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Top 6 benefits of finance outsourcing

There are many advantages to finance outsourcing. It all starts with your business saving money. Here are the top six reasons working with a freelancer is a smart choice financially.

#1 Gain access to important financial expertise
Often middle market businesses have small finance teams and ask their current employees to perform tasks for which they don’t have the proper training. If this sounds familiar, this practice is likely hurting your business. You can run your business better by tapping into financial expertise on-demand. Highly vetted professionals who have years of experience and the domain expertise to tackle your company-specific challenges are available on a virtual, hourly basis.
#2 Get maximize value from your limited budget
You get expertise at a fraction of the cost of a salaried employee, for only the projects that you need. Every extra minute you spend on financial management activities, is one less minute you are focused on your core business. If you have been longing for a simple, affordable solution the search is over. Whether you are looking for an accounts payable resource, financial planning and analysis support or need a controller or fully outsourced finance team, freelancer solutions can help with a budget that makes sense.
#3 Increase staffing flexibility to scale up and down easily
An estimated 57.3 million Americans freelanced last year, according to a recent study. Particularly within the financial and accounting spaces, there are many situations where your business may need an expert, but only for a few hours a week. Or, maybe only fractionally. Hiring a freelance professional makes the most sense. You can more easily plan your growth and you don’t need to commit to a full-time hire.
#4 Save staff time and avoid recruitment hassles
Recruiting for talent is time consuming, particularly subject matter experts. It is easy to place candidates in a pipeline, it is much harder to find the right candidates – let alone get them on board. Good people are really hard to find and in demand, hence by relying on finance outsourcing to focus on all these staffing aspects, you can focus on your business.
#5 Get a fresh look and gain additional financial insights
Every business requires capital to finance its operations, but the most effective use of these funds is not always clear. Companies able to use their data to inform business decisions can make more money and grow more quickly. When your company is looking to take the next step in its growth, a financial analyst and/or fractional CFO can drive meaningful results by provide a fresh set of eyes and a macro perspective on your business, where you need it most.
#6 Maintain competitive advantage in the marketplace
A recent Upwork study found that about 47 percent of millennials, compared to 36 percent of the total U.S. workforce, already engage in freelance work, and more than half of all U.S. workers are expected to freelance by 2027. By including freelancers in your staffing plans, you’ll never be at a loss for top talent.

Find out now how your business can be connected to top freelance bookkeepers, accountants, financial analysts and CFOs on a virtual, hourly basis.

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Updated on September 14, 2018

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