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Outsourcing During COVID-19: An Opportunity to Scale and Stabilize

Now, more than ever, organizations are understanding the importance of real-time financial data and how they can leverage this data to make more informed business decisions.

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Now, more than ever, organizations are understanding the importance of real-time financial data and how they can leverage this data to make more informed business decisions.

In order to stay competitive in today’s rapidly changing business climates, companies, regardless of size or industry, must constantly be on the lookout for ways to control costs, increase efficiency and boost profits. This is especially true when we look at the impact that the COVID-19 pandemic has had on businesses across the board. Now, more than ever, organizations are understanding the importance of real-time financial data and how they can leverage this data to make more informed business decisions. Whether it is making sure you have the right data to quickly apply for a PPP loan to getting real-time labor costs – having access to this information is vital in this new normal environment.  

Here is where outsourcing some of a company’s day-to-day operations – often referred to as back office – can prove critical to the success of a fledgling business. Outsourcing specific tasks, like payroll, HR functions and accounting, can go a long way toward helping organizations achieve their goals, reduce overhead costs and ensure that they and other in-house employees are spending their time and energy on core competencies. 

By outsourcing necessary but time-consuming tasks such as bookkeeping, tax return processing, auditing and year-end financial reporting, your organization  can concentrate on what they do best. That “bright light” idea your organization is working towards may have the potential to change the world as we know it, but without accurate and organized financial records the long-term success of your organization could come up short. 

Accounting and finance firms that offer back office as-a-service employ seasoned experts; they utilize the most up-to-date accounting and financial software and are fully versed in local and federal financial rules and regulations. Unfortunately, with COVID-19 uncertainty has become part of the new normal of the business environment. By outsourcing your back office functions you can eliminate some of this uncertainty and the risks that come with it including hiring, turnover, layoffs and re-hiring. 

The outsourcing model also offers financial stability during these challenging times. When working with an outsourced back office partner, you are working within a defined, fixed budget. With this, you know exactly what you are spending allowing you to dedicate resources to other parts of your business to drive revenue. However, as the environment changes at such a rapid pace, so can your outsourcing needs. An outsourced back office partner can provide you with on-demand resources to meet your changing needs. They can quickly react and adjust to your needs at that precise moment giving you the right amount of resources at a reasonable cost when you need them.  

As your organization continues to recover from the impacts of COVID-19 it’s time to focus on the core competencies of your business and what you do best – not the back office functions that take up your time. Learn more about how working with an outsourced partner to allow you to focus on what you do best, while still getting these all important function areas taken care of.  

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