advertisement
May 14, 2018
Ask ACE

Outsource accounting functions, or hire a CFO/controller? Some things to consider

The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com.

Q: My business is growing. What are the advantages of outsourcing my high-level accounting function instead of hiring a CFO or controller?

Ace Advises: Here are seven reasons why outsourcing your high-level accounting function is a smart business move:

  • Reduce overhead costs and increase efficiencies: Instead of needing several employees to operate in-house accounting, outsourcing eliminates the need for extra salaries, benefits, training, office equipment, downtime and taxes.
  • Improve budgeting practices: Oversight from outside experts can help you identify financial problems before they occur, and ensure the financial visibility of your company.
  • Improve cash flows: Outsourcing can allow your business to take advantage of everyday accounting practices to help manage cash shortfalls.
  • Save time and get convenience: Let the experts take care of the accounting and free up your management team to tackle the duties in their job descriptions.
  • Receive sound advice: Outsourcing provides an opportunity to align with a professional who has experience with your type of business and has knowledge and expertise in every area of accounting.
  • Expand staffing flexibility: Your time and your management's time is better spent developing new business opportunities and strategies, than focusing on the accounting.
  • Get real-time access to your data: An outsourced company will likely have access to the latest technology, and can assist in making timely decisions and provide updated financial data.

As your business grows, it may make a huge difference in your success to explore outsourcing your high-level accounting functions, before you decide to hire an in-house controller or CFO.

Contact Dean Michaud at www.michaudaccountingsolutions.com

Comments

Type your comment here:

ADVERTISEMENTS
Most Popular on Facebook