Outsourcing Financial Reporting
For many companies, outsourcing is an excellent way to reap the benefits of experts in the field at a manageable cost. One of the primary advantages of outsourcing your financial reporting is that you only pay for the services you require. The partnership is also flexible in that you can adjust services as needed. If you had a particularly busy year and need more assistance, it’s easy to bump up the scope of your partnership. If you needed more help and had to hire a new employee, the process would be much more complex, costly and time-consuming.
Another issue that appears with in-house employees is that those workers will come with additional taxes, health insurance, paid leave and other costs outside of their salary. With a corporate financial reporting consultant, you can bypass those costs, which are taken care of by the firm. You gain the benefits of that employee’s expert service as needed without the extra expenses.
Other benefits that come with outsourcing your financial reporting include:
- Time savings: When you outsource your financial reporting, your employees spend less time on those tasks, freeing them up to work on more important jobs. As we all know, time is money, so if your company is short on it, this extra time can be especially valuable.
- Accurate results: When smaller businesses opt for in-house financial reporting, they often end up with employees who do general work across the many tasks required of them rather than specializing in any one area. With corporate financial reporting services, you’re sending the job to someone who focuses on that one field. You can expect results to be thorough and accurate, and they may even offer new insights that only come from workers with years of experience.
- Fewer unnecessary expenses: Since you can enlist your corporate financial reporting services only as required, you won’t be paying for extra services you don’t need.
- Advice and assistance: With some financial reporting services, like those from SD Mayer and Associates, you also get valuable advice to help you reach your business goals.
One of the downsides you may hear regarding outsourcing financial reporting is that you don’t have your financial expert on-call at all times. With SD Mayer, communication is one of our key focuses. We’ll get back to you quickly whenever you need to reach your contact. Our financial reporting specialists are based in San Francisco and several key locations across the United States, and we maintain continuous communication with partners throughout numerous time zones.