How can Finance as a Service give you higher velocity with lower costs and effort than building in-house?
Growing companies face a critical decision as they reach a certain size and scale of operations: Is it better to outsource accounting or keep it in-house? At first look, each option seems to have a number of benefits.
UNDERSTANDING THE COSTS AND ROI OF TRADITIONAL ACCOUNTING
Finance as a Service is a major departure from the traditional method of handling accounting. This new, more effective method for handling a core business need can lead to significant improvements, but can also be difficult to grasp at first
in comparison to traditional accounting. First, let’s consider the costs of traditional accounting. This will help organizations better understand the unique value proposition offered by outsourced accounting through a direct comparison to in-house.
TRADITIONAL ACCOUNTING COSTS
One of the most important considerations to make at a high level, beyond the specific and often high costs of traditional accounting, is its variable nature. Organizations that handle such efforts in-house have to repeatedly address some uncertainties
related to staffing, software and equipment over time that increase the amount of labor and funds spent on accounting. While these circumstances play out differently for all enterprises, they represent a notable, sometimes substantial cost that simply is not present in outsourced accounting.
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