March 14, 2023

This paid piece is sponsored by Eide Bailly LLP.

By Kristen Boyle, outsourced accounting manager

A version of this article first appeared on EideBailly.com.

Accounting is so much more than an administrative requirement. It’s the cornerstone of your organization’s success. And when you approach it strategically, applying the most relevant, effective technology, your accounting function can deliver timely insight into your financial operations.

Every senior leader, executive director or business owner should understand the basics of accounting and have a solid strategy to ensure their accounting is up to date and accurate. If they do not, the consequences could be detrimental to the organization.

Importance of  strategic accounting practice

When an organization optimizes its accounting, it optimizes its business. A strategic approach to your financial operations will ensure you have the necessary information to make data-driven decisions, the latest technology to streamline your processes and a team with specialized accounting knowledge so you can focus on what matters most: your mission.

Improving your financial operations starts with taking a strategic approach to your accounting. This will help you:

• Gain oversight of your finances and operations, which can lead to valuable insight into your business and its future.
• Use your financial data to evaluate risk and help avoid time-consuming and costly consequences that can disrupt your financial operations.
• Boost your organization’s profitability, and increase its value.
• Identify and address cash flow issues.
• Forecast returns on investment of capital expenditures.

On the other hand, if your organization does not prioritize accounting or follow best practices, it could negatively impact critical business decisions. This could lead to:

• Limited growth potential and the ability to recover in the event of an economic downturn.
• Increased stress and employee turnover in the accounting department.
• Fewer potential buy-sell transaction opportunities.
• Increased cash flow problems that can disrupt business operations.

Outsourcing specialized accounting

If your organization lacks the technology, industry knowledge, market expertise or strategic foresight to achieve your vision for the future – you’re not alone. In addition, hiring an in-house accounting team is not always easy or affordable. And individuals with specialized accounting expertise can be difficult to find in an ever-changing job market.

Rather than hiring internal employees or specialists, many organizations outsource to complement their team’s skill sets and knowledge and to raise the level of what their organization can do. Outsourcing means simply hiring a trusted adviser such as a consultant, freelancer or accounting firm. These professionals can add value to your organization in either an interim or full-time capacity.

There are many benefits to outsourcing, including getting access to:

• Hands-on accounting knowledge without going through the hiring, onboarding and training process.
• A larger pool of resources unique to your industry and the needs of your organization.
• Accounting tools and technology that help increase efficiency.
• A strategic, future-focused approach to financial operations that allows you to plan for long-term success.
• Flexibility and remote services.
• Increased time and ability to better serve your customers.

Is outsourcing accounting right for your organization?

Outsourcing is a common business practice for many organizations, and many see it as a strategic business option. After all, you don’t want inefficient accounting processes or a lack of specialized financial knowledge in-house to get in the way of your success.

Outsourcing with a trusted partner may be a good fit for your organization if:

You lack high-level accounting knowledge in-house.

Outsourced accounting firms offer a team of experienced accountants who are knowledgeable in the latest accounting standards and can help businesses stay compliant with tax regulations.

You’re unsure how to leverage technology to streamline your financial operations.

An outsourced accounting firm can provide access to advanced accounting software and automation tools that can optimize financial processes and improve data accuracy.

You want to improve financial operations but don’t know where to start.

An outsourced accounting firm can assess the current state of a business’s financial operations and identify areas for improvement such as cost reduction, cash flow management and financial reporting.

Choosing a strategic partner that understands your organization

Trusted advisers are highly knowledgeable in their field and can help guide your organization toward the right business decisions and improve finances and operations. A strategic partner also can assist in developing proactive processes to set your organization up for long-term success.

We understand your financial needs may be ever-changing. That’s why our outsourcing professionals come at all levels: chief financial officer, controller, bookkeeper, accountant, payroll and other special projects services. Our outsourcing professionals can help you improve financial operations and make strategic, data-driven decisions by leveraging technology and developing a digital strategy to assist in solving your top challenges.

Let us take the burden of strategic accounting and finance functions so you can focus on growing your organization. Chat with our team of experienced advisers today.