Many companies have traditionally held the belief that all accounting and finance functions must be in-house and cannot be outsourced. As cloud technologies have advanced and workforce challenges have expanded, the benefits of outsourcing have multiplied. This has become even more apparent as businesses continue to develop and establish their new normal.
Here’s 5 reasons why outsourcing your accounting and financial tasks can benefit your business:
Talent is becoming a huge challenge across all industries. Unemployment, the great resignation, and recruiting strategies are likely topics you have recently discussed, and may be a concern for your organization. Accounting or finance personnel are no exception. In fact, with all the career options for individuals in the accounting industry, including public, private or nontraditional roles, it’s even more difficult because of the significant availability of open jobs. Instead of spending time looking for individuals that are the right fit for your company, along with employee turnover concerns, you can turn to experienced professionals to handle your accounting and finance needs.
Training takes time, and requires qualified individuals in place to conduct the training. Do you have this capability internally? And even if you do, does the person have the time and capacity to continually train staff? Just like finding the right talent, you should not have to think about training, and continuing to train when new personnel come onboard.
How should you use your time most effectively? Our answer is always growing or fine tuning your business, and increasing your bottom line. You shouldn’t have to worry about all of the details, when you can have your books and records, reporting and any other necessary financial tools handled for you by a team of experienced professionals. And to add to this, the outsourced accounting professionals have identified ways to optimize efficiency and possess the knowledge needed to provide the best strategic advice.
If you hire an individual or a team of people to handle your in-house accounting and finance duties, often they will have a certain level of expertise and a specific skillset in a particular area. When outsourcing to a firm, you gain access to the brightest minds across a wide-range of skillsets such as financial reporting, tax advisory, M&A, data analytics and much more. In addition, it’s not uncommon for your highly compensated employees to perform tasks more suited for a less experienced individual. Outsourcing will better match your needs with the right solutions.
Outsourcing firms typically have a network of other professionals they have developed relationships with, including attorneys, insurance agents, bankers and much more. Your outsourced accounting professional can facilitate introductions to these individuals, who often specialize in particular industries. This could be a huge benefit, as these relationships are extended to you!
Janover has the ability to provide you with the level of outsourcing best suited for your business. Whether you need outsourced accountants, an outsourced CFO or somewhere in between, Janover can support your business. Our team of experienced, knowledgeable professionals can increase efficiencies across your business and partner with your organization to help you reach your goals.