May 14, 2018
Ask ACE
Outsource accounting functions, or hire a CFO/controller? Some things to consider
By Dean Michaud, President Of Michaud Accounting Solutions
Q: My business is growing. What are the advantages of outsourcing my high-level accounting function instead of hiring a CFO or controller?
Ace Advises: Here are seven reasons why outsourcing your high-level accounting function is a smart business move:
- Reduce overhead costs and increase efficiencies: Instead of needing several employees to operate in-house accounting, outsourcing eliminates the need for extra salaries, benefits, training, office equipment, downtime and taxes.
- Improve budgeting practices: Oversight from outside experts can help you identify financial problems before they occur, and ensure the financial visibility of your company.
- Improve cash flows: Outsourcing can allow your business to take advantage of everyday accounting practices to help manage cash shortfalls.
- Save time and get convenience: Let the experts take care of the accounting and free up your management team to tackle the duties in their job descriptions.
- Receive sound advice: Outsourcing provides an opportunity to align with a professional who has experience with your type of business and has knowledge and expertise in every area of accounting.
- Expand staffing flexibility: Your time and your management's time is better spent developing new business opportunities and strategies, than focusing on the accounting.
- Get real-time access to your data: An outsourced company will likely have access to the latest technology, and can assist in making timely decisions and provide updated financial data.
As your business grows, it may make a huge difference in your success to explore outsourcing your high-level accounting functions, before you decide to hire an in-house controller or CFO.
Contact Dean Michaud at www.michaudaccountingsolutions.com
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