INSIGHT

The top 9 benefits of outsourced accounting services

Mark Leverette • February 11, 2025

Services: Outsourced Accounting

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Are you struggling to gain clear visibility into your company’s finances? Do you want to elevate your financial data, analytics, and technology to support your ambitious growth plans?  

If so, outsourced accounting services could be a great solution. Many businesses turn to external accounting firms to transform their financial operations and gain a competitive edge. 

Outsourced accounting offers a wealth of benefits that can revolutionize how you manage your finances and drive your business forward. From accessing advanced expertise to enhancing efficiency and scalability, partnering with an external accounting team can provide the financial sophistication and insights needed to fuel your company’s growth.  

9 benefits of outsourced accounting 

Let’s explore the top advantages of outsourced accounting services and how they can empower your business to reach new heights. 

Interested in how outsourced accounting can help your business? Read our complete guide to outsourced accounting or reach out to our outsourced accounting team.  

1. Access to advanced accounting expertise 

Outsourced accounting provides access to a team of seasoned professionals with diverse skills and experience. This solves the problem of limited in-house expertise, especially for small and medium-sized enterprises that may lack the resources to employ full-time specialists.  

It’s important because it allows businesses to tap into high-level financial knowledge and industry-specific insights without the overhead of maintaining a large internal team. 

Outsourcing accounting talent secures the expertise of seasoned industry professionals on an as-needed basis, optimizing your budget allocation. These external teams are typically well-versed in various accounting software platforms, providing access to sophisticated technology that might be cost-prohibitive to implement in-house.  

This combination of expertise and advanced tools can significantly enhance your financial management capabilities and strategic decision-making processes. 

2. Increased financial security 

Let’s face it—no matter how talented and well-intentioned, every department needs checks and balances to remain above board.  

With an outsourced accounting team, you increase your financial security with a second set of eyes to put systems, processes, and expertise in place to reduce the risk of fraud, embezzlement, and errors that can happen when too many financial responsibilities are concentrated among a small internal team.  

By outsourcing key functions to specialized professionals, you create an ecosystem of oversight that keeps your finances more secure. These external experts stay current with evolving regulations and compliance requirements, ensuring your business adheres to relevant standards like GAAP.  

This proactive approach to compliance and risk management reduces the potential for penalties or legal issues while also meeting the evolving reporting demands of investors and industry regulators. 

3. Better financial reporting and audit preparedness 

Strong financial reporting is the backbone of your organization’s financial health. It prepares you for various audits, growth stages, and strategic decision-making, like acquiring new debt, bringing on new investors, or going public.  

And the larger the company gets, the more likely you’ll need to be prepared for such an audit.  

Outsourced accounting teams, often including CPAs with specialized audit knowledge, can help prepare your financial statements and documentation to meet stringent audit requirements. They bring expertise in creating clear, compliant financial reports that give stakeholders transparent insights into your company’s financial health.  

This level of preparation not only smooths the audit process but also builds credibility with investors, lenders, and regulatory bodies, supporting your company’s growth trajectory. 

4. Get clean, useable financial data 

Your data is the foundation of sound business decisions and effective financial management.  

Outsourced accounting services ensure your financial information is accurate, up-to-date, and reliable. This solves the problem of inconsistent or error-prone records that can lead to poor decision-making and compliance issues. 

Professional accountants use advanced systems to maintain precise records, reduce errors, and provide timely financial reports. This accuracy helps you meet important deadlines consistently, whether for tax filings, investor reports, or internal reviews. 

5. Enhance financial data and analytics 

Securing the right financial data is just the tip of the iceberg. Now, your team needs to analyze it and make strategic decisions and recommendations from it.  

Outsourced accounting allows you access to detailed financial analyses and sophisticated analytical tools, enabling more effective trend identification, future financial scenario forecasting, and data-driven decision-making.  

A team can build and help you analyze custom reports on your business’s key performance indicators (KPIs), profit margins, and more.  

6. Improve operational efficiency and financial procedures 

Time-consuming, manual tasks got your team (and productivity) down? One of the benefits of outsourced accounting services is that the team can help you streamline your financial processes and optimize operational efficiency.  

A team could help you automate repetitive tasks and reduce manual errors, freeing up internal teams’ time for core business activities. 

Experienced outsourced accountants can also review and optimize your financial procedures, implementing best practices that improve overall financial management and control. This is particularly beneficial when transitioning from cash-basis to GAAP accounting or preparing for financial audits. 

7. Build sophisticated financial growth strategies 

Outsourced accounting teams bring a wealth of experience across various industries to help craft sophisticated financial growth strategies for your business. This solves the challenge of navigating complex financial landscapes, especially during rapid growth or expansion periods. 

With their broad expertise, these teams can provide valuable insights to support your business growth strategies, helping you tackle challenges associated with scaling operations, entering new markets, or meeting evolving investor demands.  

This strategic support is crucial because it enables you to make informed decisions that drive sustainable growth and maximize opportunities in an ever-changing business environment. 

8. Access top-tier accounting software 

Partnering with an outsourced accounting firm gives you access to advanced accounting technologies and software that might otherwise be cost-prohibitive. This addresses the problem of staying technologically competitive without significant upfront investment in software and training. 

These cutting-edge tools can automate processes, improve reporting capabilities, and support your business’s growth. Access to top-tier accounting software is important because it enhances your financial management capabilities, improves accuracy, and allows your team to focus on strategic tasks rather than manual data entry and processing. 

9. Ability to customize solutions as you scale 

As you know all too well, growth equals change. The accounting needs you have right now will likely look drastically different in 1, 5, or even 10+ years down the road. 

One year, you may need complex financial modeling or merger and acquisition support; in another, you may require more efficient systems and processes to enhance team productivity.  

Outsourced accounting could be right for you because that team can support you as your needs evolve.  

Outsourced accounting allows you to scale services up or down based on your current needs, ensuring you always have the right level of support. This customization is crucial because it provides cost-effective, tailored financial expertise that aligns with your business objectives at every growth stage. 

Experience the benefits of outsourced accounting services with BPM 

At BPM, our outsourced accounting services go beyond basic bookkeeping. As an extension of your business, we offer CPA firm-level expertise in tax, assurance, and financial support services tailored to your unique challenges. Our team works closely with you to explore financial and operational opportunities, customizing solutions that fit your needs. 

With extensive experience across various sectors, including consumer products, real estate, technology, and nonprofits, BPM understands the nuances of different industries. We leverage best-in-class, cloud-based accounting platforms to empower your financial management with greater control and quality. 

Take the next step toward optimizing your financial operations. Contact the BPM outsourced accounting team today to discuss how our outsourced accounting services can benefit your business goals and drive your success.