When an Outsourced Accountant or Controller Makes Sense

In the fast-paced world of small business and nonprofit management, navigating the complexities of finance and accounting is a daunting task. For many, the solution lies in outsourcing the accounting or controller function. A strategic move that saves time, reduces stress, and leverages specialized expertise. This is where outsourced controller services come into play, providing a cost-effective alternative to hiring a full-time financial controller.

Let’s explore the top five reasons why organizations are turning to outsourced financial services, particularly outsourced controller services, to streamline their financial processes, manage budget constraints and part-time needs.

The Accounting Headache

Outsource the accounting headache!

Budget Constraints and Part-Time Needs

Small businesses and nonprofits often face budget constraints when it comes to hiring a full-time controller, accountant, or bookkeeper. The controller cost can be a significant burden, making outsourced controller services an attractive option.

According to various studies, the outsourced controller salary is often more affordable. According to Carees in Nonprofit, the range for a controller salary is $90K – $120K, not including benefits.

By outsourcing accounting services, organizations can significantly reduce costs while still accessing the expertise they need. In fact, a survey by a leading research firm showed that the use of outsourced controller services has been on the rise. Clutch revealed that 70% of organizations outsource accounting primarily for cost reduction.

Furthermore, the need for financial expertise may not warrant a full-time position, making outsourcing accounting a cost-effective solution. Small businesses and nonprofits can benefit from the flexibility of outsourcing, allowing them to scale their accounting services based on their specific needs. In the same Clutch survey, it was found that 24% of small businesses and nonprofits already outsource services, with 52% planning to increase their outsourcing strategy. Accounting was the most outsourced technical skill at 378% with outsourced controller services being a significant part of this trend.

Time Constraints on Leadership

Nonprofit leaders and small business owners often find themselves juggling multiple responsibilities, leaving them constrained by time. Managing day-to-day financial operations can be time-consuming and distracting, taking away valuable focus from strategic decision-making, fundraising, and business growth. Outsourced financial services can help alleviate this burden.

Outsourcing accounting services can alleviate this burden by allowing leadership to delegate the day-to-day financial management tasks to experienced professionals. By partnering with an outsourced controller, organizations can free up their time to focus on activities that drive growth and success.

Streamlining Manual Processes

Many organizations still rely on manual processes when it comes to gathering financial information. These manual processes can lead to inefficiencies and errors in financial reporting. However, by utilizing accounting software like QuickBooks, organizations can streamline their processes and make them more efficient. Outsourcing accounting services, particularly outsourced controller services, particularly outsourced controller services, can further enhance automation and expertise, ensuring the coherent compilation of financial data for audit and tax purposes.

Addressing Internal Controls – Regulations

Auditors are increasingly scrutinizing internal controls within organizations, and regulatory requirements are only becoming more rigorous. Compliance with these regulations is essential to maintaining the organization’s financial integrity and reputation. Outsourced controller services can play a crucial role in ensuring tax compliance and maintaining the organization’s financial integrity.

By outsourcing the accounting function, organizations can benefit from specialized expertise in navigating complex accounting regulations. Providers of the outsourced accounting and controller services have the knowledge and experience to implement robust internal controls, ensuring compliance and reducing the risk of financial irregularities and staying on top of things. Additionally, outsourcing accounting enables a clear separation between those handling accounting duties and those managing transactions, further strengthening internal controls.

Focus on Strategic Decision-Making and Business Growth

One of the key benefits of outsourcing accounting services is that it allows leadership to focus on strategic decision-making, fundraising, and business growth. By delegating the day-to-day financial management tasks to professionals, leaders can allocate their time and energy towards activities that drive the organization forward.

Outsourcing accounting services also provides peace of mind to leaders, knowing that their financial processes are in the hands of experts. This confidence allows them to make informed decisions based on accurate and up-to-date financial information, contributing to the organization’s overall success.

Outsourcing accounting services can be a game-changer for small businesses and nonprofits facing budget constraints, time limitations, and the need for specialized expertise. By partnering with an outsourced accounting provider, organizations can save costs, streamline their financial processes, address regulatory requirements, and free up valuable time for strategic decision-making and business growth.

Outsourcing accounting services can be a game-changer for small businesses and nonprofits facing budget constraints, time limitations, and the need for specialized expertise. By partnering with an outsourced accounting provider, organizations can save costs, streamline their financial processes, address regulatory requirements, and free up valuable time for strategic decision-making and business growth.

If you’re contemplating whether outsourcing your accounting function is the right decision for your organization, we encourage you to reach out to us. Let’s explore the possibilities together and help you unlock the benefits of outsourcing accounting services. Best, Jenny Dalto

Leave a Comment

Comments

No comments yet. Why don’t you start the discussion?

    Leave a Reply

    Your email address will not be published. Required fields are marked *