Hiring an outsourced finance and accounting department might not sound like the obvious next step for your business, but actually outsourcing is a very economical thing to do. As well as taking a task off your hands, it means you don’t have to hire a whole team for your own business which saves you time and means you can keep focusing on growing your business financially, not growing the number of employees and cutting into your profit margins. Outsourcing this kind of work is also very efficient – you tell them what to do and they go away and do it rather than you having to have a direct hand in everything that goes on.
Secondly, by outsourcing you are essentially handing it over to the experts – this will be a firm that handles all sorts of financial and accounting contracts for a living, which means they’ll have a wide range of experience and formidable problem solving skills when they run into any kinks, which means not only that your finances and accounts will be in good hands but also that you won’t be having to put out fires or explain problems every five minutes – provided you make sure you give them all the information they need to do their jobs properly when you’re starting out.
Having an in-house team does have its benefits. There’s nothing wrong with having a dedicated team which is only working with your company – it means they know the ins and outs of day to day business for a start, and secondly people who work directly for a company tend to be more invested in the outcome of their work meaning they may be more committed to finding the best solutions for you as it affects them too. However, outsourced accountants and financiers also want to be the best in their business – so though they may not be attached to your business in an emotional sense, they will still want to do a great job for you, so you’ll want to work with them in the future.
It’s also very easy to find the right outsourcing firm for you, especially if you use an outsourcing firm like CFOshare CFO for hire who will do the heavy lifting for you and find the perfect accounting and finance firm to do the work for you – ensuring they suit your business and understand your needs. This takes the work out of finding a firm for you, and makes outsourcing this department an even more sensible choice!