By Jennifer Eubanks
1. Competent financial management, reporting, and guidance.
Businesses need to have competent financial management, reporting, and guidance so the management team can focus on operations.
2. Businesses need the right people.
Some 70 percent of KPMG survey respondents said they are outsourcing accounting to get access to better talent. This helps clients focus on their business instead of their accounting.
3. Businesses need professional quality work.
Closely related to the demand for qualified people is the demand for quality work. Businesses choose to outsource accounting because they want assurances that the firm’s accounting will be accurate and compliant in every part of the business.
4. Businesses need efficient and quality technology.
Instead of evaluating, testing, purchasing, deploying, and training on internal systems, businesses get the benefit of professional-level processes and achieve compliance by leveraging our expertise.
5. Businesses need built-in scalability.
When a company grows, back-office support does not grow by itself. Typically, a part-time or full-time employee becomes overwhelmed and the company then tries to hire more resources. This takes time and focus from management and can be a nagging distraction. Companies usually need to have access to many financial disciplines, and a single new hire is unlikely to have all the necessary skills and experience. Outsourcing with the right partner enables the kind of overnight scalability that can help a growing company meet all back-office needs in a timely, cost-effective manner. The outsourcer also brings the right talent as needed.
6. Businesses need ongoing advisory support.
The hands-on nature of outsourced finance and accounting services allows—and requires—more frequent client contact, giving us the opportunity to help clients address issues before they arise. This provides a much higher value to clients than reacting to situations after they have occurred, as some outcomes are irreversible.
7. Businesses need more time to focus on their business.
Helping clients efficiently complete and account for financial transactions allows them to spend more time on the business and less time on accounting. The efficiencies provided by a skilled services team and updated technology often convince clients of the benefit of changing their business approach.