Just as your government contractor (GovCon) business begins to crush the growth goals you worked so hard to achieve, you may realize that success has brought with it accounting challenges your team is not equipped to tackle. For one thing, expansion into new agencies, services, and/or industries can add on more government compliance regulations and requirements. In addition, you must track resource allocation, cost accounting and job costing, budgeting and forecasting, and a myriad of other accounting tasks that need to shift as necessary to support your growth.
At this crucial stage of your business development, experienced accounting services that specialize in GovCons can make the difference between success and failure.
Internal Accounting Challenges
Relying solely on an internal accounting team to keep up with expansion presents inherent problems for any business, particularly GovCons:
- Personnel turnover can negatively impact the continuity of services. Recruiting, qualifying, and onboarding talent can easily take more than two weeks and is a significant cost for HR.
- There is no guarantee that employees with the necessary accounting specializations will be available to hire when you need them most. This lack of expertise can pose compliance risks, errors in financial reporting, and missed opportunities within the complex federal market.
- Increasing salaries, benefits, training, software licenses, and other expenses associated with maintaining an internal accounting team can drain resources from strategic planning and business development.
10 Benefits of Outsourced Accounting
Outsourcing your accounting to experienced GovCon experts is a cost-effective way to help alleviate the challenges of adjusting financial operations to keep up with growth. Here are ten ways that GovCon financial experts like the ones at CAVU can save you money and create efficiencies while supporting your strategy for growth:
- Outsourcing provides you access to a full accounting team with expertise in your market, minus the fringe costs and overhead.
- As your trusted, proven partner in financial management, CAVU assigns a senior-level manager as your point of contact and approaches your finances as an integral part of your growth strategy.
- Your outsourced accounting experts deliver stability through process standardization and continuity of service.
- Our policies, procedures, and processes integrate securely and seamlessly into your company’s operations.
- Our accounting expertise frees up your resources and key leadership to focus on project management, innovation, client relationships, and other activities that directly contribute to growth and competitive advantage.
- CAVU’s services scale up or down to accommodate for fluctuation in workload without the need for your organization to hire or lay off staff.
- Retainer billing means more predictable costs and budgeting.
- We utilize advanced accounting software and other specialized technology platforms so you can leverage the latest tools for improved efficiency and better reporting and monitoring capabilities.
- You get access to real-time financial data and outlook for continuous visibility and transparency for informed decision making and evaluation of investment opportunities, assessment of the financial impact of strategic decisions, and identification of areas for cost savings and revenue growth.
- CAVU helps mitigate compliance risks by keeping up-to-date with regulatory requirements and ensuring your GovCon’s financial practices align with industry standards.
Feel free to contact CAVU’s GovCon accounting and finance experts to explore how we can support your company’s growth and profitability.