The benefits of outsourcing your accounting functions

By Kelly Kavanaugh

To navigate the pandemic, businesses have had to adapt to survive. From remote work to cost-cutting measures, shifts from traditional approaches were essential to maintaining revenue streams.

As we move forward, it’s likely remote work will remain part of many business models. Thus, now is a good time to consider how hiring external resources, for various job functions, can support your remote work model. Whether you need payroll, billing, banking or other web-based financial management software support, your accounting needs are well-suited for permanent outsourcing.

Access to specialized experience

Hiring a professional with specialized industry experience to support your accounting function can be costly, but many organizations need a resource with that deep knowledge. That’s where an outsourced accounting professional can come in.

An experienced outsourced resource, from a reputable professional services firm, can also access support in tax, HR, valuation, payroll, wealth management and more. These additional professionals can step in to help you understand local, state and federal regulations and stay compliant with ever-changing accounting and tax laws.

Rather than hiring someone for each function, you will have immediate access to the right people, with the right skills, who use industry knowledge and processes to produce timely financial information. The result? You will have information to help you make better business decisions, and operate your business, in a way that can increase your credibility with your board and with lenders and investors.

“We outsourced our accounting, and financial process, allowing us to quickly ramp up operations with access to topnotch thought leadership in systems and financial policies. Essentially, we always had someone on call to provide oversight our board relied on.” 

– Carrie Zeisse, CEO, Tampa Bay Thrives

Opportunity to adjust how you spend time and money

Adapting to the current economic climate is key for a growing, expanding or even contracting business. As your business changes, so must your balance sheet. Outsourcing can turn a fixed cost into a variable cost, as you scale to your business needs. An outsourced team can potentially reduce the hidden costs that come with having people on your payroll, like severance, turnover, healthcare, training and rent. Replacing a full-time CFO with a an outsourced professional, or team, who supports your accounting function could help you realize a savings of up to 50%.

More importantly, this frees up time for your management team to focus on core competencies, and growth opportunities, without worrying about turnover and the quality of financial information received. A skilled outsourced professional also assists in the analysis, planning and strategic growth of the business to become a key advisor to your leadership team.

“We looked for a financial management resource to keep our finances organized, produce easy-to-analyze reports and provide advice on strategies for planning — and we achieved these goals while having an overall cost savings for our organization. This extra oversight has helped us stay financially strong through the economic strain of 2020.” 

– Bob Rohrlack, DBA, CCE, President & CEO, Tampa Bay Chamber

To achieve, and sustain, success amid uncertainty key decision-makers must address issues quickly. By outsourcing you can leverage the knowledge, and resources, you need to make those critical decisions in a cost-effective manner.

Kelly Kavanaugh is a Biz Ops professional. She works with not-for-profit entities and manages the Tampa Biz Ops practice. Contact Kavanaugh at  [email protected] or 813-384-2715. The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment or tax advice, or opinion, provided by CliftonLarsonAllen LLP (CliftonLarsonAllen) to the reader. For more information, visit CLAconnect.com.

 

 

You May Also Like
What to know about economic fundamentals for good decision-making                                

By John Silvia, CEO and Founder, Dynamic Economic Strategy Five fundamentals provide a basis for good executive and investment decision-making; Expectations for economic growth, inflation, interest rates, the dollar and

Read More
What to know about economic fundamentals for good decision Making
How to Raise Financially Literate Children

I vividly remember being a teenager, and some of the things I believed back then, frankly, many more years ago than I like to admit.  One of the things that

Read More
How to Raise Financially Literate Children
Avoid These 4 Common Investing Mistakes People Make in a Slow Economy

You probably remember hearing all about the Titanic in great detail during history class. You might remember how this ship was described as the epitome of luxury and had been

Read More
Avoid These 4 Common Investing Mistakes People Make in a Slow Economy by Dr. David Phelps
Where ‘Smart’ Money Is Going As the Economy Declines

Despite most TV pundits loudly proclaiming over the last few years that the US economy is strong, inflation is just transitory, and capital is plentiful, they’ve finally started to admit

Read More
Where ‘Smart’ Money Is Going As the Economy Declines - Dr. David Phelps
Other Posts
USF and Florida Institute of Oceanography acquires a ‘Taurus’ for the sea

Researchers at University of South Florida and Florida Institute of Oceanography have acquired an operated vehicle, appropriately named Taurus, for deep sea exploration. Taurus can dive up to 2.5 miles

Read More
Real Estate Quarterly: An update on commercial real estate and office market

By Joanne LeBlanc, vice president at Colliers Office space is not dead. At least not in Tampa. In this market, companies continue to lease office spaces even if they are

Read More
Anthony Martino inducted as president of Hillsborough County Bar Association

Anthony Martino, at Older Lundy Koch & Martino, in Tampa, was sworn in as the new president of the Hillsborough County Bar Association. Martino is a civil litigator, with nearly

Read More
Trenam Law opens Sarasota office

Trenam Law opened a new office, in Sarasota, at 1515 Ringling Boulevard. Joining Trenam and the new office as a shareholder is Sarasota-native, Erin Christy. Shareholder Reid Buchanan will also

Read More