Have you considered outsourcing your finance and accounting function yet?
The decision to outsource is not an easy one. It is a big step and there is no getting away from that – and yes it is true, there are risks involved. But reward and risk go hand-in-hand. With an experienced partner, and the right approach, it is a rewarding journey to take.
If you have taken the decision to outsource, then you will already know about the rewards:
- Cost savings
- The introduction of efficiencies within the finance function
- Availability of accurate business information
- A variable source of high calibre resources
- No more people management headaches
But if you haven’t, then you may find it reassuring to know that many of today’s successful entrepreneurs are taking a smart sourcing approach.
Smart sourcing is outsourcing an accounting or finance problem, rather than the whole finance function in one go.
This could be something as contained and straightforward as:
- Ineffectual transaction processing
- Poor cash flow
- Mediocre quality management reporting
- Missed statutory deadlines
- A lack of safe processes, procedures, and controls
Or perhaps you have a more strategic financial challenge requiring access to the expertise of a Finance Director? To source investment, set up an overseas subsidiary or prepare your business for exit, for example.
The benefit of a smart sourcing approach is that it allows you to take your outsourcing in bite-sized chunks.
Finding the right partner is crucial
A recent Grant Thornton Study revealed that 87% of those interviewed believed that the quality of the relationship between client and provider was the most critical ingredient when considering outsourcing part, or all, of the finance and accounting function.
An accounting problem shared is a problem solved!
Growing a business is hard work. You may feel it sounds cliché but outsourcing non-core activities, like the finance and accounting function, will enable you and your management team to stay focused on developing great products, getting them to clients profitably and growing your business.