Growth is the ultimate goal for all companies. However, as revenue and sales rise, expenses also rise in tandem. When balancing between expansion and managing costs, businesses must walk a fine line.
Outsourcing services is an effective solution for bringing on expertise and top talent without adding excessive costs.
Through outsourcing, companies can also avoid many of the hazards of hiring internally. This can include a mismatch between the experience needed and the available budget for services, increases in fixed costs, and the time-intensive processes of recruiting and onboarding.
Accounting is an area in particular where businesses can benefit from the services of a third-party provider. Outsourced accounting firms can manage all financial processes, or work alongside in-house staff.
Types of Outsourced Accounting and Financial Services
One lauded benefit of delegating financial services is the ability to scale operations up or down. Outsourcing accounting firms typically offer a suite of services that clients can select from to match their current and future needs.
The most common types of outsourced financial services include:
Accounting services- This includes bookkeeping, budgeting, and financial reporting. Delegating accounting services to an outsourced team can reduce the risk of fraud and ensure regulatory compliance.
Finance consulting- Companies need a clear understanding of their financial health to make strategic business decisions. Businesses can outsource executive roles such as Chief Financial Officer and Controller and receive guidance and advice from highly experienced professionals.
Exit planning- After growing their businesses, the next step for many founders is selling or passing the company on to the next generation of leaders. No matter the exit strategy, sound financial processes are key to extracting the most value from an exit deal. As a successful exit strategy requires specific expertise, many businesses opt to contract an outsourced financial executive to develop and execute the plan.
Operational reporting- Companies need a fresh influx of data to accurately monitor their financials. Businesses may not have the capacity or interest to create in-house roles to perform data collection and analysis duties themselves. In these cases, hiring outside financial professionals may be the best route.
Cash Flow forecasting- Businesses rely on liquidity to execute business processes and serve their customers. Unfortunately, the cash flow forecasting that many companies use to calculate these projects are often inaccurate. Outsourcing these tasks to a reputable third party can help companies keep more accurate records and make business decisions based on sound data.
Firms like TGG-Accounting enable companies to meet their need for professional service through flexible and tailored solutions.
TGG- Accounting- An Overview
Based in San Antonio, TGG was founded by Matt Garrett, who now serves as the firm’s CEO. TGG offers a range of services tailored to the needs of small-to-medium-sized businesses. TGG serves companies in various industries, including manufacturing, hospitality, construction, and technology firms.
Today, TGG-Accounting manages more than 70 financial professionals across the country. Thanks to its diversified and experienced staff, TGG can also offer other types of fractional assistance, including outsourced CFO and controller services.
Outsourced Accounting: Behind the Trends
While innovations in cloud computing and web-connected technologies have made it easier than ever to outsource essential business services, outsourcing accounting services is not a new trend.
The outsourcing model has been a viable business practice for more than two decades. However, recently, the demand for outsourced accounting services has surged.
According to a 2023 State of the Market report, the finance and accounting outsourcing industry has experienced double-digit growth since 2021.
Drivers of this trend include customer satisfaction with outsourced services and the added value of working with financial professionals and specialists. Companies can expect to slash their expenses by up to 75% by working with a competent outside accounting firm.
TGG-Accounting recognizes that companies turn to accounting services to reduce overhead costs, but also expect outstanding results from experienced professionals.
TGG-Accounting exceeds client expectations through its proprietary system, the TGG Way, which connects every client to a 4-member financial team. Over the past 16 years, The TGG Way has handled management accounting and financial services for more than 500 clients across multiple industries.
Effective Outsourced Accounting through the TGG Way
The TGG Way is a standardized system designed to deliver the most optimal results for clients. The 4-member team is a core component of the TGG Way.
These dedicated financial professionals fill four essential accounting roles: Staff Accountant, Accounting Manager, Controller, and Chief Financial Officer.
Together, the TGG financial team oversees and manages day-to-day transactions, including reporting, compliance, internal processes, and risk management.
Delegating accounting tasks the TGG-Accounting team streamlines financial operations, ensuring accurate calculations and useful data points.
Companies that work with TGG gain the benefit of world-class financial expertise to support and execute their business decisions.
Stories of Success: TGG Accounting Case Studies
TGG Accounting measures its success based on the success of its clients. The following case studies exemplify the types of results that TGG’s expert financial professionals can accomplish for their clients.
An emerging online education company primed for growth contracted TGG to improve its reporting processes and analyze its financial data.
TGG’s expert team helped the company develop a comprehensive growth plan based on accurate historical data. As a result of TGG’s financial systems, the company was able to showcase its earning potential and impress new investors.
Another startup sought out TGG to secure early-stage investments. The company needed guidance from experienced financial professionals to create a growth plan that would reassure investors of the firm’s stability.
TGG offered outsourced CFO services to help the company reach its goals. In the end, TGG’s streamlined processes allowed the company to secure more than $3.5 million in investments.
When a frozen food company was preparing to expand its market size, the TGG team assessed the company’s finances to clarify the data and create accurate models and projections.
During the process, TGG’s outsourced CFO and finance professional worked closely with the company’s leadership team, a process that improved the company’s overall operations.
After TGG evaluated the company’s risk profile, the business was able to secure more funding from lenders. After working with TGG, the company was approved for a $1 million line of credit.
TGG features many more success stories on its corporate blog and webpage.
The Future of Outsourced Accounting with TGG Accounting
TGG remains on the leading edge of the outsourced accounting and financial industry by continuously upskilling its team and other financial professionals.
TGG does this through its educational webinars and bonfire chats that feature insights from the experienced TGG Accounting team.
TGG also provides professional development opportunities for accountants through its TGG University program. The self-paced course leads to an industry-recognized credential.
TGG is also responsive to the changing client needs in the dynamic business landscape. For example, the organization developed a virtual PPP Loan Forgiveness Tracker to help businesses record their expenses and remain eligible for forgiveness.
The firm prides itself on its agility and capacity for enabling companies to reach their next stage of growth.
Conclusion
Companies that contract with TGG Accounting can reap the benefits of outsourced accounting services. This includes peace of mind from knowing that financial reports are compliant, accurate, and complete.
Thanks to the TGG Way, businesses can apply the outcomes of their streamlined financial processes to accelerate their growth, attract investors, and increase efficiency throughout their business model.
"Disclaimer"
This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
