Outsourcing certain functions for your business has been widely recognized as a business strategy since the 1990s. Businesses such as Kodak began outsourcing its IT functions in 1989 as a result of identifying its core competencies and realizing IT was not one.
I opened CEFO Advisors (Strategic CFO Resources, LLC) in 2013. I started building a team in 2018 as I saw opportunities for supporting my clients on a deeper level. It was tough at first to introduce the concept to potential clients. The concept was not widely used or understood until COVID changed the way the world thought about doing business.
Outsourcing specific functions of your business is now seen as an effective strategy to accomplish duties that are not within the core competencies of your business at a fraction of the cost of hiring full time staff.
The average worker clocks in 8.8 hours a day, but only a small portion of that time is spent working. According to studies, the time we spend being productive at work is 2 hours and 53 minutes or 39% of a working day.1 Time off for vacation, illness, and other non-work-related absences, often create a backlog of work. Staff spend a good portion of their day catching up with co-workers, watching and interacting with social media, making personal calls, taking breaks, and performing other menial tasks that are not actual productive time.
Outsourcing your accounting to CEFO Advisors is a strategic decision that many businesses are embracing for its undeniable advantages. There are considerable cost savings as noted above. Instead of bearing the overhead of an in-house team, companies can harness the economies of scale provided by specialized firms like CEFO Advisors. By entrusting these tasks to experts, businesses can ensure precision, consistency, and adherence to the latest industry standards.
Furthermore, this approach allows companies to sharpen their focus on core operations, knowing that their accounting intricacies are being managed by a team of seasoned professionals. A notable advantage is the seamless scalability of services. As the business landscape changes and companies grow, CEFO Advisor’s outsourced services adapt without missing a beat. By leveraging the latest accounting software and tools, we spare businesses from making substantial technology investments, allowing them to stay ahead of the curve without incurring additional costs.
While there are considerations like ceding a degree of control and ensuring clear communication, these concerns are mitigated when partnering with reputable providers who prioritize client needs. Confidentiality, a paramount concern for many, is one we take extremely seriously, deploying robust security measures to protect sensitive financial data.
In essence, outsourcing, when done right, can transform a company’s financial operations, elevating efficiency, accuracy, and strategic focus. The minor challenges that come with this decision are far outweighed by the myriad of benefits it brings to the table.
Call CEFO Advisors to schedule time to review your needs and how outsourced accounting functions could save you time and money while creating accuracy and efficiency. 518.693.7446 or check out our website at www.cefoadvisors.com.