Managing company finances comes with several processes. You have to maintain relationships with banks and lenders, collaborate with financial advisors and work with your accountants to file taxes. These procedures are necessary to your success, but they can be challenging to handle when you’re balancing several other responsibilities.
A third-party financial coordinator provides the support you need to keep every party connected without overextending your management team. Rather than overloading your team with constant communication demands, a liaison will facilitate collaboration for the long term.
At Compass East, our financial liaison services form a link between your company and its third parties to ensure successful operation from year to year.
What Is a Financial Liaison?
In any context, a liaison is a person that facilitates communication between different parties. In the financial world, this definition still applies. A financial liaison works with third parties to establish organization and accuracy. This collaboration can involve coordinating tax documents, collecting bank statements, communicating with lenders and discussing information with advisors.
Many companies rely on financial liaisons because they act as a single point of contact for financial matters. With so many parties having a hand in your revenue, a liaison bridges the gap to ensure every party can coordinate accurately.
While financial liaisons are not are a requirement to run a business, they can streamline the process. This role is especially valuable to high-growth companies with an expansive network of third parties involved in their revenue.
Outsourced Financial Liaison With Compass East
At Compass East, our financial liaison services include annual tax coordination and ongoing communication with your various financial third parties. We work closely with your certified public accountants (CPAs) to arrange documents, coordinate filings and complete all necessary processes.
In addition to collaborating with CPAs, we maintain contact with any financial advisors, bankers and lenders to support your relationships with these parties, exchange information and address inquiries that arise.
As your outsourced financial liaison, Compass East takes on the responsibility of third-party coordination, allowing your management teams to focus on business objectives and growth initiatives. As we facilitate communication among these parties, we make all processes cohesive for ongoing accuracy and efficiency.
The Benefits of a Third-Party Financial Coordinator
An outsourced financial liaison can provide several advantages for your high-growth company. With financial coordination services from Compass East, you can:
- Save time: As a successful business leader, you have several tasks to address around the clock. Coordinating with every third party involved in your finances can be time-consuming, taking valuable time from growth initiatives that elevate your company. Working with a financial liaison offloads communication requirements to a seasoned professional so you can focus on other projects.
- Improve accuracy: Tax preparation and other financial processes demand accuracy for compliance and budgeting. Coordinating financial records adds another challenge on top of your other responsibilities, meaning information and documents are more likely to be missed. A financial liaison takes complete responsibility for third-party communication, making high accuracy achievable.
- Reduce costs: Introducing a financial liaison to your in-house team can be helpful for your business, but it will come with additional payroll expenses. A third-party financial coordinator from Compass East offers the same ease and accuracy without the high payroll costs or benefit packages.
- Increase efficiency: When you trust your existing financial team to handle year-end tax prep and coordination, it may end up disjointed since they must complete these tasks alongside other responsibilities. This model often reduces efficiency and can lead to late filing and other problems. With an outsourced financial liaison focusing solely on coordination responsibilities, Compass East can complete the process on time.
- Enhance communication: Maintaining strong relationships with financial advisors, bankers, lenders and tax professionals is vital to your company’s growth. When you have a connected network with ongoing accuracy, your financial teams can help you make valuable projections, offer favorable terms and support long-term success. A financial liaison from Compass East can help you maintain these relationships with enhanced communication.
With the many benefits of our financial liaison services, working with our team is a valuable investment. This service, paired with other solutions like financial statement prep and KPI development, can keep you organized and prepare you for growth.
Work With Financial Experts You Can Trust
The Compass East team has your needs in mind with everything we do. We understand how challenging it can be to manage your finances as your company grows rapidly. Our financial liaison services are a way to support accuracy and communication among your third parties without overextending your management.
We’re more than a third-party financial coordinator — we take your finances to the next level. While our financial liaison services create a stable foundation for your company to grow upon, we also provide services that coordinate your growth and create manageable goals for your company.
Every business has unique needs, so we customize our service offerings to every client. Our team takes a bottom-up approach to your finances to revamp existing processes and elevate your methods of growth. We integrate a cloud-based technology stack to boost efficiency for everyday financial operations and use forward-looking analysis to guide your planning.
Compass East generates powerful insights from historical data to empower your business. Work closely with a range of financial experts, from Controllers to CPAs, and scale our solutions according to your company’s needs. With everything we can provide for your business, you can grow your enterprise for the long term.