By Brad Jones, CPA, CVA, CMA, CFF

Managing your accounting function in-house can quickly become a drain on your business.

As new reporting and compliance requirements emerge and accounting technology evolves faster than ever, trying to keep your internal accounting processes up to date can be exhausting.

Whether you’re considering outsourcing a part of your accounting operation — or the entire accounting department — this article will help you make an informed decision.

Every organization is different and you know best when it’s time to outsource. However, there are several signs that indicate your organization might be ready to outsource some or all of its accounting functions.

3 Signs that Finance and Accounting Outsourcing (FAO) Can Benefit Your Organization

FAO might be right for your organization if:

If it seems like you can never devote enough time or resources toward strategic business goals and operations.

If the day-to-day accounting processes — like tracking inventory, accounts receivable, and payroll — are a consistent drain on your team.

If you can’t seem to justify the price tag of purchasing and integrating a new accounting platform.

Outsourcing can unlock access to resources that will enable you to put the focus back on growing your business.

It’s hard to find an organization in today’s economy that isn’t evolving.

Growth means integrating new procedures and controls. And growth demands streamlined budgeting and forecasting processes that drive efficiency and allow your organization to innovate and easily adapt to change.

The need for finance leaders to act with agility has never been more important. Consider this:

  • In the past, finance leaders outsourced accounting business processes for two main reasons: cutting costs and offloading the transactional tasks that don’t add much value but consume at least 75% of their time.
  • These reasons remain important, but process efficiency recently ranked as the top reason organizations choose to outsource. [1]

FAO outsourcing provides the flexibility you’ll need to scale and streamline.

Hiring, training, and retaining a skilled accounting group isn’t easy. Accountants are few and far between these days.

“Lack of competent accounting staff” is a common complaint across every industry. Even before the pandemic, more than 90% of North American CFOs struggled to find qualified staff to fill accounting jobs. [2]

Outsourcing your accounting function allows you to tap into a deep pool of accounting’s best professionals without the headaches of recruiting and retaining your own staff.

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Running your finance and accounting departments is challenging — especially when budget and staff are limited.

Outsourced accounting ensures consistency and accuracy of bookkeeping and accounting. Plus, you can tap into specialized expertise usually unavailable within the constraints of small organizations and scarce resources.

But you’ve got to find the right FAO provider. When you work with PBMares, you can expect us to provide:

  • A highly disciplined, efficient, and structured process
  • A team with specialized industry expertise
  • A completely virtual, paperless, and non-intrusive experience

Contact Brad Jones today to learn more about what you and your organization can accomplish when you outsource your accounting and finance functions.

Resources: [1] Deloitte survey; [2] Robert Half survey