The Costs of Building an Internal Financial Team
If you have a financial team in place that possesses all the expertise and experience your business or nonprofit requires, count yourself lucky. Many organizations find it increasingly difficult to find, train, and retain employees who can provide all the needed services at a high level of excellence for years on end.
The eternal search for that perfect fit can be costly, as demonstrated by the following three challenges of building an internal team.
Do They Know Your Industry?
Every organization has specific financial requirements that vary in sometimes obvious and other times more nuanced ways. Finding financial team members who understand the ins and outs of your industry can be difficult—and if they lack that knowledge, they could make mistakes or overlook new options or changing requirements, which could cost your organization in lost hours or fines.
Do They Have the Right Skills and Experience?
Accounting and financial management require a variety of technical skills, including expertise on the specific types of software you use. Employees also need to have both deep and broad experience in their specific field—years or preferably decades of experience.
If your employees lack adequate skills and experience, that means a lot of training and management time for you, which increases your operational costs. On the other hand, hiring—and keeping—top-end accounting staff typically requires paying them high salaries.
Will They Stay?
Every time an employee takes substantial time off or moves on to another job, you have to go back to the beginning—back to hiring and training another newcomer, which is a costly and time-consuming process. In addition, employees sometimes take critical knowledge with them, leaving you in a scramble to figure out how to plug the gaps they’ve left behind.
Time to Outsource?
If you have encountered these and other challenges in building your internal financial team, it might be time to consider outsourcing some or all of your accounting and financial management needs.
Insero & Co. has decades of experience working with hundreds of nonprofits and businesses, providing each with a dedicated team of experts who offer the service you’d expect of an internal team, combined with the cost-efficiency you can only get with an outsourced provider. Contact us today to talk about our outsource accounting and financial services and how they might be able to help you redeploy your internal staff to focus on more mission-critical work.