When is the best time to outsource accounting?
Whether it is the right time to start a new degree, right time to move houses or the right time to start a family it never really feels like it is 100% the right time. There is always something that holds you back. However, once you start these goals, you never look back.
The same is true for outsourcing. Many companies hold back as they are cautious of the unknown or just push it back onto next years to do list.
Every business is different and those looking to outsource accounting functions can benefit from outsourcing in different ways.
If you are looking to outsource because your business is losing revenue on accounting functions, we would recommend starting your outsourcing journey as soon as possible.
Outsourcing allows your firm to increase revenue by providing savings to your firm. However, we find many of our clients find that the efficiency that comes as a result of outsourcing contributes the most to the profits of their financial services firm.
If your financial services firm is looking to become more efficient but are currently able to manage your workload you may want to start your outsourcing journey at the start of a month, start of a financial year or start of a new calendar year.
A lot of tasks and functions in the financial services business are completed within a monthly bracket. Things like expenses and payments for October will be finalised in October and a blank slate will be ready to start in November. Starting your outsourcing journey at the start of a month will allow your outsourcing journey to slot in with your current workflows and processes.
If you are looking to grow your business but don’t know where to start, we recommend contacting APT to assist you in your timings for starting your outsourcing journey.
Every financial services firm is unique so their outsourcing solutions will never be the same. Some firms may benefit from starting their outsourcing journey today while others may benefit from starting fresh in the new year.