Updated: Oct 27, 2022
In order to meet the demands of their businesses, Chief Financial Officers (CFOs) are increasingly turning to managed accounting services. By outsourcing their accounting and financial operations, CFOs can focus on strategic planning and other essential tasks. Additionally, managed accounting services can help businesses save money and improve efficiency. In this blog post, we'll explore why CFOs are turning to managed accounting services and what benefits they can expect to see. We'll also provide some tips for choosing a good provider of these services.
For Strategic CFOs
Managing the operational accounting function can be difficult and time-consuming for CFOs. This can leave little time for strategic planning and other essential duties. Additionally, traditional accounting methods can be inefficient and expensive. Managed accounting services can help businesses overcome these challenges by providing expert service in month-end close processes, the AR, AP, GL, and maintaining the accounting system.
One of the main advantages of managed accounting services is that turnover is managed efficiently. Managed accounting providers will have a continuous flow of professionals that will be trained and onboarded to replace turnover with proper handoff. Any changes to senior finance members of the client won't cause a disruption in service.
Additionally, with a provider, businesses can get expert service at a lower cost. The provider takes on the risk and overhead associated with employing accounting staff. This can help businesses save money and improve their bottom line.
Who to Choose
When choosing a provider of managed accounting services, it's important to consider their experience and reputation. It is important that the provider has extensive experience with not just technical accounting, but operational accounting as well. The provider should also have a good reputation in the industry and be able to provide references from happy clients. These are typically not the expertise of CPA firms who mainly manage audits and prepare taxes.
Managed accounting services can help businesses save money, improve efficiency and focus on strategic tasks. CFOs should consider these services when looking for ways to improve their accounting operations.