Have you ever considered how outsourced accounting services might help your business navigate the post-pandemic economic climate more efficiently? If so, this article will lay out the advantages through a near-term and long-term lens.
The past three years have been a roller-coaster ride for business leaders as they navigated their way through forced lockdowns, modifying business models while trying to support customers and employees and conform to rigorous mandates, and finally surviving the Great Resignation without collapsing. Then, 2022 arrived, bringing inflation, higher interest rates, and other challenges. The good news in all this uncertainty is that there are numerous opportunities for businesses to control spending and cut costs with a focused approach to leveraging an outsourced accounting services partner.
Let that sink in. While it may sound counter-intuitive to make a big change during uncertain times, such as when you are understaffed and struggling to fill vacancies in your accounting department, this is really the perfect time to make a bold move. Here's why.
Benefit #1: You get an experienced team or team member for less than you would expect to pay for the same service you acquired on your own, regardless of the industry you operate in.
Whether your firm is in the nascent stages of development, say a startup just getting ready to launch, or a well-established organization that recently lost a CFO or accountant leader bookkeeper due to the Great Resignation, you are looking for skilled financial staff to fill vital roles within your team. Replacing these team members will be costly.
The cost of advertising, interviewing, screening, training, onboarding, etc., and retaining is expensive. You can eliminate all of these expenses when you partner with a third-party outsourcing accounting agency that assumes your primary accounting functions. Plus, when compared to the costs of ongoing training and professional development, salary, and benefits, outsourced bookkeeping, and accounting services are usually a fraction of the cost of maintaining an in-house staff.
Benefit #2: Focused, professionals with core competencies give you what you need, and the scalability to shift up or down as your demand changes without any effort from you or your team.
In a world where many employees have chosen not to resign but are simply showing up and doing the bare minimum – now known as quiet quitting – your business may have a warm body on the payroll, but you deserve a skilled bookkeeping and accounting team that is focused on helping you succeed.
Whether you are running a one-man business, a mid-sized retail chain, or a large industrial complex, your team needs a robust financial skill set that includes core competencies capable of producing all necessary financial reports, analyzing transaction data, conducting audits, reviewing records for accuracy and advising you of process inefficiency that could be modified to save money and improve workflow to improve profitability. Core competencies from a third party should suit your needs and be customized. A real estate agency would naturally want outsourced accounting partners with real estate experience and a construction projection management company would look for those core competencies over a general practice accountant.
Benefit #3: Outsourced accounting partners implement workflow processes and procedures to improve efficiency and effectiveness.
Streamlining workflows can save businesses time and money. A professional financial expert with the skills to dive deep into back-office analytics can identify bottlenecks in the workflow that are preventing a business from realizing maximum profit margins. With a thorough review, business leaders have the information they need to make informed adjustments and take action with outsourced accounting teams to streamline their financial processes to keep them on track for business growth.
This is especially important during periods of challenging financial times – periods of high inflation, rising interest rates, high employee turnover rates, etc.
Establishing effective processes also ensures that all stakeholders from lenders and investors to staff members and managers have access to financial health records through regular financial statements, on-demand transactional records, and other collaborative data shared between the outsourcing partner and the business.
In order to navigate the complicated post-pandemic financial world we live in, business leaders must view the financial world through a long-term lens. But, is it imperative that the focus recognizes we are facing some unique challenges employers have never seen to this extent. Quiet quitting, “knowledge hiding”, the Great Resignation, and other tactics that employees are using that are keeping employers from achieving success can be overcome by partnering with professional outsourced accounting services partners.
If you need help with budgeting, forecasting, and understanding the financial health of your organization, or the challenging financial transactions and tasks, consider outsourcing as an option. A third-party partnership with a company like AccountingDepartment.com can help you navigate these difficult times while curbing costs and taking control of your financial health. Plus, you get an entire team at a fraction of the cost of hiring one or two team members for your in-house team!
