Do you outsource HR and IT but feel squeamish about letting someone else get too close to your numbers? You probably have a fluctuating need for a bookkeeper, an accountant, a controller, and a chief financial officer. You could hire all these people, but outsourcing can provide these services when you need them at significant cost savings.
Outsourcing firms employ highly trained accountants and finance professionals who see a variety of businesses so they’re able to bring best practices to you. Outsourcing experts aren’t immersed in day-to-day operations and they aren’t biased in assessing your fiscal health.
Instead of looking back at your books and wondering why you didn’t see a profit in the third quarter, you’ll have a clear understanding of the financial implications of your business decisions, allowing you to be proactive with a dynamic view of your next steps.
What specific benefits can you expect?
- Control — You’ll have more control when you spend more time analyzing business information rather than processing transactions. You’ll understand what’s going on with revenue, costs, and profits generated by products/services, offices, salespeople, departments, and customers.
- Fixed costs become variable costs — Labor costs are one of your highest expenses, so you’re always looking for ways to cut down on them. You won’t need to hire and develop an accounting department. Avail yourself of deep technical strength and top financial talent with objective viewpoints.
- Accurate financial statements — Step beyond spreadsheets to business intelligence so you can run your business and report to external investors and banks while reducing exposure to tax and audit risks.
- Avoid turnover and time-off issues — A team member out sick or on vacation causes stress. When you outsource, if the person assigned to you is out, the outsourcing firm will help you. Outsourcing shifts responsibilities off your shoulders.
- Time savings — Free up your time and get a higher level of resources with people who know what will have the most significant impact on you. Their goal is to save you time by giving you the information that helps you make better choices to grow your business.
- Flexibility — You’ll be able to pivot and plan more nimbly. If you get more work, they’ll increase the number of people working on your project.
- Ability to scale up or down — Business often comes in lumps: Slowdowns and growth can cost your company. Outsourcing accounting and finance gives you the ability to scale up to handle a more significant workload when your business hits its peak. Or you can scale back and not worry about having too much capacity.
- Access to better tools and processes — Outsourced accountants/finance specialists will bring their tools and processes into your organization, building efficiency in both your business and your team.
- Business intelligence — Like having a coach on the field who helps you win, business intelligence enables you to make decisions. You’ll be better able to analyze what happened to make future adjustments and reach your goals. Streamlined systems can be put in place to give visibility to core metrics.
If you need an accountant, a manager/controller, and a CFO but can’t imagine hiring all those people, outsourcing lets you hire experts only when you need them. You decide whether you want to hire by the day, week, month, or project. Get the nimble and flexible smarts when you need them.
Move Your Company Forward
Instead of feeling overwhelmed by numbers, receipts, invoices, and spreadsheets, look at outsourcing accounting/finance functions as your next step toward growth. Get accounting department experience without the internal hiring process expense while getting valuable insights to help guide your business on what crucial benchmarks you should target. Outsourcing will guide you to ask the right questions.