Outsourced accounting and chief financial officer services are a hot topic and are gaining in popularity due to the many benefits received. Businesses are moving away from the traditional employee and employer relationships and opt to retain the services of an outsourcing expert. There are many scenarios when outsourced accounting is the best option. Several benefits to using an outsourced professional for your accounting needs are, but not limited to:

• Cost savings – The cost of an outsourced professional is much less than the cost of an employee, even a part timer. You do not pay any payroll taxes, health benefits, retirement plan contributions or vacation/sick leave.
• Personalized services – Outsourced services are tailored to meet each clients’ individual needs. You only pay for the services you need. Services are provided on a continual basis or for special projects. Services range from bookkeeping to a Chief Financial Officer.
• Increased efficiency – New employee training is eliminated. Outsourced accounting professionals are experienced with years in practice. You determine what services you require and you receive excellent service from day one.
• Infrastructure savings – Services can be onsite or virtual. If choosing virtual you do not need to purchase any equipment or provide any office space. If onsite is preferred, space sharing can be utilized in many cases.
• Advanced technology – Services can be provided solely in the cloud utilizing the most cutting edge technology.
• Skilled talent – Outsourced professionals can introduce key performance indicators (KPI’s) and other metrics to assist you in making informed management decisions.
• Location irrelevant – Virtual outsourcing can be done anywhere anytime. You do not need to be in the same geographical area, time zone or country.
• Reduced attrition – Employee turnover is not a problem any longer. Your outsourced professional is a long-term partner.
• Pristine records – Your accounting records are always in complete order. This can result in decreased tax preparation and financial statement audit fees.
• Impartial advisor – You will always have an unbiased informed advisor to discuss current financial issues and the future of the business.