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Why outsourcing finance functions could make sense for you

Aug 23, 2022

Digital transformation is one of the top business and investment priorities for firms today.

Finance operations should be first in line for digital transformation. Your organization can no longer compete effectively without quick adaption to changing circumstances and the ability to make decisions over multiple timeframes to improve efficiency.

Outdated technology and unreliable data processes are a major obstacle to improving business functions, discovering opportunities and remaining competitive The right systems and tools enable firms to make cultural and organizational changes to ensure the right people are in the right places.

Benefits of outsourcing

In most cases, getting the support you need will require outsourcing. Whether it’s for your accounting, controller or CFO functions, you eliminate can eliminate multiple pain points. Here are some key challenges you can address through outsourcing:

  • Implementing new accounting technology
  • Building a robust finance team
  • Determining appropriate financial and nonfinancial KPIs and metrics
  • Monitoring data to help identify and react to trends

Outsourced finance teams are equipped to seamlessly deliver the services and support you need. Outsourced CFOs fill a strategic role that otherwise could be cost prohibitive. They manage and control all accounting and financial reporting requirements and strategize to maximize profits.

By outsourcing a CFO, your firm gains access to an outside perspective to provide valuable insights to help your firm grow in strength and financial security. Outsourced accounting and controllers offer clean, reliable and focused data, giving greater visibility on costs and growth allowing you to do what you do best: advise your clients and build your business.

Data for succession planning

Standardization of financial data can also assist in succession and transition planning due diligence, practice valuations and practice management when the time comes to think about priorities beyond today.

With the transformation to cloud-based technology and the use of outsourced accounting, along with controller and CFO roles, there has never been a time where access to information about financial operations has been so relevant and indispensable.

Agility and efficiency can be difficult to manage on your own, but outsourcing can provide that in a short time period moving your firm to a culture capable of fully leveraged technology moving beyond outdated spreadsheets that track stale data to much more powerful graphic discussions and presentations of data.

You can easily gain real-time visibility into your historical and projected cash, visualize your revenue growth, track your revenue progress against goals or budgets, view your headcount and salary details, see your operating expenses by category, department or location, and also import other custom data and visualize it all in one place. Today is the era of smarter financials and faster insights.

How Wipfli can help

Wipfli professionals are trained and ready to help tackle your accounting, controller and CFO responsibilities. Our technology knowledge and experience with the latest tools means you have more time to focus on your core business services as your financial needs are handled by our skilled team.

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Author(s)

Kimberly K. Blascoe, CPA
Partner
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