Outsourcing your accounting services can lead to higher-quality services from a team of experts for a fraction of the cost. Many companies today choose to outsource the CFO, Controller, Accountant, and Bookkeeper functions for a number of reasons, but the main reason is cost reduction.
Here Are 7 Ways Outsourcing Your Accounting Functions Will Save You Cash:
1. Salaries/Taxes
With an average CFO salary being around 150k or more, paying a full-time CFO’s salary could be difficult or impossible for your business. With an outsourced part-time CFO and other financial consultants, you don’t have to worry about paying payroll taxes, health and dental insurance, retirement, and other benefits that are offered to an employee. This creates cost savings to a company’s benefits budget.
2. New Perspective
Outsourced professionals are valuable in a business because they bring fresh experience viewpoints that can help a struggling company resolve and solve financial problems to help increase their profits.
3. Financial Advice
When a company is having difficulties figuring out how to increase their profits or resources, an outsourced CFO can provide the guidance and advice that will help you save time and money.
4. Accounting Systems
Outdated accounting systems and processing can hinder the cost efficiency of a business. Outsourced services will help guide and streamline new up-to-date accounting methods that will best benefit the organization.
5. Accurate Financial Statements
If financial statements are not your thing, an experienced CFO will generate and provide up to date and accurate financial statements. This is very critical to a business because financial statements tell the story of a business’ financial position. Having accurate financial statements will allow business owners to make informed business decisions as opposed to decisions that “feel right” based on gut reactions.
6. Forward-Looking Financial Analysis
CFO outsourced services provide an accurate detailed analysis of a company’s cost and profits both from a historical analysis but also on a prospective basis. Looking forward and anticipating the unexpected will allow a company the ability to grow in an always changing environment.
7. Restructuring
CFO outsourced professionals will find ways to make your company more efficient through restructuring and making sure your employees are in roles that benefit their strengths.
Outsourcing your accounting services is a simple economical solution that makes sense and will save you money. At CFO Strategies, we think of ourselves as “in-sourcing,” we come to you! The staff are on-site, interacting with your employees, and are available to answer your questions, at your schedule.
