My business wishes had finally come true. I had a steady flow of business, and the phones were ringing with more interested parties. While this was my dream, the nightmare of all the back-office tasks became a reality. Thank goodness for MGA and their F.A.S.T. team. Not only did they come in and take care of the daily accounting functions, but they also helped take the numbers and provide me better insight into my business and where I should focus my energy to take it to the next level.
For many of our F.A.S.T. clients, the decision to outsource their organization’s accounting services has been a critical factor in their stability and growth. But how do you know if this is the right step for your business? Not only do we want to help you understand the benefits that delegating your financial functions can provide, but we also want to help you know how and when this transition may make sense for your organization.
5 crucial signs that your organization would benefit from outsourced accounting services
- You don’t like your controller.
A financial controller should be able to provide plenty of expertise in the field of accounting, ensuring that you can focus on other aspects of your company. If your controller is not able to give this sound confidence, it’s likely hard for you to fully step away from the day-to-day financial activities and let them fluidly have control of your accounting department. By outsourcing your financial functions, you can ensure that you are getting the expertise necessary, which will provide you with a sound mind and ability to focus on other important aspects of your business.
- You are planning to sell your business.
Not only will your outsourced accounting team be there to walk with you through the process and determine how to structure the transaction so that you aren’t hit with overwhelming taxes, but you will also benefit from utilizing a reputable outsourced provider to do your books until the transaction is complete, as it will legitimize you in the deal.
- You think accounting is an ancient Greek language.
If financial statements and accounting terms seem like a foreign language to you, the chances are that knowing how to manage accounting people and knowing how to check if their work is right may also be outside of your expertise. Outsourcing your accounting department will allow you to rest easy knowing that a trusted source is handling all the unknown territory of your bookkeeping and financials. Outsourced providers are good at accounting, and it allows you to focus on the things that you are good at – growing your business.
- You hate getting emails from your CPA.
When outsourcing your bookkeeping services, you can forget about dealing with your taxes, too. No more super long emails of stuff that your accountant needs from you at tax time – your information will always be on hand which will allow for a seamless process in filing your tax return every year. Any questions that may arise are easily handled by your outsourced accounting team.
- You trust your CPA.
Your CPA already has systems in place to ensure the security of your financial information. If you trust your CPA, you can take the extra weight off your shoulders of worrying about breaches or theft by outsourcing with a team that you already know and trust.
Transitioning to an outsourced model should leave you with several expectations. Expect to:
- Have time to focus on your business, not be consumed in your business
- Understand your financial reporting and have it aide in your success, not drag you down
- Rejoice in making the hard decision at the time, but the best one for your long-term strategy
Our Financial Accounting Support Team (F.A.S.T.) is a trusted resource when outsourcing your accounting needs. Whether you are a small or rapidly growing business, we are here to walk with you and assess your current back-office situation and needs.
Read about how F.A.S.T. took on the back-office responsibilities of The Frankel Building Group, allowing them to focus on growing and running the business, not the books.
We make the complex simple for our F.A.S.T. clients every day, and we are happy to help you with that, too.