As the year-end approaches, businesses will need to think about the decisions that will impact their ability to prosper and prepare for future growth in the new year. Balancing complex Accounting tasks, along with other responsibilities in running a successful business, is challenging. If accounting isn’t an area of expertise for your internal team, there are a lot of risks that come with failing to properly execute financial responsibilities. Partnering with an outsourced accounting firm can provide your organization with cost-effective, on-demand expertise to support your business goals.

Here are 5 ways outsourced accounting services can help your business succeed in the new year and beyond.

Provide Time to Innovate

Companies that want to thrive should have the time to focus on growing their business, improving their current services or products, and adapting to the changing demand in the economy. Outsourcing your accounting function will help with daily tasks such as processing invoices, managing accounts payable, and keeping up to date accounting and financial information by implementing and leveraging efficient cloud-based technologies. This allows you to focus on growing your business and executing your evolving business plan.

Access to Broader Resources

Companies focused on growth often have limited resources to accomplish their goals. An outsourced accounting firm will provide your company with staffing flexibility and access to multilayered skill sets. Outsourced accounting services provide a reduced and cost-effective solution than building and maintaining an in-house accounting and finance department. An outsourced accounting firm will work as an extension of your team, becoming a partner you can rely on as you grow your business.

Cash Management

Reliable information from your accounting system will allow you to make sound decisions about succeeding today without sacrificing tomorrow. An outsourced accounting firm will be able to provide insight on how to conserve cash while still growing your business. For example, an outsourced accounting firm can determine the rate at which a business uses its cash and help establish its cash needs. This assists the owners of a business in identifying the degree of expense cuts and/or revenue increases necessary to sustain business operations or accelerate growth. In addition, an outsourced accounting firm will establish processes that will provide you with timely information regarding the company’s cash position so that you can make informed decisions about how to fund capital expenditures or increase payroll for future growth. Establishing a cash management plan will assist you in executing your company’s business goals.

Timely and Insightful Financial Reports

Successful businesses rely on financial data to make business decisions. An outsourced accounting firm will be able to customize reporting so that you are getting information that will give you visibility into your business. For example, it is important that you know which customer or product line is the most profitable so that your sales team can focus their efforts. Whether you need to provide your financials to a lender or investor, the ability to present accurate financial information will be crucial to obtaining additional funding resources that can finance your business. An outsourced accounting firm can provide you with the support you need to ensure stakeholder confidence in the accuracy and quality of your financial information. In addition, every industry measures success through industry benchmarks and it is essential that you continuously assess your business’s performance and make data-driven decisions to optimize profitability.

Efficient Accounting Processes and Stronger Controls 

Outsourced resources can help streamline your processes by using automation and integration to optimize the use of your accounting software. Automating certain accounting functions can cut down on time spent but more importantly, with the implementation of easy workflows and controlled processes, you will decrease your organization’s risk of fraud and monetary losses. An outsourced accounting firm has risk advisory services, and treasury management support that can be tapped to create processes that are efficient but still reduce fraud risk. Having a clear picture of your runway and cash flow is imperative to running a successful business. Establishing and regularly reviewing all treasury-related risk management policies will help to avoid financial crisis. For example, monitoring the credit worthiness of your banking deposits and lenders access to capital for lines of credits and liquidity.

Outsourced accounting services firms are the best comprehensive solution for companies that are ready to outsource their accounting work. They provide you with a robust accounting team without having to invest in creating and maintaining that team in-house. Early-stage companies may focus on the transactional accounting team initially, but eventually, as they look to grow their need for financial, controllership, and strategic advisory support will be critical. Engaging an outsourced accounting firm early in your company’s life cycle enables you to set up your accounting systems and processes to eventually facilitate the financial reporting and strategic advisory services that you will need to maximize profitability and growth.

How Centri Can Help

Powered by Centri provides an unmatched level of care and attention for your accounting and finance needs. We bring you high-quality outsourced accounting services, regardless of the size of your business or the complexity of your books. We offer an effective, calculated approach to accounting and finance support. With a suite of services, including transactional support, financial solutions, controllership and strategic advisory, our experts have you covered. Contact us to learn how we can help support you and your business’ growth.

Editor’s note: This article was originally published on August 10, 2023. It was updated on November 16, 2023.

About Centri Business Consulting, LLC

Centri Business Consulting provides the highest quality advisory consulting services to its clients by being reliable and responsive to their needs. Centri provides companies with the expertise they need to meet their reporting demands. Centri specializes in financial reporting, internal controls, technical accounting research, valuation, mergers & acquisitions, and tax, CFO and HR advisory services for companies of various sizes and industries. From complex technical accounting transactions to monthly financial reporting, our professionals can offer any organization the specialized expertise and multilayered skillsets to ensure the project is completed timely and accurately.

For more information, please visit www.CentriConsulting.com