For many smaller and mid-size companies, the hiring CFO-level talent can be too costly and completely unfeasible. In addition to searching for the right candidate, you have to offer a highly competitive package – even in today’s economy – to attract the top-level finance talent you need for business success.
In addition to requiring C-level finance talent, smaller- and medium-sized businesses require a dedicated finance department that can handle the entire spectrum of financial support services – from strategic financial business planning to day-to-day accounting.
So, the challenge is posed for any entrepreneur…how can I have a viable finance team without the dedicated resources for hiring talent?
A more cost-effective and sound business approach is to outsource your complete financial needs. Here are the reasons why this makes complete business sense:
- You Can Get Senior, CFO-Level Support for Strategic Financial Guidance
- All Accounting Can Be Taken Care of Seamlessly
- Outsourced Partners Can Provide an End-to-End Solution
- Outsourced Partners Often Provide On-Site Support (i.e., Can Work in Your Office a Couple Days a Week)
So, rather than making the investment in internal finance talent, outsourcing to the right partner can help bring your business to the next level. Much like many companies outsource marketing and advertising support, why shouldn’t a company make a similar – and more cost-effective – investment into the right finance team?
About The Guest Author: Douglas R. Palmer is the founder of Palmer Financial, provide accounting and finance services to small and mid-sized companies. Palmer Financial helps clients plan, execute and grow through the ongoing evaluation of strategic opportunities.
Totally agree with your thoughts here. Small and medium sized businesses can save a lot of time and efforts by outsourcing their financial functions. Using online accounting software (like QuickBooks) that can be managed by virtual employees is also a great way to save costs.
Douglas R. Palmer: How do you go about in order to find this service?
Outsourcing your small business accounting is smart and economical. It can all be handled online, from payroll to bank reconciliations–and if you use a service whose accountants are overseas, you can often have your books done overnight.
Yeah I agree. It also help them save money while they focus working on other important tasks.
Phil
I agree completely, and I’ll add that similar points apply to outsourcing the CIO role to a part time CIO or interim CIO. Most small businesses have little strategic technology expertise in house, and they tend to leave themselves at the mercy of the first attractive technology vendor who walks in the door. I think that many small businesses fail to realize what a risky strategy that is, so they don’t go looking for an interim CIO.
Clear, Concise, and Informative. Thanks for the helpful sharing! I agree with you when it comes to outsourcing work. It does make sense, specially when you are a small business or a startup. The savings are really great and you get to pay only for the work you request. Nothing more, nothing less.