From cost to preparation, security worries to the fear of giving up control – there are many considerations when evaluating whether financial management outsourcing is a good fit for your business. It is definitely a big move, but with the right approach, one that will reap many benefits. Through an engagement plan customized to your business, outsourcing can help you put your focus back where it belongs – on the day-to-day operations of your organization. Below, we explore some common questions from business owners and share our approach to address them.
Is outsourcing a smart financial move?
You may be thinking, “I can’t afford to hire a financial management service.” You’ll be surprised to learn, however, just how cost-effective it can be. The reasons are three-fold:
- We implement streamlined processes into your growing business.
- We use best practices, new technology and automation to maximize efficiencies.
- Our services provide you with the ability to tap into a team of experienced professionals whom you otherwise might not be able to afford as part of your permanent staff. These experts include our tax colleagues.
By engaging RKL as your financial management provider, your business will reap the benefits of a skilled accounting and finance team, but at a fraction of the cost. After all, you’re only paying for a fractional use of an experienced professional that can be scaled up or down depending on your needs
How will outsourcing affect my access to an internal accounting team?
Managing your staff can be challenging, yet you may be concerned that financial management services will limit your accessibility to your financial information and the client service team. What if you could get the best of both worlds? When you tap into RKL’s financial management expertise, you are spared the responsibility of managing an accounting/finance department, day in and day out. With ongoing guidance and support from your client service team, you can count on RKL to deliver the latest best practices and strategies for smart growth and profitability. Through in-person monthly meetings with management, we review your financial performance and keep you in the loop every step of the way. Those regular meetings, as well as quarterly milestone meetings, are an opportune time to discuss what’s working and what’s not, so that we can make adjustments accordingly. No loss of access, and no more headaches on your end. We design a communications protocol that involves every member of the client service team along with a help desk. Our team approach ensures that you will always have many options to resolve issues and answer questions.
Will I have to give up control?
If you’re worried about giving up full control, rest assured that’s not the case at all. When outsourcing your financial management to RKL, you retain the authority to make all financial decisions and approve all transactions. And, you have access to your financial data on a real-time, 24-7 basis.
Still wondering if your business is ready to make the leap to outsourced financial management? We’re pleased to tell you that there’s nothing to be ready for. Leave that to us. We put the right processes, talent and technology in place so you can shift your focus from everyday financial management to growth and opportunity.
Contact RKL today for a personalized look into how outsourcing your financial management can benefit your bottom line.