The year is 2006, and American call center manager Todd has just discovered that his company is outsourcing its operations to India. With hesitation, he packed his bags and moved to Mumbai, where he awkwardly tried to train the new team, fit in, and understand local customs (and eventually, fell in love). “Outsourced” is a fictional story that made its way to the big screen in the early 2000s, and while the movie may be a romantic comedy, it nods to the mixed emotions many employees—like Todd—feel when they hear the word “outsourced.”
Outsourced accounting is nothing to be afraid of, and it doesn’t require you to pack up your bags and move across the world. In fact, it’s easier than ever to outsource your CFO services to a virtual accountant—and here’s why you should take the plunge.
Outsourcing your accounting and financial functions not only frees up time, it can also lead to stronger planning and execution results, better-informed decision-making, improved direction and tactical outcomes, higher profitability, as well as:
Compared to hiring, training, and maintaining an internal department, outsourcing your accounting isn’t only more cost-effective but also solves your business capacity issues. Outsourcing can lower your total costs by eliminating the additional expenses associated with employee benefits, training, and technology or software costs—all while redirecting your valuable time back toward growing your business. Furthermore, the cost predictability that comes with outsourcing allows for better financial planning, as you can allocate resources more efficiently without unexpected payroll fluctuations or training expenses.
Let’s face it. Everyone is doing business online these days, and accounting is no exception. Using leading-edge cloud accounting technology allows you to close your books quicker and get real-time reporting. You’ll gain visibility into your financial health with access to financial data and records anytime, anywhere. Moreover, the accessibility provided by cloud-based solutions facilitates collaboration among team members, ensuring that key stakeholders can review financial information simultaneously, fostering a more streamlined decision-making process.
Outsourcing day-to-day operations like billing, payroll and month-end closes will free up valuable time so you can focus on business goals and growth. Accounts payable outsourcing means that rather than chasing unpaid invoices or manually cutting checks, you can rely on a trusted partner like us to automate these processes and streamline operations for you. Additionally, the efficiency gained from outsourcing allows for a quicker response to market changes, ensuring your business remains agile and adaptable in today's dynamic business environment.
Risk is real, and so is human error. Every business owner wants to mitigate risks and limit accidents as much as possible, and that means maintaining proper internal controls to protect against fraud, theft and potential error. If you rely on just a few people to fill multiple roles, your business is at a higher risk. By outsourcing these duties, you can clearly separate tasks and offer greater oversight to reduce risks.
Outsourced accounting firms are also well-versed in cybersecurity—a field that is changing rapidly. Are you confident that your internal team is up-to-date on cybersecurity best practices? With outsourcing, you not only mitigate the risk of internal fraud but also benefit from the expertise of professionals who stay abreast of the latest cybersecurity measures.
With all of the above accounted for (pun intended), you can put your mind at ease. By outsourcing your accounting and financial functions, you can virtually guarantee your operations will be in order, risks of potential threats will be low, and visibility into your company’s financial health will be readily available. So go ahead and focus on big-picture and business strategy instead. We’ll take care of the rest.
Additionally, the peace of mind that comes with outsourcing extends to regulatory compliance, strategic planning, and the assurance that your financial data is not only accurate but also secure, fostering a more resilient and confident business environment.