Good to Great: How to Scale With an Outsourced CFO

Finance and accounting were some of the first business processes outsourced, and more and more companies are finding that they can run more efficiently when they offload some of their day-to-day operational tasks. As finance and accounting outsourcing has matured, processes and services have been streamlined and innovated. Companies of all sizes and industries are now outsourcing.

Worth Considering

There are many reasons a business may seek to outsource their finance department. Here’s a closer look at the benefits of outsourcing this function.

Cost Reduction

Outsourcing saves money; it's a simple way to reduce overhead and free up funds for other areas. Many companies are finding that they have to spend more on research and development, regulations, and insurance than they had to in the past, and they need to close the gap somewhere.

Simplifying and Standardizing Processes

Companies that have grown quickly sometimes run into the problem of having finance and accounting processes that are unmanageable or not standardised. By outsourcing finance-related processes like payroll, accounts receivable, accounts payable, budgeting, forecasting, and internal auditing, your company can quickly become standardised, and financial inefficacies can be reduced.

Up-to-Date Technology

It can be expensive for small-to mid-sized companies to keep up with the latest and greatest technologies. Companies that provide outsourced financial services, however, keep up-to-date with the best software, programs, and tools for managing finances. You won't have to worry about time-consuming software upgrades or researching all the latest technologies as you will be have most of it done for you, or you’ll be told what systems integrate best.

Analytics

Today's data-driven financial analysis can be instrumental in steering your company toward greater profitability. As well as outsourcing your financial processes, you can also outsource your management reporting. This allows you to receive timely data that will help you make crucial decisions for your business. 

Focus

Many business owners claim that the best reason to outsource finance and accounting is so they can focus on what they do best: innovate and provide leadership. Without the nagging, fine-tuned details of finance to worry about, they can spend their best efforts on growing their businesses and using their entrepreneurial skills to keep all of the moving parts heading in the same direction.

If you're looking to reduce expenses and still get top results from your finance and accounting, perhaps it's time to consider outsourcing. Companies that provide these services have experience across many different industries. They've faced many different challenges, and all of this experience can be put to good use helping to steer your business to success.