By Lisa Purichia
Partner, Director of Accounting & Retirement Plan Services
This time of year is tough on businesses, as it requires a balance between finishing the year on a high note and setting yourself up for success come next quarter. You may have time for only one. If that’s the case … consider outsourcing!
Outsourcing CFO/accounting functions to firms like Sponsel CPA group is becoming a popular option for businesses of all sizes. It allows companies to focus on client growth and engagement while we lend a fresh set of eyes to their financial status and future. We’ve crunched the numbers for many businesses across a broad spectrum of industries, so we have a different perspective that could help you budget and allocate resources in new — and perhaps more effective — ways.
Don’t worry — outsourcing your accounting needs doesn’t mean losing control of your finances. You can be involved as much or as little as you like. Here are some outsourcing options:
- As needed — Retain a CFO to assist on a regular basis (for a few days, a week, a month).
- For a specific task
- Staff augmentation — Require greater skills than what your in-house staff members possess.
- Temporarily — Your controller quits, and you need help until you can secure a replacement.
- Permanently — Outsourcing doesn’t have to be a Band-Aid solution; you can hand over all of your accounting and financial reporting responsibilities to an independent party.
Delegating accounting tasks to financial experts like us allows business owners to focus on sales, marketing and strategies for building your reputation and revenue. It relieves managers of the responsibility to supervise one more department and meet the deadlines within it. Outsourcing also cuts the costs of in-house hiring, training and infrastructure.
Here are some of the many other ways in which a CPA firm can help:
- Developing annual budgets
- Evaluating current results against the budget
- Preparing financial projections
- Identifying key performance indicators that measure your company’s progress
- Providing access to databases with resources that show how your company is operating and performing financially compared to others
- Coordinating audits
We’ve seen what works best for many different businesses, and we bring that knowledge and experience to the table when companies come to us for their accounting needs. Plus, our accountants are continually trained, using the latest technologies and means of reducing risks and streamlining operations.