Every day more companies are seeing the advantages of outsourcing their accounting and financial services. Putting your financial management into qualified hands frees up resources for your business and reduces your expenses, but it also comes with risks. This is why you must select your accounting partner carefully.
The Benefits of Outsourcing Your Financial Services
Why do companies outsource their financial services? In the past, the short answer was: to save money. Today, the world of outsourcing has become a different place. There are now all kinds of variables to consider when you outsource your accounting services. The modern world of outsourcing is more about giving you access to expertise and tools you won’t find anywhere else.
Choosing your outsourcing partner for financial services is a crucial decision, but GJR Consulting is here to help. We’re going to run through the advantages of outsourcing and the risks to watch out for, so you are more informed before you select your accounting firm. Three of the primary benefits of outsourcing your finances are:
Focusing on What You Do Best
You are running a growing small business. You and the leadership have many concerns to worry about around the clock. Hiring a professional firm to manage your finances opens up more time in your schedule and takes a substantial amount of stress off your to-do list.
Outsourcing Is Cost-Effective
Hiring an outsourced accounting or finance partner is almost always going to be less expensive than maintaining an in-house department in your business. Even if you only hire one employee, you still have to pay their salary, benefits, and eventual raises in payroll. Hiring outside help opens up the cash flow of your business and gives you expert assistance from day one.
A Dedicated Team of Experts
Often for less than the price of a single full-time employee, you can have an entire team of dedicated experts managing your financial services. Even if you can find a well-qualified employee who is worth the salary you’ll be paying, they won’t have the collective knowledge or resources of a professional accounting team with years of experience.
The Risks of Using Outsourced Finance and Accounting Services
We aren’t going to pretend that outsourcing comes without risks. Running any business comes with a certain amount of calculated risk. However, when you confront risk with preparation and planning, it becomes just one more factor in the success of your business. The team and services at GJR Consulting are here to make sure you can make informed decisions and plan ahead with confidence in the future of your business. Some of the risks that come with outsourcing include:
Snowballing Hidden Fees
Any company that offers a paid service can be unscrupulous and try to bump up their fees with additional costs. You need to take the time to find an accounting firm that is transparent with their billing and operational practices. At GJR Consulting, there are no hidden fees. Our staff is here to explain our billing to you and line-out any details you need.
Managing Multiple Service Providers
When your business starts outsourcing all of its’ finances, you might run into the problem of having to hire multiple services to manage different parts of your financial services. This extra work can eliminate the time you save by outsourcing in the first place. Your business needs a full-service financial service provider like GJR Consulting. Our services include everything from financial statements and bookkeeping to tax planning and cash flow management.
Distant, Impersonal Financial Institutions
Depending on the firm you hire, you could end up receiving financial reports from an outsourced team that is across the country and only knows your business as another number in their system. At GJR Consulting, we believe your business deserves the personal attention of a team that is willing to take the time to get to know your long-term business and financial goals
Your Trusted Bookkeeping and Accounting Partner
When you hire GJR Consulting for your financial services, you will see the positive difference outsourcing can make in your company. We are here to lift the weight of finances off your shoulders and share the load with you. Our ultimate goal is to make your life more manageable. We are here to deliver professional expertise, reliable responsiveness, and quality service.
To learn more about the advantages of outsourced financial services, contact GJR Consulting today.