Can Outsourced Accounting Solve Your Staffing Concerns?

Staffing is a big concern for many business owners, making it an excellent time to look at your office staff needs and determine how you might best utilize existing staff. As openings occur, consider alternative ways to meet your needs rather than just automatically posting the job.

Outsourcing your back-office accounting might be one solution if you have turnover in your accounting or bookkeeping position.

(Download Video Transcript)

How Can Outsourcing Help With Employee Turnover?

Continuity of Service

When an in-house accountant leaves a company, it can cause a disruption to operations until a replacement is found and up-to-speed. Outsourcing firms have multiple accounting professionals on staff to ensure there are no unnessary disruptions to services.

Reduces Training Costs

Each time a new employee is hired, there are costs associated with training, onboarding, and benefits. By outsourcing, the provider handles the training, saving businesses from having to pay these costs.

Mitigates Risk of Knowledge Loss

When an employee leaves, they take their knowledge with them, which can be a significant loss for the company. Outsourcing firms have teams of experts, and the knowledge resides within the firm, not with a single individual.

RELATED CONTENT: BIZ TIP

HOW TO TRANSITION FROM IN-HOUSE TO OUTSOURCED ACCOUNTING

OPEN IN NEW WINDOW

Access to Expertise

Finding and hiring experienced accountants can be time-consuming and challenging, particularly for specialized roles. Outsourcing provides access to a whole team of experts with different specialties.

Allows Focus on Core Business

High turnover rates can divert management's attention from core business operations to hiring and training new employees. Outsourcing the accounting functions allows the management team to stay focused on strategic business activities.

Flexibility and Scalability

Outsourcing brings a level of expertise that you may not have in-house. You can scale the services based on your current and future needs. You may start with an essential service package and then decide you want more insights into your financials. With advisors who specialize in everything financial, the cost to scale up your service package could easily be justified with the consulting advice you will receive.

One of the most significant advantages is the ease of being flexible with what you need. Perhaps you need more assistance each quarter or want to add some year-end analysis opportunities to give you a boost in what you already know about your business. Looking beyond what expertise you can afford to hire should be a big deciding factor in your outsourcing vs. in-house decision.

RELATED CONTENT: BIZ TIP

IS IT TIME TO OUTSOURCE FINANCE AND ACCOUNTING?

OPEN IN NEW WINDOW

Enhanced Reporting

You probably have some standard reports you set up a while ago. But do you have everything you need to make informed decisions? Using an outsourced provider gives you their experience in enhanced reporting opportunities. Looking at the numbers monthly and quarterly will help keep you on track for your expected year-end results.

Because accounting professionals work with financial reporting every day, they can bring a new perspective to looking at your business's financials. The systems that outsourced providers use will have standard reports which can be modified based on your industry or business model.

Is it the Right Time to Outsource?

Whether the decision is now or in the future, consider how outsourcing might be a missed opportunity for your company.

RELATED CONTENT: EGUIDE

UNDERSTANDING WHEN AND WHY YOU SHOULD OUTSOURCE YOUR ACCOUNTING

OPEN IN NEW WINDOW