The Value of Finance and Accounting Outsourcing
Outsourcing finance and accounting functions is not just for small startups and mom and pops. Although the value might be more readily noticeable to smaller organizations. Medium to large companies are seeking better efficiencies in processes and technology while lowering costs. Outsourcing can play a big role in accomplishing that goal.
Outsourcing allows clients of all sizes to gain greater expertise, efficiency, and objectivity at a lower annual cost. For the provider, it generates regular recurring revenue and closer client relationships. Given the on-going shortage of accounting professionals, outsourcing can eliminate the burden of finding qualified employees also. A win-win for all.
For smaller organizations, finance and accounting outsourcing can provide a turnkey solution including everything from basic bookkeeping and payroll to bill payment services, expense reporting, billing, cash flow management, and a fractional controller or CFO.
For medium sized to large organizations, outsourcing can provide talented accounting professionals with either a specific subject matter expertise or resources to help with special circumstances such as preparing for an audit, project managing finance and accounting system rollouts, and filling the roll of CFO on an interim or part-time basis.
At our firm, we are moving to a fixed price model for a defined set of accounting and bookkeeping activities which allows us to completely tailor services to a client’s specific needs while setting the expectation on price which eliminates many obstacles between clients’ accounting and finance needs and the professional’s ability to provide those services without worrying about what the final bill will be.
Once all the benefits of outsourcing finance and accounting are considered it makes sense for all businesses to evaluate outsourcing for a wide range of needs. Contact Long Martin to learn more about outsourcing and to see how outsourcing will benefit your organization.