How Outsourced Accounting Can Help Firms Navigate the Current Economic Landscape

By Chris Tomaselli.

As business leaders experience whiplash, beginning with the pandemic in 2020, traveling through the Great Resignation in 2021 and now in 2022 with concerns of rising interest rates and inflation, there is ample opportunity for cost savings when hiring an outsourced accounting team.

It’s often thought that “now is not the time” to bring in a third-party accounting firm to subcontract your financials. However, as businesses continue managing the effects of massive turnover and increased demand, while also pivoting to predict economic slow-down possibilities, now is absolutely the time to push for renewed financial focus. Whether your business is a start-up or a large enterprise operation, outsourced accounting solutions are an effective means to get your bookkeeping and other financial processes ahead of the game for a fraction of the cost of hiring a full time team.

Regardless of the industry you operate in, implementing an outsourced accounting solution will offer your business the financial focus from an expert, allowing you to develop effective long-term growth strategies and make more informed decisions.

Here are the top three reasons why you should consider hiring an outsourced accountant:

Hiring Core Competency Experts

Whether you’re operating a small family business, mid-sized construction firm or managing a full-scale manufacturing facility, your area of specialization is likely not that of a certified public accountant or tax attorney. Hiring a team of outsourced professionals offers additional staff with scalable solutions to cover critical processes, record transactions, generate reports, manage payroll, analyze data and provide month-end accounting support. When you can tap into a network of specialized experts, you benefit from collaboration and increased capabilities. Outsourced accounting teams deliver flexible services with the ability to expand with your growing business – or tighten if the economy slows down and/or your needs decrease.

In addition, by integrating outsourced accounting services with technology applications, business leaders can gain access to dashboards that help identify trends, control costs and optimize profitability.

Establish Effective Processes

Businesses of all sizes and within every industry need clear, timely and accurate ways to inform stakeholders of financial performance. Unfortunately, rarely have sufficient time to “get up to speed” before relevant reporting is required. Whether you’re a start-up in launch mode or a generational company activating succession planning, Outsourced Accounting teams streamline financial processes and keep track of business growth.

In a time when turnover in all positions is at an all-time high, it’s critical to have systems and procedures that are easily transferrable and replicable. Innovative outsourced accounting teams can provide your business with solutions that safeguard financial and business data for your entire organization. In addition, outsourced professionals can implement setup, configuration and operational automation to provide greater financial transparency.

An Entire Team for A Fraction of The Cost

Budgeting, forecasting and understanding the financial state of your enterprise are challenging tasks for any organization. And even more than that, it’s next to impossible in a tight labor market with growing economic concerns to keep an eye on the future state of your financials while also working to ensure your team is adequately staffed, retained and trained for today. As a result, many companies find their operations understaffed and drained, inevitably leading to reactivity over strategy every time.

In order to thrive no matter what challenges arise, working with outsourced accounting experts can provide your business with the insights and strategy needed to plan for the future and anticipate challenges before they arise.
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Chris Tomaselli leads Bennett Thrasher‘s outsourced accounting practice.