If you are not currently utilizing contractors as a part of your business model, your accounting and finance team is potentially missing out on significant opportunities for cost savings, boosting employee morale and more. Here are 7 ways contractors can make your finance department better:
- Fresh perspective: Professionals who choose to make a career in contracting have exposure to many projects, organizations and industries. Often, they’ve witnessed firsthand the challenges and success other finance teams have had and can bring that knowledge to bear on your department’s behalf. This outside perspective can help your team break the daily routine and offer access to new skills.
- Flexibility in your workforce: Contractors can be hired and released based on the needs of your organization. A contract senior accountant or a financial reporting specialist can provide an extra hand during busy times, employee transitions or organizational changes, but don’t require the long-term commitment of an additional employee.
- Contractors as a complement to professional services: Contractors can be used to complement professional service providers by supporting and assisting with system implementations, due diligence for mergers and acquisitions along with accounting department integrations.
- Train your staff: Contractors bring highly specialized skillsets to the table. If your organization is undergoing a change and new skillsets are required of your staff, consider hiring a contractor to develop and implement a training program for your existing team.
- Specialized skills: Contractors provide on demand, specialized skills that may not exist in your accounting and finance department. Moreover, because professional contractors change positions frequently, they typically have a short learning curve and find ways to add value quickly.
- Increased productivity: Generally, contractors are hired for a specific project. For example, completing an annual budget, finishing a 5-year forecast or completing the due diligence list for the sale of an organization. By focusing on a key skillset, contractors tend to be incredibly efficient at the task at hand. What’s more, contractors are largely unaffected by office politics and generally don’t receive unplanned requests that permanent team members receive. This enables them to complete their projects faster and with greater accuracy.
- Maintain a smaller permanent workforce: Organizations with staffing peaks and valleys can utilize contractors during peak periods to maintain a smaller permanent workforce. As an added benefit, by balancing the workload, you simultaneously boost staff morale with an appropriate workload during slow times and offering the extra support required during peak times.
Does incorporating contractors into your finance team’s business model make sense? For more information on this topic, or to learn how Baker Tilly search and staffing specialists can help, contact our team.