Outsourcing Makes Sense for Small and Fast Growing Businesses

26 Nov 12

Investing in and maintaining an in-house accounting department does not always suit the changing needs of small, fast-growing businesses. An increasing number are finding it makes dollars and sense to transfer their accounting function to an outsourcer with the software, expertise and manpower to meet their requirements.

Finance and accounting outsourcing typically involves transferring procedure driven services – such as accounts payable and receivable, general ledger, billing, payroll and month end reporting – to a specialist provider. Some businesses are also now outsourcing strategic level roles to gain access to skills they need to take their company to the next phase of development.

A simple transfer of work can add up to a lot of benefits:

1) Cost reductions
Significant savings come from the need for fewer employees and less capital investment in office equipment and software.

2) Managing capacity fluctuations
Business do not have to deal with employees’ holidays or sick days and have access to numerous finance staff when they need extra help.

3) Improved accuracy and timeliness
Outsourcers’ technology means they can often process transactions immediately and provide fast, secure access to key operating information over the internet.

4) Quality assurance & good client service
At MIM, we ensure reports and accounting are done in accordance with the latest regulations and best practices. They are also groomed to serve their clients.

5) Affordable strategic level support
By outsourcing the role of CFO, businesses can access higher level interpretation, analysis and strategic advice they often need at a fraction of the cost of hiring a full-time person.

So how do you decide whether outsourcing is for you? Identifying tasks that cost you time and money or functions where you would benefit from greater skills is a good first step.

MIM Accounting provides a number of clients with full accounting support, customised to their particular needs. If you would like to know more about whether outsourced accounting can benefit your company, please contact us today.