Have you ever wondered if it makes sense for you to outsource your finance team? For the past 5 years we’ve been serving as an extension of our clients’ business by handling all the financial elements. Over that period we think the value proposition is pretty clear.
Here are the top 3 key reasons to outsource your finance team:
By outsourcing a finance team you get 3 for the price of 1. For the equivalent budget of a full-time bookkeeper your company can have a vCFO, vController and vBookkeeper. Having a virtual CFO co-piloting your business with regular meetings really elevates your business performance and ensures you avoid common business pitfalls. A Controller is able to slice and dice your accounting data so that you can have better insights into business performance. There is no comparison between the value when comparing the access to expertise that an outsourced team provides.
By nature bookkeepers like to do what they have always done. When hiring within you are less likely to have a resource who enjoys staying on top of technology advancements in the accounting industry. An outsourced finance team is motivated to leverage technology to improve the speed and accuracy of data capture which saves you money and provides you with faster access to reports.
Most founders dream of a successful exit at some point in the not so distant future. The finance function is not core to a business and in the event of the sale the buyer usually replaces the team fairly quickly. As a result our market is full of finance employees that have been replaced repeatedly as their former employer's businesses were sold. As a result, they are often anxious when they see signs that an exit is near and not necessarily motivated to assist you through a speedy due diligence. Our resources are eager to support you through your exit without fear of job security given the variety of businesses that are continuously supported.