Perhaps more than any other organization in a company, the finance function is ripe for bringing in outsourced finance services. As the backbone of the business, the finance and accounting function is responsible for producing and giving context to the kind of timely financial information that’s needed to make the right strategic decisions. As the company expands, this responsibility and the many others that fall under the finance function become more complex and require a variety and depth of skills that are not always present on many full-time teams.
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Depending on the size of an emerging growth company, for example, practically the entire finance function and its leadership could be outsourced. For such companies, financial outsourcing may occur gradually: The one or two finance staffers (such as a bookkeeper and junior accountant) reach the limits of their knowledge or skills, and need help improving how the organization is run, an understanding of whether the company has appropriate accounting systems for its size and transactions, and high-level finance leadership to help guide the CEO, the board, and other members of the leadership team on where to take the company next and how.
These are just some of the reasons a company would need outsourced finance services:
In general, finance and accounting outsourcing solutions free up the full-time staff to focus on their core responsibilities while senior leaders can put aside their worries about the finance side of the business to focus on their own core job.
The range of services and level of expertise you will find when looking into finance and accounting outsourcing varies greatly. Some F&A outsourcing companies, for instance, may consider small businesses to be their specialty, and may not have experience helping a company in the months leading up to an initial public offering.
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Ideally, for financial outsourcing, you want a company you can turn to again and again as your business evolves and grows. Let’s say you have a one-time need for a finance and accounting team to get your team up to speed on a new accounting system and a clear process for closing the books every month. What if that same company could be there for you when your controller takes an unexpected leave of absence? When something sudden occurs—and when finances are involved—you do not want to have to start over on a search. You should be able to trust that the outsourced finance experts you turn to can jump right in to get the job done.
That same outsourced finance services company could advise you as your business takes on more responsibilities as it pursues an IPO, helping you become “investor ready,” “audit ready,” and prepared for public and SEC scrutiny. It could be your go-to source for CFO-level expertise, for a few hours a week or for occasional mentorship. The same finance and accounting advisory agency could provide you an entire team of outsourced finance experts to take on a large project, such as converting financial statements to another accounting standard and determining the proper accounting treatment for complex accounting matters.
What accounting and finance functions can I outsource?
Pretty much any need your company has can be outsourced. This includes a day-to-day accounting team, a CFO, controller, FP&A expert, and technical accountants. These experts can be brought in for a one-time or ongoing need, whether you are in the recruiting process for a full-time replacement, you need help leveling up the finance function, or you have a pressing project that requires extra hands and/or a certain skill.
When your company is about to undertake a big change, requires an interim finance expert, or needs to streamline its accounting systems and process as soon as possible, your standards for the right finance accounting outsource team that can help you are probably very high. With our expansive experience at accounting firms and within corporate finance organizations, RoseRyan’s consultants can fit the criteria, as they have a range of specialties and experiences at companies of varying sizes and at various growth stages before they joined our firm and during their time with us.
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Beyond their knowledge and expertise is an extremely adaptable nature that they bring to every client. Adaptability is a trait that can only be found with the best consultants. This means they can become a part of your team, for however long it’s needed, without the kind of ramp-up requirements that often slow down the transition time when someone new joins the organization. They tailor their recommendations and solutions to your company and its current needs. When appropriate, they may have other suggestions and ideas for improvement as well.
To learn more about the RoseRyan team and their individual experiences, see the RoseRyan team page. Our consultants have deep experience across the business lifecycle, from startups to Fortune 100 companies. We’ve served as CFOs, controllers, and SOX experts in addition to covering the general accounting needs of companies—pretty much any role you can think of for the finance function, many of our consultants have done it!
Mistakes and issues tend to arise in the finance function when a company has not been able to keep up with its growth, staff are overwhelmed, and everyone is operating in a state of disorganization and there’s a lack of financial integrity or internal controls.
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Taking a step back and assessing the company’s financial operations can shed light on where the problems are and how to fix them. Sometimes, bringing in a fresh, expert perspective is what’s needed to prevent problems. Other times, an outsourced accounting team is necessary to fix a problem that has occurred for far too long, such as long overdue account reconciliations. Here are some of the more common problems that emerging growth companies in particular often face:
“Able to see the big picture yet impeccable with all the details—that’s what you want from an outsourced accounting team and that’s what we got from RoseRyan. The RoseRyan team put us on the right track by setting us up with a solid infrastructure and an efficient workflow to accommodate our growth.”
Drop us a note in the form and one of our experts will set up a time to discuss the ways RoseRyan can help your business go further, faster.
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On demand leadership and consulting services out of Silicon Valley specializing in the Finance & Accounting and Marketing disciplines.