Outsourcing Financial Talent and Why You Need to Consider It
So You Can Focus On What You Do Best…
Who knows, you might have enough time to create and develop new Services you can offer to your Customers and potential new customers. 1
Although the advantages can be enormous, you do have to take into account several implications to really make an outsourcing solution work
There are many reasons to outsource your accounting functions, enabling you to focus more on your core business. 2 Here are the main advantages of outsourcing:
- Reduce Overhead
- Reduce Training and Managing expense
- Focus: Stay Productive; keep noncore competencies out of the way of your main business focus
- Simplifies related Business Bookkeeping and Finance with good business habits
- Utilize Technology to replace Old Bookkeeping Methods
- Learn New business habits to keep a tighter rein on expenses
- Learn the ways of bookkeeping so you understand what is happening
- Provides information and analysis you need to seek investment capital
- Access to financial statements you need to make good business decissions
- Advice, counsel and insight, when you need it to help you monitor all your financial data, including financial statements, budgets, forecasts and dashboards
- Morris+D’Angelo will explain to you and your Team what financial statements mean, helping you make decisions and steer your company toward growth.
- Fosters easier ways to change outsourced services than dealing with hiring and firing internal staff.
- Morris+D’Angelo can scale with your company’s needs. Today may only be a monthly need to reconcile and close your books, tomorrow you may need comprehensive daily services. Outsourcing will help you start with a service that can handle your needs today and tomorrow, instead of your having to manage a major transfer from a single part-time in-house bookkeeper in the future.
Although the advantages can be enormous, you do have to take into account several implications to really make an outsourcing solution work:
- You’re dependent on resources outside your four walls.
- You may not hit on the right outsourcing firm the first time. Treat this like you would any vendor or service firm — check recommendations and references and ask to see past work.
- You will have to document all policies and procedures so you know who is responsible for what.
- You have to remember that it's your financial data. Make sure you own your own data — your security depends on it.
- If you don't like to have to email everything or find that not being able to discuss projects face-to-face turns you off, you should know that video conferences work better and better all the time.
What about outsourcing outside of this country? One business owner, Bruce Clark, describes outsourcing as an efficient, professional and profitable tool in his book, “Beyond the NCI (New Clients Inc.) Effect: Sales Strategies That Matter to Grow an Accounting Practice” authored with son Chris. He writes: “We’re able to process 50 clients with one part-time person working 80 hours per month. The work is done quickly, correctly and at a fraction of the price if done here in the U.S.”
We’re guessing this might have you thinking… hmmm, additional “Industry-Trained” or “Task Specific” talent for hire… Contact us for our Business insights and solutions that protect your Botton-Line.
For Insights: Contact Us at Morris+D’Angelo
707 SW Washington St., Suite 1100
Portland, Oregon 97205
503.749.6300 – Portland Office
408.292.2892 – San Jose Office
At Morris+D’Angelo, we often have the insight of our Customers’ entire financial history, that provides for opportunities for us to add value to you as an integral part of your Financial TEAM (Together Each Achieves More).