Why Outsourcing Your Financial Reporting Can Improve Internal Decisions

At Premiere Financial Consultants, we take a “Financial Statement +” view of reporting in order to provide management with the most complete view of your company’s financial health, allowing for better decision-making and more accurate financial planning. An accurate glimpse into your books is a key part of remaining sustainable, and ultimately profitable. Every business also has external reporting requirements. Whether financing, regulatory or tax-related, accurate reporting is critical, and we tailor our reporting to the unique needs of each client.

The most important goal of any financial reporting system is to provide management with timely and accurate information from which to make better decisions. In addition to the standard financial statements like Balance Sheets, Income and Cash Flow Statements, we will create and deliver will add any charts, graphs and supporting schedules management needs. We believe in a “pyramid” reporting structure, which provides management with summary information in an efficient, easy-to-digest manner with the option to drill down into as much detail as needed.

Timely and accurate financial statements are also necessary to measure progress against financial benchmarks – most notably your staying within your budgets. Budgets quantify management goals and objectives, and we discussed the importance of implementing them for businesses of all sizes in a previous blog. Regularly comparing financial results to the forecast and budget is the most efficient and quantifiable view into whether or not you’re meeting your goals.

Another big reason why outsourcing your financial reporting makes sense along with your accounting functions is that the two are forever intertwined – data always flows from your accounting system into your reports. In addition to providing for timely invoicing and collections, timely and accurate financial reporting ensures you’re able to pay bills and payroll on time. Additionally, each of those three areas – Accounts Receivable, Accounts Payable, and Payroll – has their own unique and detailed reporting needs with consequences/fines for late or incorrect filings.

In short, we believe outsourcing your entire financial structure – from the CFO on down through budgeting & reporting – frees up stakeholders, management and other key personnel to focus on mission-critical tasks.