Why you should Outsource your Finance Function

The importance of knowing and continuously monitoring the financial performance of a business cannot be overemphasised. There is therefore need for every business to engage a finance person to keep the books of account and prepare financial reports. The nature and frequency of these financial reports will vary from business to business. Some could be weekly such as cash flow status, receivables and sales reports. Others could be monthly or quarterly such as the profit and loss account, balance sheet, aged receivables, inventory etc.

This can be done in-house or outsourced to accounting professionals. We highlight below the key benefits of outsourcing.

Requisite skill sets

Unless you are a finance professional, you run the risk of skill deficiency. If the finance person hired does not have the necessary knowledge and skills to keep proper books of accounts and generate accurate and useful financial reports, you may not be well placed to supervise and properly assess their performance.

Lower costs

Building in-house finance staff who are experienced requires the businesses to dedicate resources to hiring, training and coaching. Training the team about the accounting systems and procedures can be time-consuming and there is no guarantee they staff will stay with your company for the long haul.

With an outsourced service, you are able to bypass all these extraneous costs. You only pay for the expertise that you require and will not incur any additional costs.

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