TOP BENEFITS OF OUTSOURCING YOUR FINANCIAL OPERATIONS
As technology continues to advance at a rapid pace, non-profit organizations tend to lag behind the latest trends for their financial operations.
The systems tend to be outdated and quite often the staff lack the expertise to modernize the operations. Outsourcing the financial operation is a trend that many small to medium sized non-profit organization can reap great benefit from implementing this as their financial management model.
Below is a listing of the top benefits from outsourcing:
- COST REDUCTION. The organization can save the cost of hiring, training, providing benefits to a group of professionals. In many instances, an outsourced CFO or Finance Manager is allocating only part of their time to an individual client. This helps the organization obtain economy of scale while maintaining a strong team under the CFO or Finance Manager.
- SUBJECT MATTER EXPERT. Management will have a resource of subject matter experts that can be relied upon to make sound business and organizational decisions. By relying on the highly skilled team of experts your job just became a whole lot easier.
- TIME SAVER. The organization will save time and indirectly funds by allowing the outsourced group to maintain all the Finance Functions. Backend office functions are no longer the headache and distraction of management. Management can focus on the organization’s mission.
- TEAM APPROACH. By outsourcing your financial operation, you are giving the responsibility to a group of professionals who work as a team. You do not need to worry about vacations, sick time and other miscellaneous employee distractions. Segregation of duties is built in and the organization can avoid any conflict of interest finds on audit.
- TECHNOLOGY. Outsourcing will bring in the latest technology to support the organization and move it ahead. Most non-profit organizations cannot afford to maintain the expensive systems needed to operate optimally. By outsourcing , this responsibility falls on the firm.
- SCALABILITY. Outsourcing enables management to expand or contract quickly. You can bring on additional professionals for limited project work. Outsourcing provides the flexibility that inhouse finance department lacks.