Why You Should Consider Outsourced Accounting as a Key Solution
As mid-sized businesses continue to face growing challenges in technology, staffing and financial management, outsourced accounting services have become an increasingly popular solution. In the wake of rapid technological advancements and ongoing staffing shortages, businesses are turning to outsourced accounting to access specialized expertise, streamline operations and mitigate the impact of resource gaps. In 2024, one key driver of this trend remains the rise of cloud-based accounting systems and customizable solutions that cater to the unique needs of businesses.
The Shift Toward Outsourced Accounting
Outsourced accounting services have gained significant traction, especially as the global workforce has embraced remote and hybrid work models since the COVID-19 pandemic. For mid-sized businesses, the transition to a digital-first environment requires both the adoption of new technologies and the ability to stay compliant with complex regulations. Add to that the challenge of finding and retaining skilled accounting professionals, and it’s no surprise that more companies are looking to third-party services for help.
Why Now Is the Time for Outsourced Accounting
In today’s fast-changing business environment, many companies face a combination of financial complexity, evolving technological needs and challenges in securing skilled talent. With the increasing demand for expertise in areas such as financial reporting, tax compliance and cash flow management, businesses often find it difficult to maintain a full in-house accounting team that can meet all of these needs efficiently.
For example, when a key financial leader such as a CFO or controller retires, or if a business needs to pivot quickly due to market shifts, finding a qualified replacement can be time-consuming and costly. Without the right expertise, companies can struggle to navigate complex financial decisions and maintain compliance with ever-changing regulations.
Outsourced accounting services provide a flexible, cost-effective solution. Instead of hiring full-time employees for roles that may not require a 40-hour week, businesses can tap into specialized expertise on-demand—whether it’s a CFO for 10 hours a week, a controller for 20 hours or a bookkeeper for 30 hours. This scalability allows companies to access high-level financial management while controlling costs, without the burden of recruiting, training and maintaining a large in-house team.
Outsourcing also enables businesses to adjust their accounting services as their needs evolve so that financial resources are allocated efficiently and strategically. Whether the business is growing, facing seasonal fluctuations or simply requires expert support during peak periods, outsourced accounting offers the flexibility and expertise to meet those demands without the long-term commitment of full-time hires.
The Role of Technology in Outsourced Accounting
The technology driving the outsourced accounting industry is evolving quickly, with cloud-based accounting platforms leading the charge. Businesses continue to embrace tools like QuickBooks Online, NetSuite and Intacct, which allow for seamless integration of financial data, real-time reporting and automation of manual tasks. The ability to access financial data from anywhere has become a must-have for businesses that rely on remote teams or hybrid work environments.
Moreover, businesses are increasingly integrating their accounting systems with third-party tools for payments, invoicing, expense management and more. Popular integrations with apps like Square, Expensify and Bill enhance accounting workflows, helping businesses stay on top of their financial data without having to juggle multiple disconnected systems. However, the rapid growth of these tools also means that many businesses struggle to keep up with selecting the right software, integrating it into existing systems and training staff on its use.
That’s where outsourced accounting firms come in. By working with experienced accounting professionals who specialize in these cloud-based platforms, businesses can get the most out of their technology stack—without the need to navigate a complex and ever-evolving landscape on their own.
Specialized Expertise When You Need It
Outsourced accounting firms provide a level of expertise that can be hard to match with in-house hires. Many of the professionals in the outsourced accounting space are seasoned CPAs, often with additional specialization in industries like healthcare, retail, real estate or nonprofit organizations. This means that in addition to basic accounting services, businesses can access specialized knowledge when needed—whether it’s to handle complex tax issues, assist with mergers and acquisitions or evaluate and optimize cash flow management.
For example, consider a mid-sized optometry practice that recently acquired another location. The new owner wasn’t sure if the existing accounting software was adequate for their business needs, nor did they know which software would be best suited to manage both the practice’s finances and its insurance billing. With the help of an outsourced accounting firm, the new owner was able to evaluate their systems, make necessary upgrades and even set up regular financial reviews by a controller-level professional. This partnership not only improved the practice’s financial operations but also provided peace of mind knowing that the business had the expert support it needed.
Staffing Efficiency and Cost Savings
For mid-sized businesses, managing costs while ensuring the right level of expertise is a constant challenge. Outsourcing offers a way to optimize staffing without sacrificing quality. If your accounting needs can be met with 20 hours of bookkeeping a week and 10 hours of CFO-level oversight, there’s no need to pay for a full-time employee. This scalability is especially advantageous for businesses that experience fluctuating workloads or seasonal demands.
Take, for example, retail businesses that experience a sharp increase in sales during the holiday season. With outsourced accounting, they can ramp up financial services during peak periods without the overhead of hiring and training new staff. Similarly, seasonal businesses in industries like hospitality can tap into outsourced accounting services to manage financial spikes during busy months, then scale back during quieter times.
Additionally, outsourcing alleviates the time and cost associated with recruiting, training and managing in-house accounting staff. There’s no need to worry about benefits, office space or employee turnover—outsourced accounting firms handle all of that for you.
Windham Brannon Can Help
The need for flexible, expert accounting support is stronger than ever, and outsourced accounting services provide mid-sized businesses with access to specialized knowledge, cutting-edge technology and scalable solutions—all without the overhead costs and time investment associated with hiring full-time staff. Whether you need a part-time CFO, a controller for a few hours each week or a full suite of accounting services, outsourcing offers the flexibility and expertise you need to keep your business running smoothly in an increasingly complex financial landscape.
By embracing outsourced accounting, businesses can focus on what they do best—growing and innovating—while trusting key financial management tasks to the experts. Windham Brannon’s Outsourced Accounting Practice is poised and ready to meet your most pressing financial and operational needs – for more information, contact your Windham Brannon advisor today, or reach out to Jodie Bartock and Rebecca Smith.
