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According to Deloitte’s 2016 Global Outsourcing Survey, 59% of companies that outsource do so because of the cost-cutting benefits. While there are many other advantages to outsourcing, one of the most compelling is the ability to reduce costs. Here are 4 ways outsourcing can improve your bottom-line.
Benefits of Outsourcing (whatever the industry):
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Reduction of overhead costs.
- Costs associated with hiring multiple full-time and part-time employees can be high. With outsourcing, companies only pay for the actual services being rendered. Business owners are able to eliminate costly benefit packages, payroll costs, paid time off, retirement, vacation, sick days, and workers compensation. When you invest in outsourcing, you can save up to 40% of the monthly costs associated with hiring an employee.
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Having the best numbers in play.
- When you choose to outsource, you are typically investing in a team that has years of experience with the expertise to make your business successful. When it comes to outsourced accounting, having accurate numbers not only gives you insight into where your company stands in the present, but allows you to forecast where your organization is headed.
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Gain time to perfect other aspects of your business.
- When you bring on an outsourced team you get fractional leadership focused on a specific deliverable. This frees up time for your business’ stakeholders to manage other pressing issues around business operations. By delegating responsibilities, you are able to direct your focus toward the growth of your business.
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Detecting and preventing fraud.
- Hiring an outside team of accounting professionals can help to detect discrepancies in your books. Outside CFOs and Controllers can also implement the proper protective procedures to protect your business from potential threats in the future. This alone can help save your business thousands of dollars. The majority of fraud in accounting comes from lax controls in middle management. An outsourced team sees every transaction and holds all players to the highest standards.
As a small business owner, outsourcing your accounting department may be your best option, especially during these uncertain times. Contact us today to learn more about how outsourcing can save your business money!
This post was reviewed by our team of accounting and financial experts. TGG’s mission is to make business owners’ lives better through excellent financial management. We strive to provide the most up-to-date and objective information on accounting-related topics so our readers can make informed decisions based on factual content. All posts undergo a review process with at least one member of our Leadership Team to ensure accuracy.
This post contains trusted sources. All references are hyperlinked at the end of the article to take readers directly to the source.
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Matt Garrett is the Founder and Chief Executive Officer of TGG. He is a regular speaker across the country on behalf of Vistage educating business owners on the need for sound financial practices, and is Vice President of the Board of Directors of FINACA. Under Matt’s leadership, TGG has received the following recognition: INC. 5000 top companies in the U.S. five years in a row; one of “San Diego’s Fastest Growing Companies” the past four years; and is among San Diego’s “Best Places to Work.”
