What is Outsourcing?

Outsourcing is the process by which companies get the best team for the best price with the least overhead and least amount of hassle.

HOW CAN OUTSOURCING HELP MY COMPANY?

Take the 4 question qualifying survey to determine if outsourcing is right for you? –>

Why do companies outsource their accounting?

The COVID related economic downturn has significantly reduced the size of many organizations.  Outsourcing your accounting is one way to keep operations moving while staying lean. According to Brandon Gaille, 46% of companies have cited their top reason for outsourcing was to reduce operating costs, with 12% desiring to access world-class capabilities.

Reasons to Outsource:

  • Reduce costs

  • Gain access to experience and or resources unavailable internally

  • Free up internal resources

  • Guide business decisions with outside expertise

  • Accelerate company reorganization/transformation

  • Expedite a specific project

  • Improve scalability, value to investors

  • Boost internal fraud protections

Is outsourcing new? How proven is it?

Outsourcing began as a business strategy in the late 1980’s and became widely accepted in the subsequent decade. Outsourcing allows companies to allocate resources where they are most effective, while keeping overhead low.

Many companies use outsourcing to cut costs on new hires, recruiting, benefits packages and technology. Outsourcing is effective to support core teams internally, outsourced accounting support can free up business owners who have been acting as CFO to focus on strategic decisions to move the company forward, pivot or restructure.

How do I find the right outsourced accounting business partner?

  • Communication style and frequency: Ensure that your outsourced accounting firm reports on a cadence that supports your organization.  TGG’s outsourced accounting teams meet weekly with our clients to ensure consistent communication regarding ongoing projects and progress on client goals and company initiatives.
  • Skill: Hiring an outsourced accounting team with unproven methodology may help you cut costs now, but what about the future implications for your financials? At TGG all of our internal team members are trained in the TGG Way™. Our GAAP compliant, highly structured accounting practice and reporting standards are the benchmark for our accounting teams.
  • Price: This is frequently the first thing clients want to address as their company looks at an outsourced partner.  The old adage stands.  You get what you pay for.  The TGG Way™ ensures that your company is informed about every aspect of your financial well-being. By trusting the numbers you can make big decisions about hiring, firing, purchases and upcoming projects sure in the knowledge of what that means for your bottom line.
  • Value match: Transparency, speed of communication and high levels of accountability drive the TGG Way™.  Our purpose is your success.

Benefits of Outsourcing

How outsourcing helps your company grow

Drawbacks to hiring internally

  • Timing: Can you find someone to fill the position you need right when you need them?
  • Cost: At your desired salary range, what skill level will you actually be able to recruit?
  • Training: Time spent on-boarding and training takes away from time performing tasks
  • Fixed Cost: Hiring internally means a fixed cost, not giving you the ability to adjust and scale down hours or salary as needed
  • Turnover: If a new hire does not work out, you are back to square one and without coverage
  • Benefits: Additional costs, taxes, benefits and insurance that comes with hiring a full-time employee
  • Gaps in Deliverables: With an in-house person, you will have dead time during vacation or sick time without back-up

Ready to Dig Deeper?

Outsourcing your company’s accounting department allow the ability to  accomplish a lot more work in less time.  Our outsourced teams of four at TGG provide financial insights and experience that a single in-house person cannot match. For outsourced accounting, our trained teams offer the ability to hit the ground running with forecasting, budgeting and planning for the future of your business starting on day one. TGG’s reporting focuses on timely, proactive information and key metrics to help guide your decision making to ultimately achieve your personal and professional goals.

Monthly Accounting Insights

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