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Should you outsource your accounting function?

By Gregg Genovese, Cheryl Prout, on October 3rd, 2018

Running and leading your business involves so many moving parts. It’s a complex endeavor that requires great expertise and careful balance. As a business owner or executive, one business trend that you should consider adopting is outsource accounting, which puts accounting experts to work so that you have more time to maintain and grow your business.

As with any decision, cost is a chief factor. You need to consider how the added costs associated with hiring accounting employees stack up against those of outsourcing. Here are the facts. Outsource accounting allows for stability in staffing without spending extra time searching for replacements, or spending money with placement agencies. It also assures continuity of the financial function related to staff turnover, and helps eliminate risk associated with poor internal hires. In fact, outsource accounting may actually cost less than internal staffing, and often can provide a higher level of expertise, while improving business processes and controls.

How outsource accounting services can grow your business
Outsource accounting services grow with you. As your business expands, your outsource accounting partner can grow and increase staffing to meet your needs, without you needing to hire more people. Outsourcing also improves your internal controls, by having someone outside your organization involved in your transactions.

Outsource accounting services provide you with metrics that matter to help you run your business better, and so that you can provide information to stakeholders, driving better business decisions. In fact, you should get real-time reporting without having to wait for your internal staff to find the time to get that done.

Five services you may not realize you can outsource
Accounting is just the tip of the outsource iceberg. Businesses also can benefit from outsourcing these functions:

  • Accounts payable processing
  • Bank account reconciliations
  • Cashflow management and planning
  • Budgeting/forecasting
  • Strategic planning

In our analysis, business leaders are best off focusing on selling and project management, and leaving the accounting to the professionals. That’s what outsource accounting is all about.

This material has been prepared for general, informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Should you require any such advice, please contact us directly. The information contained herein does not create, and your review or use of the information does not constitute, an accountant-client relationship.

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Written By

Cheryl Prout June 21 2021 07 21 201921

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