Most businesses handle their accounting needs by spending too much of one or both of the following - time and/or money.  Fortunately, there is another way. You can outsource your accounting and CFO, effectively eliminating the need to hire in-house employees or, if you are the courageous type, even attempting to do it on your own. 

So why do the best business owners outsource? 

They realize that their time is best spent doing what they do best - growing their business. Other tasks simply get in the way, requiring significant time and resources that detract from their overall goal. Fortunately, certain technological developments have made outsourcing tasks like accounting and financial services not only possible but cost-effective. 

Why do the best outsource their accounting?

Here are Four (4) Benefits that will persuade you to outsource your accounting; however, many of the fundamental principles here can be applied to other components of your business as well, like marketing or administrative work.

1. Lower Fees, More Services - This is a bit counterintuitive; however, it actually makes sense. Due to the latest software and tech, you do not need to be paying salaries, benefits, taxes, and the other extra overhead that comes with hiring full-time employees. 

Utilizing the ability to sync all of your financial institutions with the latest accounting software, an outsourced accounting team is able to automate certain processes that could only be done manually in the past, in turn providing a more extensive list of accounting services due to time saved in other areas. This translates to fewer hours spent on your accounting and fewer fees out of your pocket.

2. All of Your Financial Needs Covered - Having an outsourced and experienced CFO means having a strategic partner in every financial component of your business and all financial matters are taken care of. Payments to be made? Monthly Reconciliations? Receivables to be Collected? Financial reporting? Budgeting and Strategic Planning? Not sure whether to lease or buy? It's all covered.

3. Securing Financing - This is made possible by having an entire financial team at your disposal, rather than a regular accountant or bookkeeper. Many outsourced CFOs work directly with lenders that are able to provide you with business financing you otherwise wouldn't have access to. 

In business, cash is your lifeline and business owners are always absolutely thrilled to hear they can obtain the financing they never knew they could have access to.

4. Level Up: Higher Level of Financial Services - Leveraging off of number one on this list, because your team is outsourced, they're able to provide a more extensive list of financial services to their clients than they would normally receive. 

That's where the "CFO" comes in. By having a full-service accounting team at your disposal helping you not only save but grow, you'll likely require a deeper level of financial advisory for items like KPIs, cash flow forecasts, and year-end financials. Fortunately, the right outsourced CFO team will have the capacity to provide these as well.

If you and your business are considering a more efficient way to manage your business, consider reading the All-In Financial Whitepaper. It will help you understand the advantages of outsourcing these important tasks to the experienced and providing you the bandwidth necessary to strategically grow your Company.

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