Is Outsourced Accounting the Future of Growth? 👀

A finance leader’s main source of stress? Well, that differs day-to-day, but staffing your team is probably close to the top of the list…

It’s hard to know how many people you need on your finance and accounting team — and that’s just the beginning. From wondering when it’s time to make the next hire, or worrying you may be filling the wrong functions, there’s a lot to consider…and that means a lot at stake.

As companies continue to see rapid growth, finance professionals will inevitably be either underutilized or overworked — neither of which is an ideal situation. 

The solution? Efficient, fractional resources to fill in gaps and bring in the outside expertise many organizations need to thrive.

The Ultimate Collaboration

According to Dani Sandler, VP of Accounting Services at Scale North, bringing in a fractional accounting professional is like getting to customize your own finance department. Instead of asking full-time staff to fill in on an as-needed basis, you can control the expertise you receive through fractional talent.

This is also a big boon for organizations’ data integration and reporting. Internal FP&A teams collaborating with outsourced providers see a big lift in:

Communication: Fractional professionals regularly meet with their clients and provide of-the-moment updates bolstered by their expertise. If they see a gap or a problem, they’ll be able to offer solutions — and you won’t have to spend time attempting to implement those solutions, either.

Documentation: Most fractional finance professionals go through a checklist of all deliverables and agreements, provide automated weekly reports, and help streamline internal data and reporting processes. This is essential to every finance function, but especially those who have been stretched far too thin for far too long.

Time: There’s a time burden on many internal resources. Implementing ERP software and building more efficient processes — you name it, and your in-house team members probably don’t have time for it. Fractional professionals can Offer their subject-matter expertise to involve every aspect of the business and integrate everything seamlessly and without too much time spent on your end.

But What Does That Require From You?

To reap all these benefits, your fractional accounting partners need one thing from you: Honesty.

It’s okay to be honest with your partner. In fact, to see the best success rates, you have to be. 

Share all the problems you’re having and the gaps in your processes; this is the only way to ensure your fractional partners understand the full landscape. The result? They’ll be able to be ultra-effective at uncovering issues and remediating them.

While you can’t automate or outsource away your problems overnight, bringing in fractional support is an ideal way to bolster your in-house team and poise your organization to make the most of growth opportunities. 

Plus, with the ever-growing popularity of remote work, now is a great time to consider taking advantage of the broad fractional talent pool out there if it aligns with your strategy.

Our conversation with Dani gave us many insights into the viability and benefits of a fractional partnership. Listen to the latest episode of The CFO Show to dig deeper (and prepare to take notes, too).

In case you missed it…

Out of all the finance function teams, FP&A and Accounting are the two most likely to work in silos — but both teams deal in company figures, so surely collaborative opportunities abound…right? For finance leaders, the challenge is meeting both teams in the middle — marrying what they can do alone with what they can accomplish together. David Cornfield of World Wildlife Fund Canada and Tom Seegmiller of Texada Software share everything you need to know and more.

What’s next…

In this episode, originally recorded as a keynote at Excelerate Finance 2024, host Melissa Howatson and Vena’s Director of FP&A, Thomas Krolak explore the CFO’s evolving role and what strategic finance leaders can do to unlock the potential in their people and data as they contend with disruptive forces, dynamic conditions and unprecedented challenges.