Outsourced Accounting: Key Considerations to Improve Your Finances

  • Operations
  • 1/17/2025
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Key insights

  • Seeking outsourced accounting support? Evaluate firms’ industry experience, security measures, and whether you’d own your own data or not.
  • Buying your own accounting software may provide you with basic financial tracking but it won’t give you higher-level, industry-specific knowledge to help you do more with your data, including trend analysis and forecasting.
  • Working with an outsourced accounting firm with significant tax and business consulting experience can help you meet growth goals.

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Accounting software gets better every year. In addition to fully self-service options, outsourced accounting firms can get you set up on the right software for your organization — and provide support and guidance.

Similar to the wide variety of accounting software, there are many outsourced accounting firms providing different levels of service.

So, what should your organization seek in an outsourcing accounting firm? Explore key considerations, including industry experience, data ownership, and enhanced security.

Industry experience

One of the key benefits of outsourced accounting support is the ability to supplement your team with specialized knowledge and resources. Professionals with experience in industry-specific operations and practices can significantly improve processes and productivity while seamlessly integrating with your existing team.

Industry-experienced professionals generally have financial reporting skills aligning with current industry standards and updated technology. This focus often helps identify your organization’s needs and growth opportunities.

Advanced experience

Staff at some outsourced accounting firms include former controllers and even chief financial officers with decades of industry experience. Controller-level knowledge can provide trend analysis, forecasting, budgeting, and finance department assessments. CFO-level insights can assist with growth initiatives, capital planning, board governance, contract review, and strategic planning.

Data access

Who hosts your data? Some accounting firms keep your data in their system and accessing it for your own use can be challenging. Whether you want to run your own reports or possibly change consultants or software, hosting your own data makes it far easier.

Beyond self-service

Self-service is an option for accounting software, but consider the age-old mantra you get what you pay for. Buying your own accounting software may provide you with basic financial tracking but it won’t give you higher-level, industry-specific knowledge to help you do more with your data, including trend analysis and forecasting.

Consider the many benefits of an outsourced accounting firm that can provide a dedicated advisor and not just software access. Good outsourced professionals don’t feel like a third party — they feel like part of the team. They can join management meetings, participate in video calls, and create solid relationships.

Additional financial services

Many outsourced accounting firms do just — and only — that. But some of the most experienced outsourced accounting firms also offer other financial services, including tax, business consulting, financial planning, and insurance and risk management. Working with a firm with significant tax and business consulting experience can help you meet growth goals.

Benefits of using outsourced accounting

When performing well, the accounting function contributes significantly to your operational performance. Outsourcing can be a way to enhance your resources or help internal team members gain necessary knowledge and training so you can focus on growing your business.

Outsourced services can be adjusted as your business ebbs and flows. As sales increase or a new project materializes, your services can match your needs by adjusting your outsourced accounting professionals.

Hopefully it wouldn’t be the case, but if your sales decrease, you can scale back your outsourcing services to reduce costs and match your current volume. With that flexibility, you can respond to changing market demands and customer needs quickly.

Evaluating your outsourced accounting needs

A chief outsourcing challenge is determining which accounting and finance duties and tasks could be accomplished with external professionals. If you’re not sure where to start, a business opportunity assessment can help evaluate your needs. Once you know what you need, you can turn to the task of finding the right people to work with.

How CLA can help with outsourced accounting

CLA provides full- or part-time outsourced finance and accounting services for your organization. Our experienced accountants work exclusively within the industry on finance and accounting services. We pride ourselves on clear communication and providing insights and value beyond a clean and understandable financial statement. We want to be a resource that offers information you can use to make better business decisions.

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