Home > Insights > Accounting > When to Make the Switch to Outsourced Business Accounting

When to Make the Switch to Outsourced Business Accounting

Outsourced accountant on phone with client discussing financials

Is your head spinning from trying to manage and analyze your accounting books? You’re not alone. Business owners are sometimes hesitant to outsource their accounting procedures for fear of losing control. However, the potential cost savings, scalability and flexibility are game changers for many — as is the potential time saved, which can allow leadership to redirect their time and resources toward their core competencies and strategic goals.

What are the telling signs that it may be time to explore what outsourced accounting looks like for your business?

Turnover or lack of support

Whether you’ve had a long-time controller retire or your finance team is experiencing the pains of the current labor market shortage, an outsourced accounting firm can help fill in the gaps in your team and ensure your financial strategy stays on target. The time and resources used for onboarding new team members can be refocused on other areas of your business, and the outsourced accounting firm can work to meet your targets without delay.

Recent growth in your business

While business growth is exciting, it often brings new challenges, especially when it comes to managing financial processes. Increased transactions, complex financial reporting and compliance requirements can strain your existing accounting resources. Recent data suggests top-performing organizations contribute 3%-5% of top-line revenue(s) to their accounting and finance functions. A big benefit of outsourced accounting is scalability and flexibility. You can easily adjust the level of accounting support required, ensuring your financial management keeps pace with your expansion.

Problematic processes

Meeting your financial goals requires the ability to track actionable data and generate informative reports. Manual data collection processes, inconsistent recordkeeping and a lack of internal controls are just a few reasons why many businesses struggle to produce accurate and timely financial information. An outsourced accounting firm not only brings new expertise to your business but also provides access to software technologies you may not otherwise benefit from. The firm’s streamlined processes and advanced accounting software can help drive your business forward.

A lack of expertise and specialization

Not every business has a dedicated internal accounting team, and even when they do, the team may lack knowledge or experience in certain areas, such as tax compliance, financial analysis or industry-specific regulations. Accounting is a specialized field, and without proper expertise, your business could be at risk financially. Outsourced accounting firms typically have a team of professionals with diverse expertise. They stay up to date on accounting regulations and industry trends, ensuring compliance and providing valuable insights to support your financial decision-making.

Leveraging the expertise and resources of an outsourced accounting provider can allow you to do what you do best: run your business. If you’re experiencing one or more of these signs, it may be time to explore outsourced accounting options. Creative Planning Business Services’ outsourced accounting and advisory team knows that increasing margins starts with increasing strategy. Whether you’re looking for cash flow analysis, accounts payable/receivable, monthly financial statements, CFO functions or other accounting services, our experienced advisors, accountants and CPAs will crunch numbers and strategize to help you crush your goals. Schedule a meeting with us to learn more about our services.

This commentary is provided for general information purposes only, should not be construed as investment, tax or legal advice, and does not constitute an attorney/client relationship. Past performance of any market results is no assurance of future performance. The information contained herein has been obtained from sources deemed reliable but is not guaranteed.

Ready to Get Started?

Meet with a wealth advisor near you to see if your money could be working harder for you. Receive a free, no-obligation consultation.


Prefer to discuss over the phone?