News & Insights
Top 5 Benefits to Outsourcing Government Accounting & Financial Work
February 25th, 2021
Accounting & Outsourced Solutions |
Outsourced Accounting Solutions
Government officials are faced with a delicate balancing act of managing their time and priorities, while meeting the needs of the community and reaching the municipality’s strategic goals. The accounting or finance department plays a critical role in the success of any government; it’s an area with high demands and in many cases, limited resources. Ensuring appropriate controls and processes are in place can present a significant challenge to local governments especially, as they juggle what can feel like a never-ending to do list.
To see success, officials must bridge the gap between available resources and smart, data-driven decisions, while lowering costs and maximizing the potential of their precious financial resources. Outsourced accounting services can be a tremendous resource in helping officials meet their goals.
Below are five important benefits outsourced services can provide:
Public Finance Experience.
Finding qualified individuals who possess a background in governmental accounting and finance is quickly becoming a significant challenge for government today. Outsourcing to a highly-experienced and qualified team can ensure that operations are efficient, compliant and that they meet the day-to-day needs of the community.
Governmental Standard Knowledge.
The challenge to keep the finances in order while meeting accounting standards, IRS regulations, and taxpayer expectations is proving more difficult every year. State and Federal standards and guidelines for governmental agencies are changed regularly. The ability to stay in compliance and timely implementation is essential to governmental operations. Outsourcing a team committed to keeping up-to-date on the latest regulatory requirements and regulations allows officials to worry less about the complexities of regulations and more on achieving their goals.
The level of reporting required by government agencies has risen as both governments and constituents strive for transparency. Reporting is a critical component of operations as both revenue and debt issuance may depend on timely and accurate filing.
Government agencies face staffing challenges when filling vacancies in public finance. Outsourcing positions can provide an opportunity to keep operations running smoothly on a short- or long-term basis. Outsourcing can help government entities lower costs, minimize disruptions to daily operations and maximize the potential of precious financial resources. It can also offer solutions for responsibilities that can be satisfied monthly or quarterly, such as reconciliations. In addition, outsourcing doesn’t have to be a tremendous commitment. It can fill an immediate short-term need while someone is unable to work or can serve as a long-term partnership at a leadership level. Whatever the need, outsourcing can help governments efficiently fill the gap.
Last, but certainty not least, a precision audit completed according to the Governmental Auditing Standards is crucial. The required information for the annual audit is increasing along with the changing standards and reporting. Ensuring all information necessary to meet the higher auditing standards presents more significant challenges for local governments. Outsourcing with experienced professionals will ensure your audit or audit preparation is done with best practices and deliver a worry-free audit.
Interested in Outsourcing?
Our dedicated Government team provides day-to-day commitment from partner-level staff. We aim to support government officials bridge the gap between available resources and the ability to make smart, data-driven decisions the future of your municipality hangs on. We can help you lower costs, minimize disruptions to daily operations and maximize the potential of your precious financial resources.