As a financial leader of your organization, it’s important that you understand how your time works and what you are spending your time on. In today’s blog, we’re taking a look at when to outsource accounting or specific tasks and services and why outsource at all. Before we go into when, first, let’s understand, what
See Also: Administration Expenses Outsource Definition The outsource definition is the practice of transferring business activities to an external organization instead of performing the activities internally. Outsourcing Criteria Companies may outsource business activities if they feel an external organization can perform the activities better or at a lower cast than if the company were to
See Also: Advantages of a PEO What is a PEO? How to Select a PEO Professional Employer Organizations FAQ’s Service Department Costs PEO or Outsource Payroll Do you have a PEO or outsource payroll? Under the PEO Arrangement, there is a co-employment relationship in which both the PEO and the Business Owner have an employment
Most people (especially those outside the finance side of the business) see the financial function as a cost center. Although an accounting department does not generate any revenue, it has the potential to dramatically improve profitability. Think about this: you should be able to convert 1-2% of sales into profits if the department was more
Businesses lose millions (if not billions) of dollars due to fraud. But how do so many cases of fraud go unnoticed until the damage is done? Often, it’s because businesses don’t recognize the red flags of fraud soon enough. Working with many entrepreneurs and their companies for the past 25+ years, I have unfortunately have
Outsourcing is something that has always existed, but has seemed to become the “norm” for most companies. Rightly so, outsourced workers are an easy solution for financial leaders to mitigate costs. The big question we’re asking is: Do You Need More Hats or More People? If you’re looking at outsourcing, the first step is to complete
In last week’s issue of the Houston Business Journal, Molly Ryan reports on how businesses in Houston are looking to augment the leadership of their companies by outsourcing their C-suite executive positions. Ryan interviewed several leaders and clients of Houston-area outsourced executives firms, myself included, to get their perspective on what is driving the trend and
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