August 16, 2024
In today's hyper-competitive business environment, North American companies are increasingly recognizing the strategic advantages of outsourcing accounting and finance functions. This trend is not just about cost-cutting—it's about unlocking value, driving efficiency, and fostering innovation.
Outsourcing accounting and finance processes can reduce costs significantly. According to a study by Deloitte, businesses that outsource these functions can save up to 30% on operational costs. This is largely due to the reduction in overhead costs, such as salaries, benefits, and office space. Additionally, outsourcing firms often have access to the latest technologies and skilled professionals, enabling them to perform tasks more efficiently than in-house teams.
Companies that outsource can reduce costs by 30%, which allows them to reallocate resources to core business activities, says a recent Deloitte study. [[Deloitte Report]] (https://www.gartner.com/en/newsroom/press-releases/2023-02-14-gartner-predicts-more-than-40-percent-of-finance-roles-will-be-new-or-significantly-reshaped-due-to-finance-technology--plans-through-2025).
A study by Robert Half revealed that 91% of senior managers faced challenges in finding skilled finance and accounting talent1. Outsourcing offers a solution to this by providing access to a global pool of professionals, ensuring that businesses can build a team tailored to their needs without the overhead associated with full-time employees.
Outsourcing allows businesses to tap into a global talent pool, giving them access to experts who are well-versed in the latest accounting standards and financial regulations. A report by PwC highlights that outsourcing firms often employ specialists in areas such as tax compliance, financial reporting, and risk management, ensuring that businesses remain compliant with ever-changing regulations.
Moreover, these firms invest in cutting-edge technologies like AI and cloud computing, providing businesses with real-time insights and analytics that can drive better decision-making.
By outsourcing non-core functions like accounting and finance, businesses can focus their time and resources on activities that drive growth and innovation. A study by Harvard Business Review found that companies that outsource financial processes are 50% more likely to report increased profitability, as they can concentrate on strategic initiatives that directly impact their bottom line.
The trend towards outsourcing is growing. According to a recent survey by Statista, the global market for outsourced services was valued at $92.5 billion in 2023 and is expected to grow steadily over the coming years. North American businesses are leading this trend, driven by the need for cost efficiency, regulatory compliance, and access to advanced technologies.
Outsourcing accounting and finance functions is no longer just an option for North American businesses; it's a strategic imperative. By reducing costs, accessing global expertise, leveraging advanced technologies, and allowing companies to focus on their core business, outsourcing can significantly enhance a company's competitive advantage. With this growing trend, it's clear that businesses that fail to outsource may find themselves at a significant disadvantage in an increasingly complex and competitive market.