Maintaining accurate financials and a well-functioning accounting team are pre-requisites for business success. However, many growing companies hold themselves back by keeping finance and accounting in-house, despite warning signs that a change is needed.
While large enterprises can justify dedicated, in-house finance departments, businesses with revenues between $5 million and $200 million should consider outsourcing as a more effective, scalable, and cost-efficient solution.
If you’re evaluating your current situation, we’ll cover the key signs that it’s time to outsource your finance and accounting function to gain efficiency, expertise, and better financial insight.
1. You’re Spending More Time on Financials Than Growth
As the CEO or CFO, your time is too valuable to spend reviewing financials, fixing accounting issues, or manually handling payroll and reporting. Your focus should be on scaling, fundraising, or improving operations—not on back-office finance tasks.
Outsourcing accounting allows you to shift your focus back to strategic initiatives while third-party F&A experts ensure your financials are impeccable, timely, and provide meaningful insights.
2. Your Company Is Growing Rapidly, Your F&A Team Can’t Keep Up
High-growth companies often struggle to scale their finance and accounting teams as quickly as their business expands. If your accounting team is constantly playing catch-up, struggling to meet deadlines, or producing late and inaccurate financial reports, it’s a recipe for high turnover and a clear sign they need help.
When transaction volumes, compliance requirements, and financial complexities outpace your team’s capabilities, outsourcing can provide immediate relief and long-term scalability.
Third-party finance teams bring the expertise and infrastructure to manage rapid growth efficiently, ensuring you have the right resources at every stage of growth without overloading internal staff or compromising financial accuracy.
3. You’re Struggling to Hire and Retain Finance Talent
The job market for experienced accountants and finance professionals is highly competitive, particularly for middle-market businesses outside of major metro areas. Struggling to find and retain qualified talent with the right skills will hold the business back from reaching its potential.
Outsourcing gives you access to a dedicated team of financial professionals without the challenges of recruiting, training, and retaining in-house staff.
4. You Need Better Financial Visibility for Decision-Making
When your business grows, so does the need for real-time, accurate financial insights. If you lack a clear view of cash flow, profitability, or financial trends, decision-making becomes a guessing game.
An outsourced finance and accounting partner like Consero provides access to a best-in-class technology stack that simplifies and automates reporting to deliver the transparency needed to make informed, confident business decisions.
5. Your Team Can’t Meet Investor and Stakeholder Reporting Expectations
Private equity and venture-backed companies must meet investor expectations for financial clarity and timely reporting. If your current team struggles to consistently turn around reliable financial reports, detailed forecasts, or board-ready insights, it could erode investor confidence and slow down funding opportunities.
Experienced F&A partners understand the precise KPIs that matter to investors, and bring proven processes to deliver accurate reports that instill trust and confidence in your business.
6. Your Financial Systems Are Outdated or Disconnected
Outdated accounting software, manual spreadsheets, and disconnected financial systems create inefficiencies and increase the risk of errors. If your team is still relying on outdated tools, you’re likely missing opportunities for automation, integration, and real-time insights.
A Finance as a Service (FaaS) provider delivers cloud-based, AI-powered solutions that can modernize your finance function in 30-90 days, along with a 24/7 on-demand team of experts overseeing your financials.
7. You Have One Person Processing All Transactions
When one person handles all financial transactions, from processing payments to reconciling accounts, your company is at significant risk of fraud, errors, and compliance issues. Without proper checks and balances, mismanagement or intentional misconduct can go undetected until it becomes a costly problem.
Strong internal controls prevent a single individual from having end-to-end control over financial processes. Outsourcing to a professional finance and accounting firm provides built-in segregation of duties, reducing the risk of financial misstatements and fraudulent activities.
Additionally, outsourced finance teams implement best practices in compliance and audit readiness to keep your financials secure and transparent.
When It’s Time to Make the Move
If any of these signs sound familiar, it’s time to consider outsourcing your accounting. A capable partner can help you streamline financial operations, enhance visibility, and free up your leadership team to focus on growth.
Consero can help. With nearly two decades of financial transformation expertise, we have tailored solutions to help growing businesses optimize their finance function. Consero’s Finance as a Service (FaaS) model delivers the technology, processes, and people you need to quickly establish a world-class finance department.
- Need to modernize your finance function? Our AI-enhanced platform provides real-time financial insights from a single, intuitive interface.
- Already have existing systems? Our FlexFinance service integrates with your current technology stack and manages your back-office finance function.
- Need skilled talent? Our FlexResources team supplements your finance and accounting staff with experienced professionals.
Request a consultation to learn how Consero can help you gain clarity, efficiency, and scalability in your finance function.
