Outsourcing finance and accounting functions of your organization to an outsourced accounting service provider don’t mean that you have to give up your entire in-house team. The beauty of opting for outsourcing is that you can decide which specific functions you want to outsource. The same goes for finance and accounting outsourcing. 

While some companies opt for finance and accounting outsourcing in a way that they can keep their entry-level book-keepers and outsource the responsibilities of Chief Financial Officers (CFO). You will also find companies where outsourcing finance and accounting functions involve keeping an in-house CFO, but all transactional and financial processes are outsourced.  

Outsourcing Of Accounting and Finance Functions

If an organization wants to achieve improved scalability, it needs to ascertain that its present employees can keep up with the expansion demands. However, if they are facing challenges with accounting and finance tasks, or if you don’t have the time or resources for training and developing their skills, then exploring options for finance and accounting outsourcing companies seems like a practical business strategy for facilitating growth.  

Beyond ensuring effective finance and accounting solutions, outsourcing also offers cost-effective strategies to minimize overhead capital and improve competitive chances. Here are a few functions of finance and accounting that you can outsource to unlock business growth: 

1. Accounting and Back-End-Office Support 

Outsourcing book-keeping functions can help your organization address prevalent issues that most accounting departments encounter, and all without increasing staff expenditures. When you partner with finance and accounting outsourcing companies, your in-house team is released from burdensome back-office duties, leading to both higher employee turnover rates and improved focus on your businesses core operations.  

With the right finance and accounting outsourcing companies, you can expect specialist guidance and support. You will also be given comprehensive reports that enhance your organization’s financial-data visibility, which in turn enables the management to make better and informed decisions.  

Some functions that you can outsource includes but are not limited to: 

• Account Reconciliations 

• Client Billing and Payments 

• Delayed/Deferred Revenue 

• Employee Expense Administration 

• General Ledger Management 

• Financial Reporting 

• Tax Reporting 

• Reporting Strategies 

• Foreign Currency Exchange 

• Multi-Entity and Multi-Currency Consolidation 

• Order to Cash 

• Payroll Administration and Services 

• Subscription Management 

• Maintenance of Renewals  

• Time and Expense Management Services 

• Vendor Invoice Payments & Processing 

2. Controller Services

Outsourcing the controller services of finance and accounting functions can help you grow your business to the next level. Finance and outsourcing companies have an expert team of controllers, who can provide precise and prompt reporting, financial assessment, and also offer strategic advice and supervision.  

Typically, finance and accounting outsourcing services of controllers involve the following: 

• Audit Reporting 

• Compliance Administration 

• Employee & Vendor Communication 

• Management Reporting 

• Policy Guidance and Adherence 

• Best Practices Guidance and Adherence 

• Transactional Processing Supervision 

3. Financial Planning & Analysis (FP&A) 

Outsourcing your organization’s financial planning and analysis can improve your business performance exponentially. In case your in-house finance and accounting team lack adequate expertise, time, and resources to drive the business’s financial performance, then partnering with a finance and accounting outsourcing company can put your business on the right track towards growth.  

When you outsource the FP&A functions of your organization, experienced financial specialists from the outsourcing companies can offer you in-depth evaluations of your organization’s financial standing.  

Besides, in terms of FP&A, finance and accounting outsourcing companies also support you in the following ways: 

• Acquisition Integration Assistance 

• Audit Assistance 

• Board and Banking Reports 

• Strategic Decision Making 

• Financial Data Evaluation 

• Financial Governance 

• Investor Communications and Reportage 

• Executive Reporting and Communication 

• Financial Development, Budgeting, Planning and Forecasting 

Find The Right Finance and Accounting Service Provider

Most finance and accounting outsourcing companies have their own strengths. So, when it comes to hiring a finance and accounting outsourcing service partner, you need to find a provider that has extensive industry experience, qualified staff, and a service architecture that can improve the operations and performance of your business.  

To help you make the correct decision about selecting the right service provider, we have listed a few conditions that you must keep in mind: 

• Experienced Team of Financial Experts

Whether its entry-level book-keepers or provisional CFOs, the best finance and accounting outsourcing companies can meet a variety of staffing requirements, which includes: 

• Consulting services 

• Finance services 

• Book-keeping services 

Since centralizing and entirely automating your systems can be a huge and challenging task, you require an outsourced provider who can present you with a team of experienced finance specialists with years of knowledge and expertise to get the same job performed, without the hassles of upgrading your infrastructure.? 

Additionally, you also must look into the quality and industry knowledge, previous client portfolios and the ability of the finance and accounting outsourcing provider to leverage data-based solutions successfully. 

• Approaches and Metrics for Quantifying Success 

Accurate transactional processing and reporting are critical for any organization’s financial valuations. The hired finance and accounting outsourcing provider prioritizes not only the implementation of various tactics and procedures but also offers improved channels of financial reporting.  

Thus, ideal finance and accounting outsourcing companies should have pre-developed approaches and proven?metrics and KPIs?to measure success and help identify inaccuracies. 

• Capability to Deliver Comprehensive Financial Reports

Investors and shareholders often need to see performance reports to gauge the organization’s financial health. Leading finance and accounting outsourcing providers offer meticulously detailed reports on the following: 

• Cash Flow Statements 

• Income Statements 

• Balance Sheets 

• Financial Statements Of Shareholders’ Equity 

• Additional Relevant Financial Reports  

You must ascertain that your hired outsourced finance and accounting services must be able to formulate all the reports mentioned above, and also maintain compliance. Particularly, when it concerns taxes, audits and SEC reporting. 

Why You Should Outsource Your Accounting and Finance Functions To TRC? 

At TRC Corporate Consulting, not only do our professionals understand the financial side of your business but also have the proper knowledge and insight about your industry.  

Our experts support you to fill your finance and accounting gaps with proven-yet-innovative solutions and best industry practices. Our finance and accounting specialists are rightly-skilled to assess your business’s complexities and uniqueness, along with its precise financial objectives. 

With TRC Corporate Consulting as your finance and accounting outsourcing partner, you are presented with custom-made solutions targeting your business requirements, structure and financial goals. Our team of finance specialists are extensively experienced in handling transactional accounting and financial management for leading organizations across the globe.  

To discuss more on outsourcing your finance and accounting functions and get an understanding of our customizable solutions,?contact us!