts receivable can help prevent that outcome by ensuring timely and consistent invoicing, follow-ups on overdue accounts, and faster collections

Why outsource? A professional bookkeeper can implement systems that ensure timely invoicing and payment processing, which strengthens cash flow and reduces errors.

Payroll Processing

Payroll is far more than issuing checks. It involves calculating wages, withholding taxes, managing benefits, and filing compliance forms at both state and federal levels. One mistake can mean IRS penalties or unhappy employees. 

NetPEO reports that small businesses that outsource payroll and HR see 7–9% faster growth, 10–14% lower employee turnover, and are 50% less likely to go out of business. These improvements come from reduced errors, regulatory compliance, and operational efficiency.

The Cohesion Group also explains how outsourcing payroll improves efficiency and reduces the burden of keeping up with changing tax laws.

Budget Preparation and Cash Flow Forecasting

Every growing business needs a roadmap. Budgeting provides financial goals and resource allocation, while cash flow forecasting anticipates cash in and out, ensuring you can cover expenses even during lean months. 

According to Innovature BPO, budgeting and forecasting are two of the most important tasks to outsource due to their complexity and the risk of error. An outsourced professional helps craft projections using historical data and business goals, providing clarity and better decision-making.

Why outsource? With outside help, your forecasts will be more accurate, and you’ll receive regular updates based on real-time business trends. This helps you avoid surprises and make informed decisions. 

Fractional CFO Services

When your business hits a point where strategic financial planning becomes crucial, a fractional CFO (or part-time CFO) can provide executive-level insights without the full-time salary commitment. They assist with high-level decisions, growth planning, pricing strategy, and cash flow optimization.

Hiline reports that fractional CFOs provide the same expertise as full-time CFOs, with an average salary of $445,000, but on a flexible, affordable schedule. By outsourcing, you only pay for the amount of CFO time you need, making this service affordable. 

Another benefit is strategic focus and better decision-making. With a fractional CFO, you have a dedicated expert to help interpret your financial data and advise on major decisions. For instance, Can I afford to hire more staff?, What’s the financial impact of expanding to a second location in Colorado?, or How should I price my services to improve margins? A fractional CFO provides clear, data-driven insights for questions like these. They will help you with long-term budgeting, cash flow optimization, investment analysis, and ensuring your financial systems are robust and efficient. Essentially, they bring the strategic leadership of a CFO without the full-time commitment. 

Comparing Needs Across Industries

Trades (e.g., electricians, plumbers): These businesses benefit most from outsourcing AR/AP (due to high invoice volume), payroll (for field teams), and forecasting (to manage seasonality).

Retail: Retailers often outsource payroll (due to part-time employees and complex schedules), AP (managing inventory suppliers), and budgeting.

Service-based businesses (e.g., consultants, salons): These tend to need help with AR (client billing), cash flow planning, and fractional CFO services for long-term strategy and pricing decisions.

Not every small business will need all of these services at once, but most can benefit from outsourcing some bookkeeping functions. Whether it’s offloading routine tasks like accounts payable/receivable and payroll or seeking expert help with budgets, forecasting, and financial strategy, outsourcing can be a cost-effective way to strengthen your company’s finances. It allows you to leverage experienced professionals who employ best practices and up-to-date tools, ensuring accuracy and compliance across the board. Meanwhile, you and your in-house team gain back precious time to concentrate on what you do best. 

Whether you run a service-based business, a retail store, or a contracting firm here in Colorado Springs, Coach2Consulting is here to help. 

We specialize in:

• Accounts receivable & payable

• Payroll

• Budgeting and cash flow forecasting

• Fractional CFO services

Want to find out which services make the most sense for your business?

👉Book a free consultation today and discover how outsourcing your books can free up your time and boost your bottom line.