Ask the Advisor – Evaluating Your Accounting Outsourcing Needs
Question: I’m considering outsourcing my accounting function but am concerned about not having an internal specialist or team. Can you explain accounting outsourcing and how it could benefit my business? Answer: With today’s quickly evolving business landscape, more and more organizations are turning to outsourcing to help fulfill their accounting needs. Although the thought of not having an internal accounting department may be unnerving, it can be a great way to enhance your business while also fulfilling your accounting obligations. Accounting outsourcing is your third-party liaison responsible for managing and maintaining your accounting operations, including producing financial statements, processing your accounts payable and receivables, performing month-end close procedures, analyzing your cash flow and much more. Some of the most common benefits of accounting outsourcing include:
- Cost-savings. Organizations can reduce, or in some cases, eliminate employee overhead, making it a long-term, cost-effective solution for them.
- Robust technology. In today’s complex digital world, outsourced accountants will leverage a reliable and secure technology platform to optimize reporting, improve productivity, streamline processes, ensure data security and more.
- Experienced team of professionals. Accounting outsourcing specialists bring a wealth of experience, as they work with businesses of all sizes across a variety of industries. Plus, an experienced professional will help you gain a fresh perspective on your overall accounting position, offer new ideas and be able to proactively advise you.
- Scalability of needs. Not only will you have access to the appropriate levels of staff, but you have more control in scaling up or down your overall accounting needs.
- Focus on growth. Lastly, but most importantly, it frees up more time for you to focus on your business and growing it.
If you’re considering outsourcing your accounting, it’s important to work with trusted professionals who understand your business and industry to ensure all your accounting and financial needs continue to be met. Contact Doeren Mayhew today to explore whether accounting outsourcing is the right fit for you.