In today’s increasingly competitive environment, finance leaders are tasked with containing costs while also building their businesses. This becomes difficult as CFOs are forced to focus on the strategic element of the business while also covering the transactional side of the accounting function. And though hiring extra help in the way of in-house accountants works from some, a less expensive alternative exists: outsourced accounting. By partnering with an accounting outsourcing provider, business leaders are able to focus their efforts on business development strategies.
Our accounting outsourcing solution brings offshore GAAP-compliant accountants experienced in AP, AR, General Accounting and more to customers looking to save money and get their time back. The transfer of accounting management along with the execution of financial activities to Personiv allows you to focus on the fundamental aspects of your business, find time for strategy and gain efficiency in the accounting department.
Some Advantages of Outsourcing Your Transactional Accounting Tasks
- Increase in profitability through improvement of your productivity levels
- Greater internal flexibility for your organization
- Maximize your time management
- Focus on strategic initiatives
- Cost reductions of up to 60%
- Use of Any ERP Technology
If your organization is undergoing management change or restructuring of any kind, Personiv can support you in the implementation of an accounting process that provides transactional support at your fingertips, as well as the adaptation of our highly customizable accounting outsourcing services to your operations.
One of the most common questions we get is whether companies can outsource their accounting tasks to be completed by just one dedicated individual, as well as an equal amount of questions about how we implement and adapt our accounting offering to their already established accounting department.
Can Companies Outsource Just One Accountant Position?
The answer to this question is a definitive, Yes. Thanks to the flexibility of outsourcing, transactional tasks can be completed by one accountant or many offshore. And the best part is that this team of one (or many) is dedicated only to your account, so they are essentially your remote team member ready to help with whatever you need.
Why Not Use In-House Talent?
Great question. While the accounting department has been using in-house U.S. talent for decades, accountants are aging out of the profession and causing a severe talent shortage in the U.S.
This scarcity of skilled talent in stateside labor pools has forced many organizations to seek alternatives to their hiring process, with some seeking out staffing firms, only to find that a temporary arrangement costs way more than anticipated. With in-house talent, CFOs often end up hiring one CPA, bookkeeper, or general accountant and still have way more transactional work that needs to be handled – most often by the CFO herself.
Alternatively, by using an outsourcing provider, mid-size businesses in growth mode (and their financial leaders) are finding a solution that provides on-time transactional work at up to a 60% cost savings without having to implement expensive technology, training or hiring and rehiring of staff.
Why Personiv’s Outsourced Accounting Solution?
Here at Personiv, when we speak to prospective clients looking to adopt a lean accounting approach, they’re usually surprised to learn that they can add just a single virtual team member. But why not? The newest iteration of outsourced accounting is practically boutique, especially as finance leaders are realizing that minimum commitments in outsourcing contracts are rapidly becoming nonstandard. Minimum volume and hire clauses do nothing to serve the client, and in a B2B marketplace that’s placing greater emphasis on customer experience, you don’t need to sign up for one.
You have options, not just when it comes to who choose to partner with while outsourcing finance and accounting, but the option to choose how large or small your supplementary accounting team will be. That means that you can outsource your entire accounting department or hire a small team of one for your bookkeeping tasks or choose a combination of in-house and virtual accounting talent to create the solution that best suits your needs.
We offer peace of mind from the discovery phase by guaranteeing that your accounting tasks will be assessed by a professional tax and accounting advisory team according to the needs of your organization. Then, we can implement a personalized approach to outsourcing focused on the specific needs of our clients… and of their clients.
Learn more about our accounting solution here