Outweigh the Risks and Capitalize on the Rewards of Outsourcing
November 1, 2020 | Authored by Karen D. Costa CPA
November 2020 – Outsourcing is the common practice of contracting business functions and processes to third-party professionals. The benefits of outsourcing some or all of your accounting and financing staff can be substantial – overall cost savings, efficiency gains, talent acquisition and retention, and greater competitive advantages.
However, there are also certain risks associated with outsourcing. Many companies are hesitant to outsource their accounting and business function fearing inexperienced professionals, security risks, unreasonable costs and hidden fees. How do you mitigate risk?
With these concerns in mind, we’ve developed our Client Accounting & Advisory Solution (CAAS) team to navigate the risks associated with outsourcing. Our CAAS group is comprised of a cross-functional team of accounting, tax, finance, information technology, employee benefits and change management professionals prepared to help resolve complex problems impacting business clients. Our CAAS team can help mitigate risk, including:
Quality of Service – The Right Expertise for the Right Job
CAAS employs a TEAM of professionals who are experts at their craft and engage in processes to leverage efficiency and provide timely deliverables. Your team will be hand selected based upon your specific service or project. Our cross trained team members can seamlessly handle any assignment, so you are never again reliant upon one person. In addition to our flexibility to address your specificities, we will maintain continuous and clear communication throughout the process to reduce misinterpretations and to achieve your goals efficiently.
You only need to check the newspapers to explore risks to organizations from viruses, data breaches and cybercrime. It is critical that companies evaluate the maturity of their information security controls and determine where weaknesses exist. Dopkins CAAS team is committed to the safe and confidential treatment of proprietary information, while providing access to real time data for decision making. We maintain the confidential treatment of client information in accordance with relevant industry professional standards.
Projected Service Costs you can Afford
Our CAAS professionals leverage work to provide rates that are more competitive than recruiting a full time hire that may have less experience and qualifications. In light of the current news and events surrounding COVID-19, employee related issues that have become even more costly to manage such as scheduling, PTO, turnover, training and hiring now become non-concerns for you as those issues are now managed through CAAS on your behalf.
No Unanticipated Fees
Before we begin an engagement, our CAAS team provides a fee range for services up front. Whether you are looking for full-scope accounting services, or help with a specific project, you can be certain there are no “hidden” costs or fees for any of the following:
- Full Scope Accounting Services – provides for essentially a virtual accounting department
- CFO-Level Services – focus on strategic initiatives in collaboration with leadership
- Controller Level Services – oversight of the accounting function and internal team
- Accounting Staff-Level Services – temporary project assistance
- Business Process Services – assistance in specific related disciplines of tax, assurance, IT wealth management, asset based lending and continuous improvement
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To learn more please contact Karen Costa at firstname.lastname@example.org or a member of CAAS team.
About the Author
Karen D. Costa CPA
Karen, Assurance Services Director and Co-Leader of the Dopkins Not-for-Profit and Healthcare Teams, has lengthy experience with both for-profit and not-for-profit healthcare organizations specializing in auditing, revenue cycle consulting and certification of their Medicaid cost reports and specialized compliance audits.