7 Benefits of
Outsourcing Your Accounting and Finance Function
Businesses whether small or large ,
Owners’ expectations are achieving the best results with minimal or no cost. Businesses
are juggling day-to-day responsibilities alongside more complex and
time-consuming tasks such as finance, accounting, compliance, internal audit,
and risk management. They are simply trying to do more with fewer resources.
Increasingly, businesses, both large
and small, are turning toward outsourcing as their preferred solution—with
accounting being one of the primary outsourced tasks. In fact, many business
owners are finding that outsourcing provides a unique opportunity to receive
accounting support from talented professionals without the added overhead
associated with in-house resources.
Benefit #1: Easy
Access to Experts
By outsourcing
the accounting and finance function you will get the specialized knowledge your
company needs.
Professional
accounting firms employ highly trained accountants and finance professionals
who are experts in their core domain. Organizations needs a bookkeeper,
accountant, controller and CFO with minimal affordable cost. Small and Medium organizations
can’t hire all of these due to high recurring costs. Outsourcing
accounting and finance allows you to receive all these services from one
accounting company as and when needed.
Benefit #2: Cost savings
As the commitment
to outsourcing accounting companies is limited to monthly agreed charges only ,
employee’s other annual costs such as yearly benefits , taxes , etc. can be
saved.
Benefit #3: Avoid turnover and time-off issues
Outsourcing
your accounting and finance processes will also allow you to avoid turnover
problems and staff time off. When you are a smaller organization, each team
member is vital to the success of the company. When a team member is sick or on
vacation, or in the worst-case scenario, they leave, it causes stress and
anxiety for remaining employees. When you outsource your accounting and finance
to an external company, that becomes the company’s problem.
And the cost
of turnover is substantial when someone leaves your organization. Sometimes you
need to pay a recruiter fee, and it may take longer than usual to find the best
candidate.
Then you
want to train them. If they are not the right person, you will need to start
over again, which can be an unnecessary headache. Outsourcing accounting and
finance shift those responsibilities away from you so that you can focus on
generating more revenue.
Benefit #4: Improving Productivity
With a team of experts in place, business owners can rest assured that
the accounting responsibilities will be completed on time. In fact, accounting
tasks are streamlined to produce higher quality results and frequently include
powerful analytics to help you better understand budgeting concerns and
business performance.
Benefit #5: Gain Flexibility To Meet Business Needs
When the business has limited workforce and they are always busy in
daily routines , sudden requirement of workforce to accomplish an emergency
task can be problematic.
Flexibility is the reason why you should outsource your accounting and
finance function.
Benefit #6: Ability to Scale Up or Down
Outsourcing accounting and finance gives you the ability to scale up to
handle a more significant workload when the business hits its peak.
The flip side of that is that if it becomes more challenging to run the
business, you can scale back and not worry about having as many employees or
capacity. This allows companies to scale up and down quickly.
Benefit #7: Access to Better Tools & Processes
A small organization is trying to keep overhead costs minimal. By
outsourcing that function, you can save money on more advanced tools to improve
your business. The cost of each tool is spread amongst many clients. Look, it
almost feels like big corporations have unfair advantages. They have access to
great tools and information.
Conclusion
These are the seven benefits of outsourcing your accounting and finance,
so keep them in mind as you consider this option. Even under these tough
economic times, I am still optimistic. It can be helpful for you as you grow
and get through this challenging period in the economy.
If you’re
considering outsourcing, do diligent research to find the right provider for
your current and future business needs. With a solid outsourcing strategy, your
business can tap into some of the best talent in the accounting industry, saving
you and your business both time and money.
If you’re interested in learning more about accounting and
finance outsourcing, call one of experts to schedule a meeting.
