You’ve heard about outsourced back office and accounting, but do you know what it really means? How do you know if outsourcing is right for your organization? Our list below highlights the reasons why your organization should think about making the move to outsourced accounting and finance and how it can benefit your organization.
You’re spending too much time getting caught up in back office issues and not able to focus on strategic decisions.
If back-end accounting and IT operations are not part of your organization’s core business offerings, then why dedicate so much energy to them? An outsourced firm can help manage the day-to-day activities while you focus on analyzing key performance indicators and strategizing to move your business forward.
Your business is outgrowing your accounting staff
As your business continues to grow have you started to outpace your accounting staff? When your business grows, you should celebrate – not suffer. By outsourcing your accounting you will have a team at your disposal – fractional CFO, Controllership and staff accountants – that can easily handle the new influx of work from your business’ growth. This team can handle all aspects of your business’ accounting – from budgeting and forecasting to tax management to bookkeeping.
Your accounting and finance software is out of date and you’re not sure where to turn
Making a change in your back office accounting software can be costly. At the current rate of technology, most software systems are being updated every 3-5 years. If it has been a while since you last updated your systems, you might be missing out on key features that give you access to easier reporting and better visibility into your data. An outsourced accounting firm can provide use of the most up-to-date systems at a fractional cost to your organization.
You don’t have real-time visibility into your data
Are month or year-ends the only time you have access to accurate financial information? With outsourced accounting and the software used, you’ll have access into your data at any time. By having anytime access, you’ll be able to make strategic decisions on the spot rather than wait until typical closing reports are submitted.
You can only access your data in the office
Have you ever been on the go and wanted to access your organization’s financial data but could not? The software used by outsourced accounting firms is powered by cloud computing, giving you anytime, anywhere access to your information.
You can’t visualize or drill down on your data
At the current moment, you might have access to your data in a report form, but are unable to drill down on specific dimensions or easily visualize the information. The software used in outsourced accounting gives you access to easy-to-read dashboards and the ability to drill down on the information that matters the most to you.
You are not getting month or year-end closings and additional reports completed on time.
Is your organization struggling with completing closing and financial reports on time? If your information is coming in late, that means you are most likely not able to make the most strategic decisions going forward. An outsourced accounting team will make sure that you not only have your reports completed on time, but also have information on key performance indicators that come out of that report.
You need someone to help make CFO type decisions, but don’t have the budget to hire someone
Outsourced accounting firms can also provide an outsourced or fractional CFO to help provide the experience, insights and benefits of a CFO without the costs of a full-time employee. These services are usually customizable allowing the fractional CFO to meet the exact needs of your business.
You’re stressed dealing with back-office employee management
Have you been spending too much time managing your accounting and back office team? Forget about dealing with onboarding, training and turnover with outsourced accounting. The outsourced firm manages the team, allowing you to no longer have to think about management of back office staff.
You need help getting the right insights of your data
Working with an outsourced accounting firm allows for more than just the back office work to be completed. An outsourced accounting team will be able to provide actionable insights into your data. The firm serves as a partner in your organization working to make sure you have the information you need to guide your business into the future.
If any of these reasons resonated with you, it might be the time to look into how outsourced accounting and finance can help your organization.