Effectively managing your company’s financials requires great diligence and resources on hand to ensure your business is operating to its fullest potential and hitting its targeted numbers. Achieving streamlined financials can be an intimidating task, that’s why many organizations utilize outsourced accounting services. By outsourcing their accounting needs, companies can focus on running their business knowing that their finances and books are being overseen properly.
Is outsourced accounting the right fit for your business? There are several key signs that can help you decide if your organization would benefit from outsourcing its accounting activities. Let’s take a look at some of the indicators:
Need more support for the finance team. If your finance team is feeling understaffed and is having trouble accomplishing the tasks needed to achieve your financial goals, outsourced accounting can help resolve this by filling in the gaps of your team and stepping in to ensure your targets are being met and that your financial strategy is aligned with your overall business goals. Perhaps your organization’s controller is leaving, or you are experiencing regular staff turnover. To avoid the drawbacks that can come with having a lack of personnel and the time it takes to onboard new team members, you can skip the headaches and have an outside accounting team ready to support you whenever.
Experiencing recent growth. Is your organization experiencing growing pains? Having increased revenue, and associated required staff and resources is a wonderful thing, but if your organization isn’t prepared for scalable growth then you may struggle to sustain it. One key aspect to ensuring your organization is ready to account for growing pains is having robust software solutions that can adjust and evolve to meet your needs. That said, is your current accounting software advanced enough to manage the increased reporting requirements that come with organizational growth? Oftentimes, outsourced accounting professionals can offer various software solutions that you can use at a discounted rate. On top of gaining access to industry-leading software, you also get the support and expertise of the outsourced team to assist with software questions and usage.
Lack of reporting. Does your organization struggle to generate reports and meaningful financial data? Having the ability to track insightful data and then report on it is key to refining your financial strategy and exceeding your goals. If you wish you could track certain data metrics or evolve your reporting capabilities, then outsourced accounting would greatly benefit you. It all goes back to the software solutions that an outsourced accounting team may be able to provide for your business. With newer software in place, you can have all of your reports in a centralized location and generate them on-demand so that your leadership team can make actionable decisions with the right data.
At BerganKDV, we understand that the best solutions often come when expert advisory is paired with innovative technology. That’s why our Financial Accounting Advisory Specialist Team (FAAST) and Enterprise Resources Planning (ERP) team partner with NetSuite to offer our clients NetSuite Business Process Outsourcing (BPO). With NetSuite BPO, you are gaining the accounting features of the incredibly powerful NetSuite platform with advisory services from our FAAST team. You are also receiving the platform at a lower cost and with a shorter implementation time with the promise of future scalability if you decide to go beyond the accounting functionality.
That means you can be empowered to run your entire business from a single, centralized platform without data silos and disparate software so that you can make informed decisions across your business in real-time. This solution sets you up for long-term success not only for your finances but your overall operations too, such as your supply chain, HR, e-commerce and manufacturing.
If you have questions about how BerganKDV’s outsourced accounting solution and our NetSuite BPO offering can transform and empower your business procedures, our team would be happy to help you. Contact us today to learn more about what our FAAST and ERP team can do to increase the efficiency and impact of your finances.
