Is Outsourcing Accounting and Tax Services a Viable Solution for Entrepreneurs and Scaling Startups?

Rick Belgarde, founder of CFO Rick, shares that “Outsourcing accounting and tax services has become a growing trend in the United States.” For scaling startups and business owners, maintaining internal accounting departments comes with risks and challenges, and outsourcing can help mitigate these issues. Belgarde emphasizes the value of outsourcing in saving clients time and money through minimizing taxes and managing financial operations more efficiently.

The Impact of the Certified Public Accountant (CPA) Shortage on Startups

The accounting profession is facing a significant talent shortage, with a 50% decrease in the number of people sitting for the CPA exam between 1990 and 2021. The Bureau of Labor Statistics reports that there are 340,000 fewer accountants than five years ago, and this shortage is impacting not only accounting firms but also the startups and small businesses that rely on them for financial advice and support.

The Role of a CFO

In this context, the role of a Chief Financial Officer (CFO) becomes even more critical. Belgarde clarifies, “A CFO’s responsibilities go beyond preparing financial statements. They are primarily focused on strategic financial decision-making, financial planning, forecasting, and securing funding for the company’s future needs.” CFO Rick’s services are designed to align with these strategic roles, providing comprehensive support to businesses. 

Prioritizing Strategic Financial Planning

As the accounting profession continues to evolve in response to the challenges presented by CPA shortages, it remains important to understand and adapt to global markets and business culture differences. The trend towards outsourcing and the increasing use of AI are likely to shape the future landscape. 

Entrepreneurs and business owners can better prepare for the future and ensure their financial stability and growth, by partnering with firms designed to offer comprehensive support. 

“The key is to stay adaptable, embrace new technologies, and prioritize strategic financial planning”, Rick adds.

A Financial Partner for Innovators

CFO Rick distinguishes itself by offering a unique set of services tailored to meet the needs of startups and small businesses. Salvador Chávez, a director at CFO Rick, emphasizes, “Our comprehensive and personalized services include not just finance and tax administration but also business consultancy. We are committed to building long-term relationships with our clients, providing them with the expertise they need to grow and succeed.”

“We see ourselves as partners of trailblazers, changemakers, and innovators, enabling them to focus on building their businesses. Our services are the perfect solution for companies that do not have a full-time accountant on staff,” adds Chávez. 

ENDS

About CFO Rick: From small businesses to large companies, our associates based in North America (including the US and Mexico) and the UK, have decades of global experience and a proven track record of helping organizations grow from zero to millions sustainably and compliantly. We understand that every business has a unique vision, mission, and set of goals, and we are here to support you in realizing them.

Contact our team to help you make the right decision for your business.