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Businesses and nonprofits that used to rely solely on in-house accounting departments are realizing that outsourcing to qualified accounting professionals often makes more sense. In fact, many find that they can’t afford NOT to outsource. Here are five reasons why. 1. Reduce personnel costs Full-time employees are expensive. In addition to their salary and benefits, businesses have to pay to hire, train, and manage in-house staff members—the costs add up, especially for new and small businesses. By contrast, outsourced teams do not receive a salary or healthcare or other benefits, and they do not require extensive training and management. Services […]

Financial management, accounting, and administrative services are obviously critical to business success. What’s less understood is that even if you have an internal team in place that is handling all of those tasks successfully, you may still benefit from hiring an outsourced financial consultant. Here’s why. Identify gaps Finance and accounting experts are the first to acknowledge that their work is so complex and fast-changing that they may sometimes miss details and new opportunities. Bringing in an outside consultant provides reassurance that nothing has been overlooked—and if the consultant identifies even one gap, it may well cover the entire cost […]

An old joke suggests that if you’re wondering whether to update your wardrobe, you definitely need to update your wardrobe. The same can be said about QuickBooks and Excel: If you’re wondering whether it’s time for your business to adopt a more advanced accounting solution, odds are it’s beyond time to do so. If you’re still hesitating to transition to best-in-class accounting software solutions like Sage Intacct, consider these features and benefits. Save time Most QuickBooks users end up migrating budget reporting and other tasks to Excel. The problem is that every hour spent pulling information from Excel and transferring […]

Remote work became necessary for many businesses during the COVID-19 pandemic. Now, it looks like remote and hybrid work environments will be here to stay, which means both workers and businesses need to make adjustments. Who likes remote work? Many employees, perhaps especially younger ones, have quickly grown accustomed to working remotely. Eliminating commute time and gaining added independence is highly attractive to some workers who are likely to resist the idea of returning to the office full-time. On the other hand, you may have some employees who cannot wait to return to the office. Many people miss getting out […]

Remember March 2020? Many businesses were in the midst of their first-quarter closing processes when COVID-19 suddenly changed everything. Past financials were no longer a reliable indicator of the future, and new financial models needed to be built—fast—to support both short- and long-term business decisions. That pandemic experience crystallizes the need for businesses and nonprofits to modernize their accounting software and processes, not only to prepare for future crises but to improve everyday business decisions. What you get with better reporting If you’re unsure whether it’s worth the trouble to improve your reporting processes, consider these real-world benefits: Shorten monthly […]

Traditionally, businesses had to employ an internal team of financial professionals to handle all of their bookkeeping, accounting, and other financial management needs. When businesses grew, there was no choice but to hire more employees to keep pace with the additional workloads. And if business growth eventually stalled, businesses would often have to lay off employees, before repeating the cycle when business picked back up. Today, to avoid the cost and expense of expanding their internal teams, many growing businesses instead choose to outsource some or all of their finance and accounting responsibilities to outside professionals. It’s important to reiterate […]

As we transition out of the COVID-19 pandemic, temporary staffing companies are likely to see a rapid uptick in demand that will bring with it new challenges—particularly in managing cash flow. People are returning to work Early in the pandemic, in April 2020, the U.S. unemployment rate reached 14.8%, the highest rate since data collection began in 1948. By May 2021, the unemployment rate had dropped to 5.8%, which is still far higher than the pre-recession (February 2020) rate of 3.5%. What those figures show is that thousands of people are returning to work, leading the country in the direction […]

If your business or nonprofit is like many others, you can’t afford to hire full-time employees to perform all of your accounting, bookkeeping, and office management tasks. Instead, you’re looking for reliable outsourcing services, provided by experts with experience in a range of accounting and financial management tasks. Needless to say, we think FSS Group is the right outsourcing choice for your organization. Here are five reasons why. 1. We offer expertise in multiple areas Some outsourcing firms only offer expertise in accounting or IT. At FSS Group, our experts provide an incredibly wide range of services, including: Management accounting […]

Nonprofit organizations have long struggled to build budgets based on accurate forecasts of operating expenses and revenue. The usual struggle is especially heightened this year, given uncertainty around the pace of recovery from the COVID-19 pandemic. Reasons for Budget Struggles If your nonprofit struggles to create accurate, timely budgets, odds are the reason is that you’re still relying on spreadsheets for budgeting, forecasting, and planning. While Excel and similar solutions can be a good place to start for young nonprofits, as your organization grows and your needs become more complex, you’ll run into a number of challenges with spreadsheets, including: […]