By Analytix Editorial Team
Financial tasks can consume a significant amount of time and attention, which can be draining to a business owner who is trying to grow the company. However, outsourcing finance and accounting functions can significantly improve your organization’s profitability. By having routine financial processes performed externally, business owners can focus on more critical tasks such as decision making, forecasting and analyzing.
What are the financial areas that you can outsource for increased efficiency?
Outsourcing financial tasks can save companies as much as 35-45%. Following are some key areas that should be considered for outsourcing:
Accounting system integration
Even the most efficient accounting system requires dedicated expertise and manpower for it to be fully functional; and a business that has invested in an accounting system should make sure that its capabilities are fully leveraged.
Outsourcing the management of the accounting system functions, as well as the integration with other systems and processes, provides businesses with better data organization and management, resulting from data entry, conversion and relevant software selection. A knowledgeable accounting system vendor can help select the appropriate software for your business and deliverables, while also addressing any appropriate customization. Critical accounting functions, such as integration with third-party applications like billing and time management software, are also managed along with local and remote application hosting. Check with your vendor about the software they use to ensure compatibility with your existing system, if any.
Tracking every transaction helps ensure cleaner month end accounts and ultimately cleaner accounts for the entire fiscal year. Bookkeeping essentials, such as tracking vendor bills (accounts payable), customer invoices (accounts receivables), inventory management and reconciliation of cards and bank accounts can help create sound accounting records.
If you maintain an in-house department to oversee these functions, the need for managing the software, hiring trained personnel, and ensuring training and retention still exists, which can lead to additional expenses and hassles. Outsourcing reduces these challenges while helping to save money and time.
How does your company quality check the accounting? Most business owners prefer to perform controller functions themselves to ensure accuracy. However, one option is to outsource controller functions such as financial statements, closing and adjusting entries or fixed asset management to a qualified professional. Often outsourcing can also extend to supervising existing staff or overseeing their work, which eliminates the need to hire a full time employee to manage. This additionally frees up time for the business owner to focus on vital financial functions such as forecasting and analysis.
Analytix Solutions has helped scores of growing businesses identify and manage financial functions that may benefit from outsourcing. Call us today at 781.503.9004 or email us at [email protected] to learn more about how our solutions and services can help your business.