Should I in-source or outsource my finance function?

Should I in-source or outsource my finance function

A common question I’m asked is whether to outsource or directly employ a finance team. My response is always this — is finance a core competency of your business? If no, outsource it.  When looking to engage with service providers to manage your finance function, ask yourself these questions:

1. Do they have experience dealing my business model and industry? It’s critically important that your advisors have an understanding of your business model and industry. This ensures you’re leveraging their industry experience and knowledge relevant to your business.

2. Do they have the capability to grow with me? If you’re a high-growth business, ensure your providers can grow with you  and can scale up with your organisation. This means you will not have to continually replace and retrain people as you grow.

3. Do you trust them!? Working with a great finance partner is like a marriage. They will be backing you and won’t be afraid to have hard conversations. Rapport is therefore important. Ask yourself, do I like this team and can I work with them? Working with a good finance manager can add a lot of value to helping you achieve your business goals. Want a second opinion on how to design your finance team? Send us a message.

Should I in-source or outsource my finance function? Now you know my answer.

You’ll like this “how important are checks and balances for small businesses”

Like our content? Why not have it sent directly to your inbox? Leave a comment and subscribe to our articles on business tips and tactics that will help you grow and make quantum leaps in profits in your business here.

Related Articles

As the year gradually draws to a close, many business owners are looking forward to a winding down of operations and a chance to

If you were asked about your finances would you know your numbers? Would you remember your deposits, your debts, your net savings, your average

When we talk about business transformation, most organizations attempt to achieve that by focusing on cutting costs and protecting the margins. However, I dare

Contact Us

Address

17 Military street, Onikan, Lagos Island, Lagos, Nigeria.

Phone

+234 703 417 2590

Email

info@midridgeinternational.com

Subscribe Now For Exclusive Offers And Updates!

Subscribe to our newsletter for the most recent blog posts, promotions, and updates delivered right to your inbox.