5 Top Reasons Why You Should Consider Outsourcing Your Firm’s Financial Management

Posted by Riverwhite2016

Your company is doing well and is poised for growth. You’re spending a tremendous amount of time attending to, well pretty much everything, and it’s becoming apparent that your company has reached that infamous plateau at which more sophisticated financial management is required.  The challenge however is that the expertise that you require does not reside in-house and truth be told, you don’t really need the services of a full-time finance officer.

Sound like any company that you know?

Happily enough there is certainly an answer to this conundrum in which many business owners find themselves and that answer is outsourcing.  Companies can now outsource almost all of the core areas of their business from sales to human resources, finance to marketing…and more.

Yes, there are external companies that can execute these responsibilities on a part-time or project basis and in many situations outsourcing is clearly the best and most expedient solution. The cliché “you can’t do it all” resonates loud and clear.

While it is readily understood that you CAN outsource (almost) all of the mission critical aspects of your business, the question of WHY you should consider outsourcing comes to the fore, and specifically, outsourcing your firm’s financial management.

It’s pretty straightforward, really:

  1. It may be the case that the services of a full-time financial executive might not be necessary for your firm, at least at this point in time.  It’s true that you need the expertise but not on a full-time basis. Outsourcing the function is a smart move because you can identify the very best resource for your part-time or project work and you can bring them onboard very cost-effectively.
  2. An outsourced financial executive will most probably have a more robust understanding of the financial software and systems that can add value to your firm’s IT infrastructure and financial controls. Their understanding and information is borne from working in diverse companies with varied systems, giving them hands-on experience and information that is rarely available to someone in an in-house position.
  3. Along the same lines, an outsourced financial manager will have a larger circle of contacts in law, accounting and banking, all of which can be of potential value to your firm.  In-house executives rarely have the same reach or even the time to leverage this sort of network.
  4. The cliché “been there, done that” also rings true when you work with an outsourced financial management firm. They work in a vast diversity of industries and companies and continually see the good, the bad and the ugly.  Their broad perspective and knowledge will enable you to avoid various pitfalls and mistakes that they have seen occur in other firms.
  5. And let’s face it. You might have in-house financial management but your in-house staff is often highly operational, dealing with the issues as they arise and developing tactics and solutions to the issues at hand. What may be missing is a strategic perspective and astute financial strategy required to bring your company to the next level. And of course there are specific financial situations in which your in-house staff might not be skilled. A financial audit, integration surrounding a merger and acquisition and other such situations might be best left to an outsourced resource with the requisite expertise versus asking your already over burdened in-house staff to take on something in which they are not even experienced.

Please reach out to us here at The CFO Squad if you have any questions about our services and how we might be able to assist you.

To find out more as to how we can help you and your company please contact us at info@thewww.cfosquad.com or 845-613-3394.


About The CFO Squad
The CFO Squad is a premier provider of a wide range of outsourced accounting and financial business services to both private and public companies, designed to add significant value to a company’s financial health and performance through a low-risk, flexible cost structure. Clients can choose from a comprehensive suite of financial and administrative management solutions for their business. The CFO Squad has a team of seasoned professionals with over 100 years combined experience as public and private company CFOs, including diverse experience in SEC regulatory compliance and reporting, corporate finance, operations management, strategic planning, raising capital, managing and improving cash flow, and handling regulatory and compliance projects.