Every small company has limited resources, especially when trying to do business in an extremely competitive environment, such as exists today. More than ever, there are compelling reasons why it is advantageous for a small to medium sized business to contract an outsourced accountant to manage their finances.
The major benefits derived are:
• Businesses are able to save money.
Companies who cannot, at the current stage of their evolution, afford a full-time Controller will benefit from the cost effectiveness of using an outsourced professional. Paying on an hourly basis only for the services needed, in addition to not having to incur training and employee benefit costs, are major advantages.
• Outsourced professionals provide flexibility.
The hours and workload of the outsourced accountant can quickly and easily be adjusted to coincide with a particular budget and current needs of the company. Seasonal tasks or activities that involve limited time such as payroll are examples of where a full time employee is not necessarily required.
• Experienced outsourced professionals provide a vast array of knowledge.
During the course of their careers, experienced professionals become intimately familiar with the best accounting and operational practices that should be put into place in every business. They are also able to effectively determine which practices will or won’t work for a particular situation. Possessing this knowledge allows the professional to quickly implement practices and policies that will enable the company to grow and/or realize significant cost savings.
• The outsourced accountant quickly becomes a trusted adviser to the client.
The ability to give the business impartial, unbiased advice provides a significant benefit. The outsourced professional, not being a full time employee of the company, has no hidden agenda or axe to grind when dispensing advice. Having a fresh “set of eyes” to view the business’ situation often allows potential problems to be identified more quickly than merely having management or permanent staff evaluate the company’s position.
Having been an outsourced Controller for numerous clients for over ten years, and before that an employee, I know that both kinds of personnel are valuable to most organizations. The right combination of full time employees paired with outsourced professionals creates a more efficient, effective and economical workforce.