Whether you are a solopreneur, a startup with a team of 10 or a multinational, financials are the core of your business’s success. You need accurate financials to report the status of your business to investors, board members or stakeholders, which means having an accurate accounting system in place. For SMBs and early stage companies, it is wise to outsource the accounting function. You can get expert help with considerably less cost. Moreover, having an outsourced accounting provider that is remote might just be a good idea.
Let’s start off with the difference between outsourcing and remote. Although terms like outsourcing and remote seem interchangeable there is an unspoken difference between them. Outsourcing is utilizing resources other than the company’s. An outsourced service is usually remote, however the opposite isn’t always true. Having remote workers also means hiring employees who happen to work outside the office. An outsourced, remote provider, on the other hand, implies a third-party firm which takes on certain operational tasks of your company and works in a location away from your office.
Companies around the world are opting for flexible workplaces. From shared working spaces to remote working, even a startup can be spread around the country if not the globe. For early stage companies who don’t even have an established office space, someone or in this case an entire department that works remotely is a blessing. Hence, for such firms who outsource most of their operational functions like marketing or IT, having an outsourced accounting department which works remotely is practical.
Accounting trends are changing
Cloud technology is extending its impact on the accounting industry. With everything in the cloud, it is even easier to outsource. Platforms like NetSuite and QuickBooks Online can enable users to get real-time data from anywhere with an internet connection. They provide the companies an efficient approach to maintaining their financial health. tempCFO has partnered with NetSuite to provide its clients a comprehensive and seamless accounting experience all in the cloud.
Outsourcing the accounting department means getting expert help at lesser costs. Firms like tempCFO work an as-required basis, which means you pay only for the time invested. It also avoids the risk of a bad hire. Plus, getting a trained, experienced finance professional who happens to work outside the office means lower overhead costs.
Less local talent available
Remote workers does not necessarily mean offshore workers. You can still get US based experts with familiarity to the local industry. This particularly helps if there is a lack of local talent. For instance, if the company is established in a region where the manpower is less, remote workers can help overcome that hurdle. Not only can the best in the field be employed but also a small startup’s reach can be nationally or globally expanded.
Instead of seeing remote working and outsourcing as an obstacle, embrace it. Partnering with a firm like tempCFO can enable you to get accounting and finance expertise as needed.