Outsourcing has become a go-to solution for companies seeking to cut costs, improve their financial reporting, or have access to IT solutions they can’t access with regular employees. Some companies even seek offshore outsourcing depending on their needs.
However, outsourcing doesn’t work the same for every company. Finance processes are especially sensitive.
There are numerous case studies of companies who’ve suffered instead of improved their financial reporting in the hands of outsourcing companies. They’ve endured undue treatment, paid way more than they anticipated, and dealt with inconsistent results.
The plausible solution at this point is to bring the outsourced services in-house by hiring a freelance finance team. Read on to find out more benefits of freelance finance teams.
Why You Should Outsource Freelancers
According to Forbes, freelancers could make up 50% of the US workforce by 2050. Today’s freelancer world is not about finding cheap, low-quality work. Most freelancers have joined freelancing for the flexible nature of the job. They’re still highly capable, and you can find one for any kind of work.
Help During Normal Business
Once your business is up and running, your freelancer can help you deal with financial tasks to maintain cash-flow and financial records. Here are a few duties your outsourced freelancer can keep off your hands deals with during day-to-day business.
- Understanding and paying taxes depending on your jurisdiction and business type. These could be income tax, employee taxes, and sales tax on invoices.
- Financial reports determine the health of your business and form the basis for some decisions like whether to hire staff or spend money on assets. Balance sheets measure your assets against your liabilities, profit and loss statements summarize revenue, and expenses while cash-flow statements track financial transactions.
These activities yield a report. With that report, you can rate your business’s performance against your industry’s Key Performance Indicators. You’ll also tell whether your business is on a downward or upward trend or has stagnated. They can also advise you on how to move up or out of stagnation.
Consultancy for Business Growth
A Freelance finance team can take up the role of consultancy. Each of them will have a skill they’re very good at. You can use that to get advice on pricing and financial forecasts you can plan your business’s future on. They’ll also advise on buying or leasing properties when you identify growth opportunities.
Freelancers with business growth expertise add value to your business by preparing business plans and budgets. This also acts as a foundation when deciding whether to scale up. A solid business plan will increase your chances of finding financial investors.
Additionally, freelancers tend to keep up with new technologies faster than their 9to5 counterparts. If there’s a new technology that your firm can gain from, a freelancer is better placed to help you use it.
Cost-Effectiveness
The cost-effectiveness of freelancers comes in two forms. First, they cut down your overhead costs because you only pay them for deliverables. Unlike regular employees, you don’t have to pay for benefits. Things like allowances and insurance covers are entirely up to them.
Secondly, they help you cut down work overload on regular employees when deadlines are tight or the workload increases. Good freelancer sites offering finance services can get you the best in the field. You don’t have to worry about going online to look for one. You’ll save your employees the hassle of putting in more hours and doing poor-quality work.
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