Five Things to Know About Outsourcing Your Government Accounting Function

Local government leaders across the country are consistently tasked with finding ways to stretch shrinking budgets and dwindling staff. The obvious solution? Find more efficient ways to deliver services without compromising quality, although this can be easier said than done. One way to do this is to outsource accounting needs to a trusted expert. Here are just a few of the benefits Lumsden McCormick can offer government entities looking to maximize resources.

1. Savings

Outsourced accounting allows government entities to move from fixed internal staffing costs (including salaries, benefits, training, and expenses related to staff turnover) to a more flexible and often lower-cost service model. Pay for the services you need, when you need them.

2. Stability

It may take between six months and a year to fully train a qualified employee, and staff turnover, retirement, or even illness may further that timeline. By relying on an outside accounting partner, you can be certain that nothing will be missed when there are disruptions or changes in your agency or organization.

3. Scalability

Your needs will fluctuate throughout the year. An experienced outsourced accounting team can handle the critical deadlines and deliver the support your agency needs, whether that includes short-term work on specific projects or long-term strategic planning.

4. Financial Expertise

Lumsden McCormick has provided accounting and consulting services to government-related entities for more than 70 years, and as members of the American Institute of Certified Public Accountants (AICPA) Government Audit Quality Center, we are qualified to make sure your organization is staying up to date with financial regulations, compliance requirements, and best practices. Achieving this level of specialization can be difficult for smaller government entities, especially as standards continue to evolve.

5. Enhancing Internal Controls

A shift to outsourced accounting can also improve internal controls. An external team removes the possibility of any single employee controlling multiple aspects of a financial transaction, ensuring there are checks and balances overseeing your organization’s financial operations. A third party can also identify potential compliance issues and deficiencies in your current financial reporting and recommend solutions to address them.

An Experienced Team in Your Corner

Outsourcing your accounting needs to our skilled team comes with a lot of benefits, and we understand that your organization’s needs are unique. Let us take over the numbers, from day-to-day payroll, annual budgeting, or audit planning, so that your organization can fulfill its goals.