Save Time and Money: Top Services to Outsource for Business Growth
When it comes to running a successful business, efficiency and experience are key. To that end, outsourcing accounting and advisory services can make a significant impact by streamlining operations and boosting financial capability. From bookkeeping and payroll processing to Chief Financial Officer (CFO)-level management, outsourcing certain functions allows businesses to reclaim valuable time and resources. There is a wide range of outsourced accounting and advisory services that businesses in any industry can utilize to unlock substantial operational and financial advantages.
Outsourced Accounting Services
Outsourcing accounting services is not just a cost-cutting measure; it is a strategic decision that can improve financial performance, ensure compliance and help businesses stay competitive. Some examples of outsourced accounting services include CFO/controller services, bookkeeping and payroll services and business tax services.
CFO/Controller Services
There are many situations where a business may find itself seeking an outsourced CFO or controller. For example, an outsourced professional could be a temporary solution for a business whose CFO or controller recently left, or it could be a permanent solution for a business that has grown to the point of needing a dedicated professional. Regardless of the specific situation, outsourcing can be beneficial by providing the business with strategic financial planning, cash flow management and compliance oversight. Outsourcing these services ensures that experienced professional is overseeing critical financial functions, reducing the risk of financial mismanagement and allowing business leaders to focus on core operations and long-term strategy. Hiring an outsourced CFO or controller also typically provides a cost savings, compared to hiring a full-time professional who requires long-term investments in onboarding, office space, equipment, a salary and other employee benefits.
It can be tricky to determine whether a business requires CFO-level services or Controller-level services. In simple terms, a CFO takes on a broader, more strategic role centered around financial leadership, whereas a Controller focuses on day-to-day financial operations. If your business decides to outsource accounting services, your outsourced advisor can review the business’ needs and determine which level of service best suits your objectives.
Bookkeeping Services/Payroll Services
Bookkeeping and payroll are essential components of the accounting process and help form the foundation for accurate financial management. As a result, many businesses choose to outsource these functions, especially businesses that are aiming to optimize time and resources. Outsourcing bookkeeping and payroll reduces costs, enhances efficiency and ensures consistent financial documentation, minimizing risks and improving reporting reliability. It also frees up time for businesses by eliminating repetitive accounting tasks.
Business Tax Services
Filing taxes can be a daunting and tedious task for businesses, as it involves managing complex tax obligations, along with keeping up with ever-changing state, federal and international tax laws. Outsourced tax professionals can help businesses alleviate this stress and remain compliant by optimizing tax strategies, reducing costs and providing valuable financial insights.
Outsourced Advisory Services
In addition to outsourced accounting services, business can also take advantage of outsourced advisory services. These services provide businesses with financial and strategic guidance without the need for full-time, in-house advisors. This approach allows businesses to benefit from specialized expertise, while also managing costs and focusing internal resources on core operations. Examples of advisory services that can be outsourced include human resources (HR) consulting, business transitions and wealth management.
Human Resources Consulting
For some organizations (particularly those with limited size and resources), hiring a full-time, in-house HR professional may not be feasible. In these cases, HR responsibilities often fall to the president, office manager or other staff members. Outsourcing HR services relieves businesses of this burden, allowing key personnel to focus on their core responsibilities while ensuring HR functions are handled efficiently and professionally. Not only can an outsourced HR specialist help with employee relations and compliance, but they can also help businesses with their recruitment process to help attract the right talent. An experienced HR professional can offer a multitude of services to a business, such as developing internal HR procedures, providing guidance on leave tracking, helping with resolving employee relation issues, compensation consulting and more.
Business Transitions
Over the course of a business owner’s career, he or she will navigate a variety of transitions. Some might be driven by the natural growth of the business, such as expanding through mergers and acquisitions (M&A). Others may stem from personal circumstances that impact the business, such as a divorce requiring valuation or litigation support. Often, business transitions are a combination of both personal and professional factors. Whether it’s preparing the next generation to step into an ownership role or crafting a succession plan for an eventual retirement, exit planning is a critical initiative that can (and should) be outsourced to a knowledgeable advisor, such as Brown Plus Transitions.
Wealth Management Services
As the owner of a successful business, there comes a point where managing both the business’s financial health and your personal wealth becomes increasingly complex. To assist with both, wealth management advisors offer comprehensive financial planning, investment management, asset management and estate planning services to business owners. Wealth management firms like Lighthouse Wealth Management help business owners navigate complexities with confidence – whether it’s planning for growth, safeguarding assets or just preparing for the next phase of life and business.
Overall, outsourced accounting services or advisory services benefit businesses by saving time and money. By partnering with experienced professionals, businesses can gain improved financial accuracy, access to strategic insights and support for long-term growth.
If you have questions on outsourced accounting or advisory services, please contact the professionals at Brown Plus.