Finance and accounting require a high level of experience and precision. Complex tax regulations, demanding compliance standards, and the need for timely financial reporting have led many companies to outsource these functions to specialized providers.
Searching for a finance and accounting outsourcing partner can be challenging, though, with many options available. We’ve compiled a list of six top firms to help you find the partner that best fits your needs.
But first, we’ll start with a brief overview of what finance and accounting outsourcing is and how to know whether it’s the best solution for you.
What Is Finance and Accounting Outsourcing?
Finance and accounting outsourcing involves hiring external service providers to manage your finance and accounting processes. Outsourcing these tasks can benefit you by reducing costs, improving compliance, providing access to expert skills, and allowing your internal teams to focus on core business activities.
For a more comprehensive discussion, including a deeper dive into the benefits, check out our full guides on finance outsourcing or accounting outsourcing.
Is Outsourcing Finance & Accounting Right for Your Business?
Deciding whether to outsource finance and accounting functions depends on several factors. Here are considerations that can help gauge if it’s the right move:
Business size and complexity
If your business is growing rapidly and the complexity of financial transactions is increasing, managing everything in-house may become too burdensome, leading to errors and inefficiency. Outsourcing can bring the needed expertise and scalability.
Available resources
Maintaining an in-house accounting team comes with inherent costs such as salaries, benefits, and training. If you are working with limited resources or are trying to optimize back-office functions to lower overhead, outsourcing may offer a more cost-effective solution without compromising on the quality of service.
Employee workload
If your staff is already stretched thin—and wearing multiple hats or spending too long on simple tasks—handing off some finance and accounting functions can free up time to focus on what matters most for your business growth and development.
Organizational expertise
Outsourcing can be a viable option if you recognize a skill gap within your organization, particularly in areas that require specialized knowledge, such as:
- Tax laws
- Regulatory compliance
- Cash flow management
- Sophisticated financial analysis
Instead of training an in-house employee, finance and accounting firms can offer immediate expertise.
Risk tolerance
Assess your company’s risk tolerance regarding financial errors and compliance risks. Outsourcing can be a risk management method, especially if your staff lacks experience in finance and accounting tasks.
Finance and Accounting Functions You Can Outsource
You can outsource all of your finance and accounting or specific functions. Here are a few tasks businesses commonly delegate to external providers:
- Accounts payable (AP) and accounts receivable (AR): An external provider can streamline your AP and AR processes, improving supplier relationships through timely payments and helping optimize working capital.
- Financial planning & analysis (FP&A): FP&A is a forward-looking function that supports a company’s financial health and business strategy through budgeting, forecasting, and modeling.
- Regulatory compliance: Compliance covers a broad spectrum of activities like financial reporting according to accepted standards (like GAAP or IFRS) or ensuring data privacy in financial records.
- Tax preparation and advice: Accounting providers can prepare and file returns, assist in strategic planning, and guide decision-making with relevant tax information.
- Audit support: In the case of an audit, external providers can prepare financial statements, evaluate internal controls, and act as a liaison between the business and auditing bodies.
- Business process automation: Outsourcing business process automation typically involves systems for invoice processing, expense management, payroll, and other financial operations.
Outsourcing these functions to specialized providers gives you access to a skilled and experienced workforce and frees up internal resources to focus on core competencies and value-generating activities.
What Are the Best Finance and Accounting Outsourcing Providers?
We’ve compiled a list of six companies that can help businesses of various sizes outsource their finance and accounting needs. The list is in no particular order, as each provider is capable, reputable, and professional.
Near
Yep, we’re putting ourselves at the top. Although we aren’t a direct provider of finance and accounting services, we help companies find, hire, and pay top-notch finance and accounting professionals based in Latin America who can work seamlessly as an extension of your in-house team.
You can enjoy the cost benefits of outsourcing but with a significant advantage—greater control and oversight over work processes and outcomes. It’s a unique model that offers the efficiency and scalability of an outsourced operation yet maintains the hands-on management and integration of internal staff.
Our approach centers on understanding a company’s specific needs and matching skilled professionals with the right experience and expertise.
This personalized matchmaking allows you to scale up your capabilities without the added burden of recruiting or onboarding and the higher overhead costs of expanding local operations.
IBM
IBM has long outgrown its image as merely a computer company and has evolved into a behemoth in tech innovation, offering a wide spectrum of services. IBM’s consulting and outsourcing branch leverages the company’s cutting-edge technology to provide an extremely modern and efficient workflow for finance and accounting functions.
With advanced analytics, artificial intelligence capabilities through Watson, and process automation tools, IBM offers a comprehensive package for businesses wanting to outsource their financial operations.
Their global presence and strong security protocols also mean they can handle large enterprises operating in multiple markets with diverse regulatory requirements.
Auxis
Auxis is a full-service back-office outsourcing solution catering primarily to mid-market and enterprise-level clients. They offer tailor-made finance and accounting services, capitalizing on a combination of deep industry knowledge and practical expertise.
Their offerings span traditional accounting functions to more complex financial planning and analysis, with a strong focus on efficient technology. They often emphasize process optimization through automation, employing tools and platforms that reduce manual intervention and streamline operations.
Bookkeeping360
Bookkeeper360 is a terrific option for US-based small businesses seeking dedicated accounting support. They have tailored their services specifically to cater to the unique demands of the SME sector.
Specializing in cloud-based accounting solutions, Bookkeeper360 integrates with platforms like Xero and QuickBooks to offer real-time financial insight, crucial for small businesses’ fast-paced environments.
Their personalized approach ensures owners receive the individual attention required to manage their finances effectively without hiring a full-time, in-house accountant.
AccountingDepartment.com
Ready to add a whole department to your team without the overhead? AccountingDepartment.com provides just that—an entire expert team dedicated to managing various finance and accounting tasks for your business.
With a focus on serving small and medium-sized businesses, AccountingDepartment.com offers comprehensive services, including everything from daily bookkeeping and advanced accounting to controller services and strategic planning.
Their emphasis on using the latest technology and processes means clients benefit from efficiency and accuracy. The ‘virtual’ department they offer can handle a full suite of accounting duties remotely, seamlessly expanding your capabilities.
IBN Tech
No, not IBM again—this time, it’s IBN, a global finance and accounting outsourcing firm based in India but with offices in the US and UK.
Offering everything from simple bookkeeping to virtual CFO services, IBN ensures that your financial data is accurate, your processes are streamlined, and your compliance needs are squarely met—all while helping you cut operational costs.
They also offer IT, cloud migration, and customized accounting software solutions, demonstrating a blend of accounting expertise and technical knowledge.
Final Thoughts
As we’ve explored, there are robust outsourcing options for your financial and accounting needs, each with potential advantages depending on size and industry requirements. However, the perfect solution may not be conventional outsourcing alone.
With Near, you can scale your team flexibly, affordably, and with high-quality talent. By hiring remote finance and accounting professionals from Latin America, you can save 30–70% over hiring within the US—without sacrificing quality.
Book a free consultation call today to explore this innovative approach to optimizing your finance and accounting operations.
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