Boost Your Company's Value by 20%: Building Strong Relationships with Your Outsourced Accounting Firm
While working as a Senior Associate with G-Squared Partners, I’ve experienced firsthand how a positive working relationship between our outsourced accounting teams and our clients is more than just a contractual agreement; it's a partnership that can yield immense benefits for both parties. This is reflected in our 2023 client survey, where G-Squared Partners achieved a net promoter score of 90.5%, significantly surpassing the industry average of 41%.
This positive relationship begins with G-Squared Parner's commitment to delivering quality services and meeting deadlines. But did you know that building a positive working relationship with your outsourced accounting firm can bring other unexpected benefits?
G-Squared Partners excels in outsourced accounting, offering more than ten years of specialized knowledge across diverse industries, including tech startups, SAAS Businesses, manufacturers, and commercial real estate companies. Engage with us for a collaborative partnership that adapts and grows alongside your business.
Why is a Positive Relationship With Your Outsourced Accounting Firm Good for Business?
Think of a great working relationship with your outsourced accounting firm as a force multiplier for your business. At G-Squared Partners, we’re all about getting things done better and faster. But meeting deadlines with high-quality accounting work is just the beginning. As you integrate your outsourced accounting team into your operations, you’ll experience many benefits that will help you reach your specific financial goals.
- Efficiency and Budget Maximization: A quality relationship with an outsourced accounting firm translates into heightened efficiency in project completion. In many cases, an outsourced accountant can save you money. The streamlined processes resulting from a positive working relationship save time and maximize cash flow management. When tasks are executed precisely and without unnecessary delays, financial resources are utilized more effectively, ensuring that every dollar spent contributes directly to the company's growth and success.
- Increase Speed in Initiative Execution: In today's fast-paced business environment, quickly acting on initiatives is crucial. A close-knit relationship with an outsourcing firm means that financial reports and critical data are delivered promptly and accurately. This timely delivery enables companies to make swift, informed decisions, keeping them a step ahead in the competitive market.
- Strengthen Trust with Stakeholders: Accurate, timely, and adaptable reporting is the cornerstone of trust between a company and its stakeholders, especially VC-Backed or PE-Backed Firms with board members and investors. When an outsourced accounting firm consistently meets these standards, it reinforces the company's credibility. This reliability is essential for maintaining and growing trust, a key element in any successful business relationship.
- Enhance the Professional Growth of Team Members: The exchange of expertise between an outsourced accounting firm and the client's in-house team is a conduit for professional growth. Startups and Entrepreneurs particularly benefit from this transfer of accounting knowledge. The accounting firm becomes a valuable resource for knowledge and skill development by sharing best practices and establishing efficient processes. This collaboration enhances the capabilities of the client’s team and fosters a culture of continuous learning and improvement.
- Employee Satisfaction and Market Valuation: The relationship between a company and its accounting firm can significantly impact employee satisfaction, influencing long-term market valuation. According to a study by the University of Maryland, featured in the Harvard Business Review, a one-star improvement in employer ratings on platforms like Glassdoor can substantially increase market valuation, ranging from 7.8% to 18.9%. This correlation underscores the broader impact of positive external partnerships on a company's internal environment and overall market performance.
How Can You Build a Positive Working Relationship?
Taking the time to get to know your outsourced outsourcing team is a great investment. Commitment to this goal can dramatically impact a business. Below are some of my tips for helping your outsourced accounting team feel like they’re in-house.
Get to know your outsourced accounting team
Getting acquainted with your outsourced accounting team is key to fostering a productive partnership. Pay attention to their efforts to understand your business and personal preferences — this reciprocal knowledge-sharing is a strong indicator of their commitment to your success.
Try to Remember Personal Details
Personalization is key to building strong relationships in any industry. Remembering and using your outsourced team members’ names is just the start. Paying attention to details about their family, hobbies, or significant life events shows genuine interest and care.
Leverage Technology in a Way That Works For You
In today's digital age, technology can be a powerful tool for managing relationships. Use your phone’s contact management system and calendar to keep track of important information and dates related to your outsourced accounting team. Make it a standard practice to record and refer to these details, ensuring that every interaction with your team is personalized and thoughtful.
G-Squared Partners: We Build Relationships That Better Your Bottom Line
At G-Squared Partners, we believe that the cornerstone of any successful business relationship is a deep, mutual understanding. Our approach goes beyond mere transactional interactions; we build genuine, enduring relationships with our clients. This ethos is embedded in every aspect of our service, from the initial meeting to the ongoing management of your accounts. We recognize that each client is unique, with specific needs and aspirations. Our team invests time in understanding these intricacies, ensuring that our solutions are not just effective but also tailored to drive your business forward.
Our commitment to relationship-building is reflected in how we manage your financial needs. We don’t just look at numbers; we see the stories behind them. This perspective allows us to provide insights and strategies aligned with your company’s goals and values. By partnering with us, you gain more than just an accounting service; you gain a team invested in your success as much as you are. Whether it’s navigating complex financial landscapes, supporting growth strategies, or preparing for major business milestones, our focus remains on how these efforts can positively impact your bottom line.
For more than 150 outsourced accounting clients, our relationship-centric approach has proven to be a key differentiator in the marketplace. When it’s time to prepare your company for a sale, you’ll be glad you worked with us. Clients often report an improvement in their financial management and a significant increase in their company’s value. This directly results from our collaborative approach, combining our financial expertise with your in-depth business knowledge. The outcome is a powerful synergy that propels your company toward greater success. At G-Squared Partners, we are more than just your outsourced accounting firm; we are your strategic allies, dedicated to bettering your bottom line through strong, productive relationships.
Contact us today to learn more about G-Squared Partners’ outsourced accounting services for tech companies.