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Outsourced FP&A Services | Supporting Strategies

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Outsourced FP&A Support for Small and Mid-Sized Businesses

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The proper combination of outsourced bookkeeping and controller services can help you get a handle on your company's financial direction.

Financial planning and analysis (FP&A) is so important to business success that larger companies devote entire departments to it. Obviously, most small and mid-sized businesses (SMBs) can't afford to do that. But they can receive quality FP&A support through outsourcing.

What Exactly Is FP&A?
As individual terms, "financial planning" and "analysis" sound like they should be a part of every business leader's job description. And to some extent they are. No business leader should ever be completely in the dark regarding such vital aspects of their company's operations.

Collectively, however, FP&A is a specialized field that is a step removed from most business leaders' day-to-day operations. FP&A provides the proverbial 30,000-foot view through a comprehensive examination of your company's financial past and present in order to chart the best course for its financial future.

Specifically, FP&A consists of:

  • Assessment: Bookkeeping, in other words. Truly the only way to analyze your business' financial health is to open the books and take a look. By examining your current financials as well as your recent performance, you can detect trends.
  • Forecasting: After you've analyzed your current financial health and identified trends, you can make informed projections for the next month, next quarter, next six months, next year and beyond.
  • Budgeting: Once you've got a reasonable grasp of where your financials stand and what your prospects are, the next step is to draft a budget that incorporates both of those elements. Big plans mean nothing if you can't pay for them.

FP&A the Easy Way
Now that you've got a clearer picture of what FP&A is all about, you can understand the dilemma that all businesses face. Although FP&A is very important, most business owners don't have the bandwidth to do it. And yet, in most cases, it doesn't warrant a full-time hire. That's where outsourcing comes in.

By outsourcing both its bookkeeping and controller functions, an SMB can effectively create a right-sized FP&A department and gain financial insight by:

  • Quickly monitoring your company's current status with a key performance indicators (KPIs) dashboard
  • Tracking your company's profitability and financial position by reviewing these key financial management reports on a regular basis: balance sheet, income statement and statement of cash flows
  • Controlling costs with job costing and inventory tracking
  • Planning for contingencies with cash-flow forecasting
  • Capitalizing on growth opportunities by understanding cash flow and projections and forecasting the potential need for external financing or loans

Main Street Meets Wall Street
The best thing about getting FP&A through outsourced bookkeeping and controller support? You'll be able to leverage the type of thorough, end-to-end financial support that Wall Street firms have in house for a fraction of the cost.

At Supporting Strategies, our experienced, U.S.-based professionals use secure, best-of-breed technology and a proven process to provide a full suite of bookkeeping and controller services. If you're ready to learn how you can move your business forward, contact Supporting Strategies today.

Andrea Sanders

Author:

Andrea Sanders

Andrea Sanders, Managing Director of Supporting Strategies | Philadelphia, provides outsourced bookkeeping and controller services to growing businesses.

Legal and Tax Disclaimer

This website is created by Supporting Strategies to provide general bookkeeping and accounting information only. Supporting Strategies does not provide tax, legal or accounting advice, and the information contained herein is not intended to do so. As such, the information provided should not be used as a substitute for consultation with professional tax, legal, and accounting advisors, and you should consult with a tax, legal and accounting professional before engaging in any transaction.