Outsourcing the finance and accounting function

outsourcing-the-finance-and-accounting-function

Nowadays, everything moves fast, and performance lies at the heart of strategic decisions. Therefore, it can be more and more difficult to manage all administrative, accounting and finance tasks. Why not outsource them to professionals?

Here are six good reasons to consider outsourcing:

1- Work well done

For many businesses, it can be extremely costly to hire a qualified accountant. In many cases, accounting tasks do not require a full-time employee. Outsourcing the accounting and finance function lets you retain the services of a person with verified qualifications and only pay for the number of hours required to complete your file!

2- Access to the most appropriate technology

As an entrepreneur, you may not know which accounting software is best suited to your business reality. Moreover, some software can be very expensive. Accounting firms use a variety of software and will advise you on the best choice to make. Also, by outsourcing the accounting and finance function, you’ll have access to an accounting firm’s licenses, which will reduce investment and training costs.

3- Leveraging each person’s strengths

For many SMEs, the administrative and accounting function devolve to the owner or an employee who wears three or four different hats. By outsourcing this function, an SME can allocate the right resources to the right tasks. A president should focus on the business’ strategy and future, not on managing compliance issues. When you outsource accounting and finance tasks, your role is simply to collaborate with your service provider.

4- A customized solution

An accounting firm has the resources to support you during your current and future growth. Your business needs could change quickly and outsourcing the accounting and finance function may help avoid delays caused by the time required to recruit staff. This flexibility can offer a significant advantage and make it possible for your growth to keep pace with market demands.

5- Peace of mind

When an entrepreneur does not have the training or the time to perform accounting and administrative tasks, they can become a source of stress, especially in a context where legal compliance, tax and accounting obligations are more and more demanding. Accounting and tax standards are constantly evolving, and it can be difficult to keep track of them; at a professional external firm, knowledge is constantly updated.

At Guimond Lavallée, outsourcing the accounting and finance can take various forms. The firm can even assume the vice-president of finance role within your company. We work as often with SMEs as we do with public companies and can support all stock exchange and Autorité des marchés financiers reporting requirements. Moreover, if your needs lie more at the analysis level or in the supervision of your accounting staff, we can also review, analyze and present your financial results on a monthly or quarterly basis.

For more information on this service, don’t hesitate to contact us.