Accounting & Financial Services Outsourcing Trends
As many as 80% of small businesses plan to outsource finance and accounting services in 2021. Whether to access specialized expertise, handle large-scale workloads, or facilitate growth, companies increasingly see outsourcing as a solution to every problem. The rapid growth of outsourcing is just one of many notable trends happening right now. Here are several more that reveal what accounting and financial outsourcing can add to a company:
- On-Demand Expertise – The lines between outsourcing and consulting are starting to blur as firms take on more complex, customized accounting challenges. Having access to a deep bench of accounting experts gives a client access to all the resources they could ever need to answer any question or meet any deadline.
- Turnover Security – Companies are using outsourcing in response to the talent shortage in accounting. When a company loses an accountant, finding a replacement isn’t fast or easy. Outsourcing fills in for that absent accountant, immediately and for however long is necessary, so that everything continues in stride.
- Agility to Evolve – Outsourcing firms are helping companies respond to disruptive events like the pandemic and the turbulent economy. As accounting needs change – suddenly, unexpectedly, and in sweeping ways – outsourced accountants can adapt while in-house staff focus on the future of the business.
- Real-Time Visibility – Having accurate, comprehensive, up-to-the minute insights matters for any business, but it takes work. Outsourcing firms are now doing that work and delivering top-quality data back to clients to make real-time visibility into financial performance a reality.
- Tax Help – The leading outsourced accounting firms include tax prep and advisory among their core services. Clients don’t have to go elsewhere for tax help. And by relying on the same firm that handles some or all of their financials, they create synergy between tax prep and accounting.
- Budgeting and Forecasting – Complex budgeting and forecasting are good examples of the expanded menu of services that today’s outsourcing firms offer. For companies without the time or resources to handle these critical yet complicated workloads on their own, outsourcing firms can put world-class accountants in charge of the effort.
- Performance Dashboards – Dashboards collect key performance indicators (KPIs) in one place then update them in real-time so that decision-makers always have the best information at their disposal. In addition to everything else outsourcing firms are now doing, they can set up and maintain dashboards for clients eager to act based on insight rather than intuition.
- Cloud Migration – Working out of the cloud looks more important than ever after the pandemic. Outsourcing firms make the migration easy by handling the technical, financial, and operational considerations all at once. This is the easy, reliable way to migrate.
Outsourcing can do almost anything for a business. Most importantly, it can do this: Free up decision makers to focus on operations and growth instead of accounting, aided by the best financial insights available. What could outsourcing add to your enterprise?
Follow the link below to learn more about Dean Dorton’s Accounting and Financial Outsourcing Services:
Justin Hubbard, CPA, CGMA
Accounting and Financial Outsourcing Director
jhubbard@deandorton.com • 859.425.7604
