More and more businesses are turning to outsourced accounting controllers to manage their company finances. Every company’s needs are different, but there are a myriad of reasons to outsource your financials to a remote accounting team. Naturally, the decision to outsource can be a complex one, particularly if your business is just starting out. However, for many businesses, doing so can have huge benefits. Here are four reasons to outsource your accounting manager or controller:
According to Deloitte’s 2016 Global Outsourcing Survey, a full 59% of companies who outsource cite “cost cutting” as a primary driver. The alternative to working with an outsourced accounting manager or controller would be to hire an in-house accountant, but bringing additional staff onto your team tends to have significant overhead costs, from health insurance to PTO to retirement. Outsourcing, on the other hand, is a much more cost-effective option. The agency you choose will handle your business’ monthly accounting tasks in a fraction of the hours that a full-time in-house employee would require, saving you money in both the short- and long-term.
When you hire an outsourced accounting manager, you’re getting more than just a single accountant–you get the support and expertise of an entire team of experienced financial professionals. An in-house Accounting Manager or Controller will need to report to someone – usually the business owners. Outsourcing allows you to have your Controller supervised by a group of experienced CPA’s at your outsourced accounting firm. Particularly for newer businesses, being able to rely on the know-how of an expert reduces the risk of non-compliance, so you can feel at ease knowing your financials are in order. An outsourced accounting team will notify you of any red flags early and can advise you on expenditures, cash flow, and other salient topics to keep your business running smoothly.
Effective Use of Time
It takes a lot to run a company, and as a business owner or CEO, your time would be better spent overseeing operations, developing strategy, and growing your business–in other words, focusing on the big picture. Outsourcing your accounting duties to a knowledgeable team of professionals allows you to focus on what you do best with the knowledge that your finances are being well taken care of.
Unfortunately, small- to medium-sized businesses are often at risk for fraud, especially in cases where just one person is in charge of accounting, as fake expenses or manipulation of the books can easily go unnoticed. With an outsourced accounting manager from a reputable firm, you can rest easy knowing that your transaction processing and reports will be reviewed by multiple sets of eyes. This provides increased internal controls and makes it far less likely that anomalies or failures to follow best practices will be overlooked.
If you’re looking to outsource your accounting manager or controller, look no further than the experts at Sousa & Weber, LLP. Our knowledgeable and efficient accounting managers will handle your monthly accounting tasks so that your business can prosper. Get in touch with us today for more information about our outsourced accounting manager or controller services or read more here.