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February 1, 2022
The finance and accounting functions of a business are complicated yet critical. While one can always hire an in-house accountant, another option to consider is to outsource the finance and accounting functions.
A specialized accounting outsourcing firm can give you back time and peace of mind by taking care of such back office functions as finance and accounting so you can focus on growing your business. It also allows you to enjoy benefits including cost savings, security and confidentiality, access to the latest tech tools, among other features.
– According to salary.com, the average salary for a CFO in the U.S. is $399,879, as of December 27, 2021. By outsourcing, you get access to CPAs, chartered accountants and expert accountants at a much lower cost, without compromising on quality. You also get to save on employment taxes, infrastructure fees and other overhead costs.
– Outsourced finance and accounting services firms can put measures in place to handle the serious data security threats that exist, and they typically invest in robust, impenetrable and expensive security systems. This can help mitigate the odds of compromised security programs and data breaches.
– By outsourcing to a company that specializes in finance and accounting services, you can avail a solution that is customized based on your requirements. You can also scale up or down the financial and accounting processes as per your requirements.
– A specialized finance and accounting outsourcing company will always stay updated with the latest compliance and financial policies and other accounting rules.
– A financial outsourcing company invests in cutting-edge technology and software to stay competitive. In addition, if finance is not your primary function, then taking on this type of investment by yourself makes no sense. When you work with an outsourcing partner, you have access to the latest technology for no additional cost.
– While fraud can never be ruled out completely, a dedicated team with expertise in accounting best practices keeping an eye on every transaction is far more likely to spot an anomaly than someone whose focus is on building sales and growing a company.
– When you outsource your accounting and financial functions to a third party, you can keep your company operations running 24/7 with a time-zone advantage. You can rest assured that all major tasks will be completed according to schedule and on time.
– As situations change economically, companies tend to change their workforce, which can be a challenging and resource-intensive process. This has been apparent in the last two years of the COVID-19 pandemic. But since the responsibility of managing the talent assigned to a project lies with the outsourcing company, you do not have to make any decisions regarding its internal workforce or pay to retain employees.
– Because finance and accounting are their core products, a finance and accounting services partner ensures that your information remains confidential and secure. You can ask them to sign a non-disclosure agreement for your peace of mind.
– Having reliable back-office support allows you to focus on tasks that generate revenue, such as business development and strategic decision making.
Escalon has helped over 5,000 companies across a range of industries to optimize routine business functions, like accounting and HR.
Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.
Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.
Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.
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