Finding the right match in an accounting partner bears some similarities to finding the right partner in marriage. A solid accounting partner understands your needs (business needs), acknowledges your flaws, and adjusts to any curveballs that come your way.
For many companies, it doesn’t make financial sense to build entire accounting departments or to have resources dedicated to routine tasks such as bank reconciliations and accounts payable. Outsourcing these tasks presents a means to operate more efficiently and more cost-effectively – saving your business valuable time and money and allowing your investment of resources to be focused on adding value to your customers, not merely performing routine duties.
If you think your business could benefit from outsourcing accounting functions, consider these three qualities as non-negotiable when picking a partner:
1. Tailor-made service packages
When searching for financial services, many companies are enticed by the promises of an ERP solution, only to find that the one-size-fits-all approach, add-ons, and contracts are anything but flexible. That is why it is essential to find an accounting partner that will work with you to create the perfect combination of software and services for your company.
From balance sheet reconciliations to assistance with sales and use tax filings, an on-demand team structure can deliver the greatest value to an organization where it is needed most by adapting to the culture at-hand and tailoring financial services accordingly. Not to mention that this solution eliminates the cost and hassle of building an in-house talent pool while minimizing back-office disruption and maximizing production. With this synergy in mind, we created M3’s Professional Services (M3PS) team to allow our customers to completely outsource their accounting functions – in part or in totality.
2. Industry-specific expertise
I know: the options may seem overwhelming when you begin your search for the perfect accounting partner. To narrow the search, look for an accounting entity that specializes in your industry because each industry has its own unique set of financial needs which, in-turn, require industry-specific accounting expertise.
As an example of this hotel-specific mentality, M3PS sources, selects, and maintains a team of on-demand CPAs, MBAs, staff accountants, financial specialists and industry veterans with decades of hotel accounting experience to deliver tailormade results to businesses navigating the hospitality field. Selecting an accounting partner who specializes exclusively in hotel accounting allows companies to access top-tier talent and best-practices in the hotel industry, while streamlining financial performance across the board.
3. Sustainability through scalability
As those in the hospitality industry are well aware, a company’s accounting needs are always in flux. When planning for expected seasonal changes or sporadic events like a natural disaster, it’s imperative to have the option of onboarding an on-demand accounting team that can scale with your business’ needs. And when it comes to long-term planning, you want an accounting solution that will nimbly adapt to your everchanging needs, because when companies expand or reduce, interruptions happen.
For example, our clients operate in the constantly evolving hospitality industry; we know that inflexibility is not an option. By outsourcing their accounting functions, our clients can add to their portfolio without investing heavily in resources, IT infrastructure, and personnel. Likewise, M3PS allows them to minimize the pain of downsizing; M3PS is a simple variable expense that moves in direct proportion to the size of the asset or management portfolio.
Taking each of these traits into consideration, companies should strive to adopt a solution that allows them to spend less time buried in administrative tasks, and more time tackling the big picture.
When it comes down to it, the key to finding the right financial companion for your business is simple: choose the one that makes you a better business.