Your Accounting and Finance Operations — Own it or Outsource It?
Very little can disrupt your business’s daily flow more than deciding who is going to handle the financial requirements of your business. Taking on this responsibility yourself can seem daunting and your staff might not have the background that is needed. If this sounds familiar to you, it may be time to consider outsourcing some or all of your accounting and finance operations.
Breakdown of Accounting & Finance Operations Outsourcing
Outsourcing your accounting and finance operations involves hiring outside organizations or contractors to handle your financial and accounting needs. Depending on your business structure and what you envision for your company’s future, how you choose to outsource your accounting and finance operations will vary. On one hand, you may opt to outsource your entire finance department. On the other hand, you may choose to only outsource specific responsibilities to quell the daily rush or supplement your in-house accounting department. Neither option is wrong.
What Positions Can You Outsource?
In the ever-changing business sphere, anything is possible – up to and including your highest financial positions. For instance, an outsourced CFO (Chief Financial Officer) might offer an innovative approach to your company’s current financial position and be more willing to think outside the box from your company’s traditional approach. CFOs oversee growth strategies, acquisitions, new growth opportunities, governance, and spearheading the biggest questions you are likely asking: how are we going to be sustainable?
If you are looking to outsource your daily accounting and finance operations, you might consider hiring an outsourced staff accountant to oversee payroll, managing vendors, and invoicing clients.
Benefits of Finance and Accounting Operations Outsourcing
When it comes to outsourcing, there isn’t a one-size-fits-all formula. In fact, there are several benefits to outsourcing your finance and accounting operations. These benefits include but aren’t limited to the following.
- The ability to scale back or increase your outsourcing services depending on your business’s busy and slow seasons.
- Not having to worry about the stresses that come with staffing such as recruiting, hiring, training, turnover, and managing time off.
- Being able to save by not having to pay for fringe benefits and only having to pay for the hours actually worked.
Furthermore, having a professional team of financial experts at your disposal is a great business resource.
One of the biggest accounting problems that business owners often face is making sure their books are up-to-date for tax purposes and meeting industry standards. Outsourcing your financial and accounting operations eliminates this stressor, because you can be assured of complete and accurate records.
When Is it Time to Start Outsourcing Your Finance and Accounting Operations?
Every company is different, but a tell-tale sign that you should be outsourcing is when there is a lack of efficiency. Instead, focus your efforts and energy on work that will directly impact your organization’s success.
If you are beginning to question why you are experiencing high turnover in your accounting and finance departments or if current industry standards are not being met, it’s time to consider outsourcing.
Are you Ready to Outsource Your Accounting and Finance Operations?
We know how! Contact us today to find out how you can improve your business’s efficiency and your bottom line.