businessBusiness Coachingbusiness growthconsultantFinance7 Benefits of Outsourcing Your Business Financial Functions

February 10, 2022by Mikerash0
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Based on our post earlier this week, CFO vs. Financial Controller, were you able to identify what your company needs at this time?

(If you haven’t read over our latest post detailing the differences between the two, we highly suggest you do so now… Click here )

Now that you understand the roles and responsibilities of each, as well as the key differences between the two, it’s time to look over your options.  

In some cases, your situation may follow a similar storyline: you have an idea, you work hard, you start seeing growth, and you realize that you can longer keep up with the increasing financial demands of your business and you need professional help. 

Or maybe: you are an already established entity with a top financial employee who is currently on their way out. 

Whatever your specific case, your business needs financial help, and you have two options: 

  1. Hire someone on your team 
  2. Outsource

We’re here to tell you the benefits of outsourcing your financial activity…

1.Ongoing Access to Financial Expertise:

All businesses have fluctuating needs for bookkeeper, controller, and CFO expertise, yet it’s unrealistic for most companies to hire all at one time. When you choose to outsource your financial activities, you are empowered with the specialized and ongoing finance knowledge applicable to your business. 

What’s more, the highly trained financial experts you outsource to don’t have the distraction as most internal employees. 

2. Cost savings:

Let’s be honest, employees can be expensive, especially when it comes to top talent in the financial field. From salaries, benefits, taxes and unemployment, business owners are always looking for ways to cut down on labor costs. Shifting our focus to customizable outsourcing, there are significant benefits and efficiencies to be gained.

 When you outsource accounting and/or financial tasks that need to be completed -either on an ongoing or project basis – you will have access to our resources that fit your needs, schedule, and the size of your organization. And this all saves you time and money.

3. Time savings:

We are all running busy lives in this complex economy, and generally even more so if you are a business owner. Because you are constantly focusing on the operations of your company, a significant portion of your time is spent managing accounting and finance employees. 

When you outsource, however, you will see that the time you spend guiding your employees frees up. The outsourced professionals are efficient in driving your overall productivity by taking off the heavy burden involved in financials. This also leads to a higher level of resources available for you and other components of your business. The right experts will know the events and decisions that will have the most impact on you, and their goal should be to save you time and money.  

4. Ability to Scale:

It’s not uncommon for business growth to come in intervals, and if you’re a newer company, keeping up with unpredictable waves of growth can be challenging. Businesses who experience rapid growth usually struggle with maintaining sufficient backend operations, ultimately hindering growth and costing company money. In periods of economic downturn businesses may turn to layoffs to save money, but the high expense involved in replacing these employees defeats the intention.

When you outsource accounting finance, you are able to quickly scale up to handle a more significant workload when the business hits its peak. Additionally, if it does become more challenging to run the business, you can easily scale back and worry about having as many employees or capacity. 

5. Access to Top Resources:

Owners of small businesses are wise to keep their overhead costs at a minimum, and outsourcing is a great way to save money on more advanced tools. When you outsource your accounting and finance functions, you not only gain access to powerful, high-grade tools, you also receive to take it one step ahead.  

6. Business Intelligence:

No matter your business stage, size, or industry, you face a lot of competition. Therefore, we can’t stress how imperative it is that your processes are seamless, and your methods innovative. When you have an experienced coach on your side, you will have the business intelligence to help you make big decisions. In this case, you will not receive this from your bookkeeper.

7. Flexibility to Meet Business Needs:

If you have a team of only 2-3 people, you need to ensure that they are busy, yet not too busy that they aren’t able to take new things as your business matures. For example, PPP was a need that increased the workload of accounting teams to a level they weren’t able to handle. Many were forced to seek external help to take this on. When business owners outsource their accounting and finance, they have the advantage of pivoting at a moment’s notice and properly strategize.


Final Thoughts

As you can see above, there are many benefits to outsourcing your financial functions. Usually when business owners start seeing a need to delegate their tasks, they think they have to build an entire internal team to see results. Hopefully now you see that you have other options.

Furthermore, it’s just as important that you don’t outsource to just anyone. An individual or a team lacking fundamental experience can easily you set you and your company up for potential failure, however, consider what you and your business can achieve if you initially start with the right individual or firm for your business.

At MCDA CCG, INC. we have successfully provided financial services to a wide array of business in a wide array of industries. Don’t waste time or resources with other inadequate companies; contact our team of quality experts to provide you with a no hassle consultation to get your financial concerns solved.

Reach out by phone, email or click on: Get in touch, we look forward to speaking with you!


Other Resources you may like…

Why Outsource HR: Pros and Cons

NetSuite vs. QuickBooks: “Which is Right for My Business?”

8 Common Business Bookkeeping and Accounting Weaknesses

6 Financial Tips for Clean Business Books All Year

How A Year-Round CPA Can Help Your Business Beyond Tax Filing

Is Your Business Outgrowing Your Accounting Software? 7 Telltale Signs

CFO vs. Financial Controller: Key Differences to Understand

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