Outsourcing key business functions is a common strategy for businesses to lower costs and gain operational efficiencies. In today’s environment where finding skilled resources is a challenge for most, outsourcing solutions also provide a valuable alternative to create much needed capacity and scale up skillsets. Businesses can save time, money, and resources by turning to an outside experienced team to meet their specific needs. Whether a full or partial outsourcing solution is used, it can be a cost-efficient way to drive growth.  

In the right hands, outsourcing the accounting function is a key way to keep the business running smoothly.  

5 Key Benefits of Outsourced Accounting 

1. Save Costs – By bringing in an outside team to handle key accounting functions, the most noticeable impact is cost savings. You will get an experienced and skilled team, at all levels, but you do not have to spend the same amount as you would having salaried employees, in addition to the associated overhead and training costs.  The team is also equipped to step in quickly and operate independently, freeing up management’s time to focus on other key areas of the business to drive growth.  

2. Boosts Talent – By looking to an outside resource, an organization can also boost their existing talent, whether they are trying to fill in specific gaps, ramp up strength in a particular area, or just add to their overall bench strength. Having the flexibility to adjust and scale up or down based on changing business needs is key. On top of this, an outside solution helps to reduce the risk of disruption due to staff turnover or extended leaves of absence. 

3. Leverage Technology – Outsourcing strategies commonly include the integration of cloud-based software solutions to automate transaction processing and accounting workflows. Repetitive tasks are minimized, allowing for more time to be dedicated to other areas like value-add analysis and planning. Technology solutions work across all time zones for seamless support regardless of location. 

4. Standardize Processes – A new team often brings a fresh perspective to solve problems. The team can identify and objectively assess the pain points tied to manual processes and legacy systems. From there, they can propose solutions to standardize the work and introduce best practices to drive both automation and efficiency. 

5. Provide Insights – With the right team, tech stack, and processes in place, an organization will have access to accurate, timely and reliable data, allowing them to receive high level insights to make better informed decisions. As an extension of your organization, your outsourced accounting team can help you make sense of the numbers, evaluate options, and recommend strategies aligned with you growth plans. From identifying key drivers to monitoring business performance, an outsourced accounting team can cover the necessary bases for organizations of all sizes