Efficiency matters, of course, and nowhere is that more apparent than in the branch of your business where the numbers are run. Inefficiency that arises from your own accounting functions isn’t always easy to root out from within.
Adding a team of technology and financial services experts sounds profoundly inefficient at first glance—all those players and all that specialized knowledge is a lot to manage (and pay salaries for). Outsourcing this team changes the equation.
Outsourced accounting gives you a range of expertise—not just in the functions and systems you utilize but in your specific industry—to cost-effectively support your financial functions, your strategy, and your organization. If that’s not an option you’ve considered, you might be surprised to learn what an outsourced accounting team can bring to the table.
1. Greater efficiency.
The first thing our team does when it begins working for yours is assess what’s happening now—what systems are in place, how your processes are functioning (and where they’re redundant or otherwise getting in your way), how your accounting team utilizes available tools, and how those same tools frustrate their day-to-day functions.
Because our team has worked with clients at various phases of their operations and in a multitude of industries, they come armed with best practices and insight honed by broad experience. They’re aces at bringing greater efficiency to an operation, which is a tough task when you’re coming at it from inside your own business.
2. More expertise, in more areas.
Hiring a controller, a CFO, and a technology team is daunting, financially speaking, and is unlikely to provide the resources you get from an outsourced accounting team. We’re a collaborative operation, which means not only that we work closely with our clients to learn how we can best support their missions but that we tap into each other’s strengths to support those clients. If the point person on your outsourced accounting team needs to get an answer for you about data analytics, ERP implementation, cybersecurity, or business intelligence—to name just a few—they have expert co-workers to consult.
You’re in this to grow and, because they relieve some of your burden and improve efficiencies, an outsourced accounting team will help you do just that—and then scale your financial services along with that growth. Consider the alternative: During a time when your business is vulnerable, you’re working to add the experts to your staff that can address and facilitate growth. Kind of a catch-22.
An outsourced accounting team gives you the expertise you need during times of growth without adding costs. And when you do need to add services, you can make it happen simply by making a call rather than starting a hiring process.
4. Accuracy and reliability.
A financial services partner who has deep expertise to support your processes and technology provides peace of mind that you’re getting not just reliable but efficient financial reporting. Engaging a team of specialists ensures your problems are solved immediately and with an eye on your greater strategy as well as your budget and priorities. All that adds up to getting the data you need to find the insight that helps you grow.
5. Cost savings.
Businesses typically save money from utilizing an outsourced accounting team. For one thing, the fixed cost of a contractor stays the same even as your business grows, and you’re never paying the salary, benefits, payroll taxes, training, and equipment costs you would with a full-time team—even while you benefit from multiple experts.
You also see cost savings from the efficiencies and automation your team brings to your business. Especially if you’ve been going it alone, you’ll be surprised at the productivity from process improvement that deep expertise brings. Finally, better insight from reliable, accurate reporting helps you find opportunities to save money you otherwise would have missed.
Change is hard, and change that affects your financial functions brings its own kind of peril. Part of the beauty of having an outsourced accounting team who truly works as your partner is that you have experts who walk alongside you through change. Our team carefully guides teams through any change they help implement, ensuring all stakeholders have the tools they need to embrace change. No matter your starting point, we guide you through with careful organizational change management practices that leave you in the best possible position to utilize your financial tools.