Your accounting and finance function – own it or outsource it?
Your business finances are important, and you need someone you can trust to keep track of them and ensure that ledgers accurately reflect the money coming in and out of the business. After all, it’s this person and their accounting data who you’ll be relying on to impact decision making, forecasting, and company budgets. That’s a lot of responsibility. So, the question is, do you own your finance and accounting function or outsource it?
Difference between owning your finance function and outsourcing it
Owning your finance function can be described as having inhouse staff. It’s when a business assigns financial and accounting tasks to an individual or department within the company. Outsourced services, also know as BPO, use an existing workforce full of experts in the financial field outside of the company to perform these tasks.
Benefits of outsourcing your Accounting & Finance Function
Although some business owners may get apprehensive when it comes to outsourcing, especially with their finances, outsourcing comes with a lot of benefits that companies of all sizes can enjoy. The most obvious benefit is experience – outsourcing accounting connects a business with a high-functioning team of financial experts with additional knowledge and resources. Outsourced professionals not only understand the best industry-specific best practices but can enhance a businesses’ productivity and processes. Additionally, outsourced accounting services are typically a more cost-effective way to manage business finances.
When should your business bring in additional help?
When trying to determine the best time to outsource financial projects, you should consider how much time your business currently spends on them and the value they bring. Additionally, consider whether your current financial professionals have the experience required to support your current objectives and future ambitions. If your business is rapidly growing faster than you anticipated, that’s another sign you should bring in outside help. Often, outsourcing can create a clearer financial picture and provide insights that help a business grow more effectively.
How to choose the best outsourced services
When identifying the best outside help for your business, compare and contrast how each can meet your core needs and the time it will take each to do so. You should also assess the level of confidentiality they offer and ask about their onboarding process for new clients, data management and security practices, rates, and experience with relevant technology.
When you compare all the different places you can outsource your finance functions, Global Virtuoso will stand out as the best. We can provide increased productivity and expertise to your business with our trusted accounting outsourced services and help you save on costs while also avoiding turnover and time-off issues.
