Finance and accounting outsourcing is a growing trend among middle market and high-growth companies, providing a cost-effective way for organizations to improve the finance and accounting function. The key benefits of outsourcing include fractional use of finance and accounting professionals, enhanced processes and technologies, and stronger compliance measures. Outsourcing enables organizations to scale resources up and down as needed with no obligation to pay salaries or benefit costs. Additionally, it alleviates the burden of hiring, training and maintaining accounting staff.
Organizations can take advantage of advanced technology platforms to gain real-time visibility into their businesses. However, with all the benefits outsourcing has to offer, there can also still be significant value in maintaining certain functions in-house, depending on what the company believes is its competitive advantage. Strategy, size, complexity, industry and uniqueness are all contributing factors in determining whether outsourcing is a strategic fit for a particular organization.
Moreover, since outsourcing comes in many shapes and sizes, organizations often struggle not only with the decision to outsource, but which capabilities should be outsourced. Organizations should, however, at least consider components of outsourcing as they continue to improve their organizational structure, business processes and technology infrastructure to determine what is right for them on their strategic road map.
Credit Union Times is the nation's leading independent source for breaking news and analysis for credit union leaders. For more than 20 years, Credit Union Times has set the standard for editorial excellence and ethical, straight-forward reporting.