If you’re like most accounting leaders, you know that monthly reports can easily become your worst nightmare. Whether you are consolidating data from several systems or bringing together information from various companies, reporting takes both time and patience, often when you’re all out of both. One solution that you may not have tried is outsourcing. By outsourcing basic accounting tasks to a provider (especially one that operates in the cloud), you can enjoy on-time reports that will give you a better handle on customer behavior and offer actionable conclusions to your data, instead of just compiling it.
Here are three ways that reporting outsourcing F&A tasks can make a big difference.
- You’ll spend time making decisions – not crunching numbers: How is that someone at your level is still spending their time doing basic accounting? You may have asked yourself that very questions about 10 times in the past six months. This is where outsourcing can save the day. All those pesky tasks that take time away from big-picture thinking (or cause you to work late into the night) could be taken care of for you, every month, like clockwork.
- Receive all your data from everywhere, clean and ready to view: No more pulling up sheet after sheet in Excel. By following the BPaaS model and putting all your data into the cloud, you’ll receive reports that bring it together seamlessly, and the best part? Your existing team won’t have to spend their time copy and pasting away to get you there, so you can put your best talent to use on more important things.
- Imagine having a dedicated team at your fingertips without the hassles of recruiting: Besides the reporting headache, most CFOs also report that finding and recruiting talent can be a big drain on resources within their departments. The endless sourcing and screening, interviewing and coaching can take as much time as the reporting. An outsourcer can do that for you – scale teams in no time flat, and hire the best at a 50 percent reduction in cost.
If you are wasting more time than you’d like to admit on monthly reporting and still not getting results, F&A outsourcing may be the best solution. Find out more about building an efficient accounting department through outsourcing and other tricks by downloading our white paper.