Finding a qualified controller or CFO is not always easy. Demand for professionals with the right skill set is high, making recruiting difficult. And as a start-up business, you may be growing fast, which makes keeping up with back-office demands more challenging. Just when it is critical to focus on managing the business side of your company, you also need help with compliance, reporting, and data processing.
An increasing demand for highly qualified candidates to fill financial department roles, combined with the fast, unpredictable growth of start-up companies, means it is often more cost effective to hire an outside professional to help with your accounting needs. Here are some of the advantages to outsourcing your accounting function:
Expertise and Experience
A CPA firm that provides outsourced accounting services utilizes staff, many of them CPAs, who have experience working with small, midsized, and large companies. They have experience helping businesses in each stage of growth and can anticipate what your start-up may need next. With easy access to each other’s expertise, they can help you with the myriad of situations you might encounter: federal grant compliance, multistate issues, foreign activities tax compliance, assistance with financing, reports to investors, and more. They can serve as a valuable resource and partner on your road to success.
Maybe you just started your business and you need assistance keeping your QuickBooks up to date on a cash basis. Even if you do not have many resources yet, a CPA firm can do it for you for a modest fee, thereby saving you time so you can focus on growing your business.
As time passes, you might hire employees, increase sales, acquire new investors, and expand to other states—suddenly you are not a small start-up anymore. A CPA firm can help you manage your business’s growth from the accounting standpoint, adjusting their services as your needs and resources change, saving you the worry of hiring additional employees to meet the new requirements.
Accounting applications are evolving at a rapid pace. It is essential to have a partner who stays current with software updates and changes, and can help you take advantage of applications that improve efficiency. A CPA firm who provides outsourced accounting services can assist and advise start-up businesses on what accounting software solutions might work best for them.
Sometimes you only need part-time or temporary controller or CFO services. Finding a qualified professional for a part-time or temporary role can be difficult. A CPA firm can customize a service package with just the number of hours and timeframe that you need. They often utilize new technologies that enable them to be very efficient. This means that you are getting a high-quality service for less than the cost of hiring an employee.
Outsourced accounting can serve as an optimal solution for start-up businesses as well as established companies. The built-in flexibility of working with us means that you can outsource only the functions you want to and perform the others in-house.
If you are interested in learning how we might be able to help, please reach out to a member of our Outsourced Accounting group.