Is your company aggressively pursuing growth? Does it seem like managing your accounting function is an impossible task right now? It’s time to take action so that you can regain control of accounting activity.
Addressing accounting challenges now will help you maintain growth momentum. The question is: what’s the best way to handle the situation? Should you try outsourcing accounting work or hire an in-house accountant?
For fast-growth companies, the decision to outsource accounting tasks is the answer. Let’s examine why.
Why Hiring an In-House Accountant Is Not the Answer
Before we discuss the benefits of outsourcing accounting work, here are five reasons why hiring an in-house accountant is not recommended for your company.
1. Recruiting Is Expensive
Finding highly-qualified accountants takes a lot of work. To attract quality applicants, you need to spend money. You can post ads on your website and social media, and you can use talent search services. But no matter which route you choose, be prepared for a significant expenditure.
Even if you pour lots of money into recruiting, there is no guarantee you will find someone fast. Meanwhile, your accounting processes will continue to impact business growth. But cutting corners during recruiting can lead to bad hiring decisions and other headaches.
2. Interviewing Candidates Is Tedious
Building a list of strong candidates is a great first step. Now it’s time to start interviewing them, which is where things can get frustrating. Scheduling interviews is tedious in its own right. You also have to check resumes and references because the last thing you want to do is hire an underqualified applicant, which will set you back even further.
The interview process is not just time-consuming, though. It can also be quite expensive. Each interview distracts you and your team from performing critical daily tasks, and this lost productivity can be costly.
3. Finding the Right Person Can Feel Impossible
Interviews are supposed to help you find the right hire. But interviews are hardly a full-proof way to vet applicants. So even if your gut tells you that the person is a good candidate for the job, there are no guarantees.
And if you choose wrong, you will have to repeat the recruiting and interview process in a few months. In the meantime, you wasted thousands hiring, onboarding, and training a person who was not a good fit for your company.
4. Expanding Your Staff Involves Long-Term Costs
Let’s say you find the perfect accountant. You still have to pay that person’s salary and benefits, which could easily equate to a six-figure expense. Is your business ready to take on the additional overhead?
Just because you can absorb this expense doesn’t mean you should. Imagine what else you could use that money for, such as capitalizing on growth opportunities or upgrading your business space. The bottom line is that hiring a full-time accountant is not financially feasible until your company scales.
5. The In-House Approach Isn’t Scalable
Hiring an in-house accountant is not a scalable strategy. Eventually, your accounting needs could outgrow the capabilities of the individual you hire. Will you have to hire another accountant and double your accounting management expenses?
At this point, you are probably thinking: there has to be a better way. And fortunately, you’d be right. Outsourcing accounting work is far more practical than hiring an in-house accountant. And Finlyte has the right team to help handle your accounting functions.
Benefits of Outsourcing Accounting Work to Finlyte
Finlyte takes the hassle out of accounting. Our outsourced services allow you to focus on the day-to-day needs of your business.
The best part is that our services are customized to meet your needs. We can scale our level of support and growth with your business. Some of the services we provide include the following:
- Account reconciliations
- General ledger management
- Accounts receivable
- Accounts payable
- Chart of Accounts (COA) creation
- Day-to-day bookkeeping
- Financial reporting
- Payroll coordination
- Month-end close support
How do we handle these functions? The answer is simple: by pairing great technology with the expertise of our accounting professionals. At Finlyte, we manage our clients’ accounting functions in the best-in-class Oracle NetSuite ERP platform.
The NetSuite platform is an all-in-one solution. With NetSuite, we can:
- Optimize visibility
- Consolidate your financial data
- Generate reports
- Provide you with actionable insights
But Finlyte doesn’t just use NetSuite to support your accounting functions. We also provide business process outsourcing (BPO) services as an extra level of support.
What’s Business Process Outsourcing (BPO)?
Business process outsourcing is part of our comprehensive strategy to support your company’s business and accounting needs.
First, we implement NetSuite into your workflow. As NetSuite implementation pros, Finlyte can oversee your migration to the new platform.
Once NetSuite is in place, we can manage your back-office functions. This service allows you to focus on your products and customers. As a result, you will no longer have to spend hours on payroll, accounting, or HR functions.
Finlyte’s award-winning BPO services can be a valuable growth tool for your business. We will help you avoid the hassles of managing accounting and other back-office functions while saving your money and positioning you to continue to thrive in your industry.
What Else Can I Outsource?
Outsourcing accounting to Finlyte is a smart move for your business. But if you want to derive even more value from our BPO solutions, consider outsourcing other functions, such as:
Payroll
When you partner with Finlyte for payroll management, we will handle the following:
- Payroll processing
- Workers comp audit prep
- Recording and reconciliation of garnishments
- Expense reporting
- Payroll accrual
- And more
Imagine how much time you will save when you outsource payroll tasks to NetSuite.
Human Resources
Finlyte can help with HR tasks, too. Some of the responsibilities you can outsource to us include:
- Benefits management
- Unemployment response filing
- Benefits renewal
- Recording of garnishments
- 401(k) management
- Allocation of benefits costs
Streamlining payroll with Finlyte can reduce administrative costs and help you provide a better experience for employees.
Let’s Discuss Our Accounting and BPO Solutions
Outsourcing accounting work is the best path forward for your business. By partnering with Finlyte, you can:
- Avoid the hassle of hiring an in-house accountant
- Save time and money
- Get your accounting processes in order
- Eliminate waste
Are you ready to learn more? If so, schedule a consultation with Finlyte today. Let’s talk about this exciting period of growth for your company so we can tailor a solution to fit your needs.
