By Carolyn Hall
Many companies consider outsourcing their accounting services at some point in their development, whether it is to support growth, improve efficiency or simply ease the administrative burden on their staff. There are a number of advantages, but it is a big decision to outsource part of your operations. Here are five key reasons to consider making the transition.
- With that responsibility out of the way, you can focus on your core strengths. The primary reason to consider hiring an outside accounting firm is that accounting is its sole focus. That’s the same reason you may have developed vendor relationships with IT firms, independent sales agencies or law firms. Hiring trusted professionals allows you to focus on your company’s core strengths and rely on them to take over other responsibilities.
- You’ll collaborate with a strong team. A reputable accounting firm gives you a team of professionals who can handle all of your accounting needs. That means accessing a trusted team of CPAs and technologists to handle financial activities in a cloud-based environment, all of whom are working under an experienced accounting manager.
- You’ll expand your network of expertise. Your accounting firm can deliver the expertise you need either in-house or through its extensive contacts with outside providers. An experienced outsourced firm can also bring you the resources of international tax accountants, lawyers, other professionals and staff accountants with expertise within your industry.
- You always have help available. You can’t put your accounting needs on hold while your staff accountant takes a two-week vacation. When you hire an outside firm, the staff is readily accessible, as a team is dedicated to your needs.
- You can segregate duties. Having the resources of a team of accounting professional allows you to segregate duties, creating controls to minimize the risk of fraud.
If an outsourced accounting provider is the right decision for your company, hire a reputable firm with a proven track record and a highly qualified staff. You deserve concise, comprehensive answers to your questions and concerns, so before signing a contract, meet the team and assure yourself that the chemistry is right. After all, this is the start of a long and productive relationship.
Carolyn Hall has been instrumental in the development of the outsourced accounting practice (FWRD) at Wiss & Company. Reach her at email@example.com or 973.994.9400.