June 13, 2023
Client Accounting & Advisory Services (CAAS) have taken another shape in the post-pandemic world. The pandemic changed the world in many ways – quarantines, shutdowns, and restrictions on access to goods and services. It was not business as usual for companies, primarily offline corporations – sales took a hit, and they were forced to operate on reduced budgets.
The pandemic also fueled the concept of remote work, or the "work from home" era. Management set people up to keep operations running while protecting employees so they could work from home. Of course, this combination of factors has led to more businesses outsourcing essential services like accounting, marketing, Human Resources, and more.
But just because everyone is doing it, is it the right move for your business? The answer depends on a variety of factors.
Let's look at the benefits of outsourcing Client Accounting & Advisory Services to determine if it is your best move.
Outsourcing in this modern-day has taken a new strategy – a smart one. Outsourcing implies engaging the services of a third-party organization to manage complicated, specialized tasks. When outsourcing CAAS, you contract an individual accountant or an accounting team to manage your financial functions.
For instance, you can outsource the function if you need a CPA professional but have a limited budget.
Outsourcing allows you to discover new talented resources – people who possess unique skill sets. These talents can come in anytime you have an accounting need to render their professional services. Yet, you are not hiring them in-house and adding to your overhead.
With a pool of on-demand talents, scaling your business without increasing your workforce becomes easy.
Outsourcing CAAS means you save money on payroll. It also eliminates investment in the latest financial technology and training costs, as these are included with professional accounting services. This enables you to invest the savings into your business to facilitate growth.
While outsourced accounting provides significant cost savings, you can also be assured these providers are professionals in their field. They are not meeting a 9-5 business need. Rather, they work on your finances when needed, which means better efficiency for your business.
As technology and software programs advance, equipment updates and staff training are critical. But not all companies can afford the latest technology and the most qualified employees – unless they outsource these services.
CAAS provides businesses with access to modern technologies, cloud-based software, and knowledgeable professionals. The result is businesses can remain financially relevant in an increasingly competitive business environment.
When a business wants to launch a new project, it needs a range of accounting professionals for the financial undertaking. A CFO, finance controller, and CPAs can all contribute value.
If you do not have a fully equipped team due to cost constraints, you may not only have problems financing the project but also fail to see potential financial risk. You can build a better financial picture for your proposed project by outsourcing these services.
Most accounting firms work with seasoned CPAs who understand their job. Consequently, with outsourcing, you can be sure that a team of accounting experts will manage your account. This reduces risks and gives you a level of assurance so you can focus on core business activities while leaving your finances in safe hands.
Utilizing expert services, you can make the best financial decisions while boosting business productivity and profitability. When considering outsourcing your accounting services, look for people who possess in-depth knowledge, as well as people you can trust.
Accounting firms that offer a good blend of relevant technologies and reliable services can be a viable solution for your growing business. The best part is this solution will help you save overhead costs while improving your business's profitability.
Bowers CPAs aims to offer helpful information to our clients and friends. Learn more about how we can help should your business need accounting and financial services.
Disclaimer: To ensure compliance with requirements imposed by the Department of Treasury, we inform you any U.S. federal tax advice contained in this document or video is not intended for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter that is contained in this document.