Managing business finances can get overwhelming, especially when you’re focused on other mission-critical tasks. But no matter how occupied you are, you should never skip developing a realistic financial plan — even if it means getting extra help from the experts. In this article, learn why business advisory and financial planning outsourcing can be your best bet in getting your finances in order and how it benefits your business.
What is financial planning and business advisory outsourcing?
Financial planning and business advisory outsourcing is the process of subcontracting a portion of these functions to a specialised service provider. It allows you to let go of tasks you cannot handle anymore and hand them over to an experienced professional.
Since you’ll be working with a third party, you must take note that the success of this activity highly relies on open communication and trust. The proper exchange of information and expectations right before the engagement begins is crucial for its long-term success.
Of course, you should also consider the credibility of the service provider. That’s why it’s important to conduct due diligence first before making any commitments. This way, you can assess how beneficial the outsourcing engagement will be from your end.
Read also: SME Guide: How to Write a Financial Planning Report
Benefits of outsourcing financial planning and advisory services
Outsourcing is ideal for businesses that need cost-effective and reliable support to address their current concerns. On top of this, here are the other reasons why outsourcing your financial planning and advisory services is a beneficial endeavor.
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Direct access to experienced business advisors
With outsourcing, you no longer need to source, recruit, hire and train someone to assist you with your finance and accounting functions. Instead, your chosen service provider will take care of these functions for you. This also means, you don’t have to worry about staff being on sick leave or annual leave – the right service provider should have this redundancy covered for you across their team.
If you choose a reliable service provider with a proven record of accomplishment in your industry, you’ll be guaranteed top-notch support from experienced business advisors.
Take note that outsourcing does not always mean hiring your team members from offshore locations. You can also outsource this service onshore or anywhere in Australia.
Onshore outsourcing lets you work with your staff members during the same business hours. It also gives you an assurance that they’re up to date with the local business environment.
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Significant cost savings
Working with an outsourced team can reduce your operational expenses. Aside from saving on employment costs, you can also cut costs in terms of office space, equipment, bonuses and other utility expenses.
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Increased efficiency
Outsourcing increases your capacity as a business owner. If you already have an in-house accounting team, it also stretches their ability to deal with higher-level tasks. With this extra support, you can stop juggling your core responsibilities with your administrative, non-priority tasks.
Meanwhile, if you’re outsourcing business advisory services, you can count on the expertise of experienced accountants in analysing your numbers and giving sound and achievable business advise.
The result? Your organisational efficiency goes up while maintaining the same output quality.
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Reinforced focus on business growth
Since you no longer need to focus on your non-priority tasks, you can allot more time for your business development initiatives. It’s like hitting two birds with one stone — you can get timely financial plans and business advise and fortify your business plan at the same time.
You can also spend more time in implementing your ideas instead of setting them aside due to a loaded schedule. Apart from the time you save, outsourcing also frees up your mental energy. Through this, you can think clearer and deeper about your next steps to achieve your goals.
Work with a reliable service provider
Do you need an extra hand to prepare your financial plans and receive sound business advise? ABJ Solutions is at your service. We’re a team of CFOs and accountants who are proficient in Australian accounting standards. We also have first-hand experience working with SMEs across Australia. We provide part-time, full-time and project-based accounting support to fit your budget requirements.
Contact us today to learn more about our services.
