Breaking: Businesses Are Partnering With CPA Firms To Run Accounting Departments

The hiring of CPA firms as the accounting function of companies is growing. Once thought to be contained to smaller businesses, the use of a CPA firm as an accounting department is spreading to mid-sized companies.  Whether it is going to be called an “epidemic”, a “pandemic”, or an “outbreak” is yet to be seen.  The good news is business owners now have options on how to run their business.  In fact they have more options than at any point in history.

What does this mean?

Mid-Sized companies are facing many of the same issues that smaller businesses are going through.  They are wanting to run leaner businesses with less overhead, and are wanting to do so more efficiently.  This means that companies are continuing to look outside their own company for help.  Sure accounting firms have been offering accounting services to companies for decades – but what is new is that we are now offering accounting solutions to business owners.

Business owners are now asking, “Why would I pay a lone individual to handle my company’s accounting duties, when I can instead hire an entire team of professional accountants at a CPA firm to handle my accounting at a fraction of the cost?”

Good question – and one that every business owner needs to ask his or herself.  Hiring a CPA firm with an accounting solutions department is the here and the now, but also the future.

Accounting Solutions: What You Need To Know

There are many benefits to hiring an accounting solutions team.  The list of accounting solutions offered include: AP management, AR management, budget development, credit card processing, financial statement preparation and analysis, payroll management, QuickBooks support, and much more!  Companies aren’t just looking to maintain the status quo anymore, they are looking to better themselves and find competitive advantages over their competitors.  Companies are demanding efficiency and experience out of their accounting departments – when these demands are going unmet – you need solutions.

If hiring a CPA firm to be your accounting team is something that you are considering, be sure to consult with a number of CPA Firms and choose the one that best fits your company and your vision.  Make sure that they have the right staff in place to handle your needs, make sure you are not going to be charged by the hour, and make sure you choose a firm that you feel comfortable with.  You want to be able to call your CPA at any time throughout the year with questions, so make sure you feel comfortable with your accountant.  This person is going to effectively become a member of your team, so finding a CPA that meshes well with your personality and can fit into your office culture is an important part of the process.

Remember – you are running your organization.  When you use an independent accounting firm, you are in a better position to do so.  Let your CPA handle your daily accounting functions and you can better focus on the core competencies of your business!

Ready to learn more about the Accounting Solutions team at LBA Haynes Strand? Contact us for your free consultation!

NC Charter Schools Accounting: ISIS Rebranded as LINQ

We received word that North Carolina Charter Schools will no longer be using an accounting software called “ISIS”.  The group in charge of the accounting software has unveiled a re-brand that will change the name to “LINQ”.  The official switch over will happen on January 29th – including new logos (already unveiled here!), branding, and a new website: www.thinklinq.com.

Curious to learn more about LINQ?

Charter Schools in North Carolina use an accounting software that will now be known as LINQ.  LINQ is designed and supported by a North Carolina company out of Wilmington called, Education Management Systems, Inc.  The North Carolina Department of Public Instruction (DPI) actually supplies the software to the Charter School and the Charter School is then responsible for paying the quarterly support payment of $745.00.

The LINQ software accounting program is the Charter School’s primary method of communicating  financial information to DPI.  DPI requires month end reporting of all financial transactions and payroll within the first two business days following month end.  The LINQ software will create the following formatted files for DPI reporting: financial reporting, payroll files, orbit reporting files, and employer reports for Staff ID.

LBA Haynes Strand has a team that excels in using this software.  The functions will all be the same – and the transition from ISIS to LINQ will be seamless among our Charter School clients.  Keep an eye on www.thinklinq.com on Friday, January 29th for the big unveil!

What’s New At LBA Haynes Strand? Introducing The Accounting Solutions Group

LBA Haynes Strand, PLLC has decided to fill a need in the business marketplace and offer our clients with not just accounting services, but to offer legitimate accounting solutions. Our firm has announced the creation of an “Accounting Solutions Group” that will focus on offering flexible, scalable accounting and bookkeeping solutions for businesses and institutions of every size.

Principal Member David D. Fraser, CPA will lead a highly trained, qualified staff offering a streamlined accounting support and infrastructure that local businesses and organizations desperately need. Fraser had this to say about the group, “We have seen an increasing need in the marketplace for a third party accounting function in businesses. While we do look to provide services to these businesses, we are more focused on providing real world accounting solutions to the business community.  We are excited about this offering and look forward to helping start-ups and established companies grow.”

The Accounting Solutions Group at LBA Haynes Strand will offer the following menu of solutions:
  • AP management
  • AR management
  • Budget development
  • Business plans and forecasting support
  • Chart of accounts clean-up
  • Consulting services
  • Credit card processing
  • Deposit management
  • Expense reimbursements
  • Financial statement preparation & analysis
  • General ledger review
  • Monthly or Quarterly meetings to review
  • Payroll management
  • QuickBooks support
  • Sales and use tax reporting
  • Year End 1099s

Business owners will now have a third party to go to that supplies them with a full team of accountants and professionals that have the accounting knowledge of an entire accounting department at a fraction of the cost. The firm looks forward to taking the accounting off of stressed business owners hands and allowing those business owners to re-focus on leading and running their businesses.

To learn more about the Accounting Solutions Group, contact us for your no-cost consultation!

3 Benefits of Hiring a CPA Firm for Your Accounting Needs

A CPA Firm can offer flexible, scalable, bookkeeping solutions to businesses and institutions of every size. Growing your business and sustaining the success of your organization is likely your overall goal. In order to achieve this, business owners must make sure that they have a strong, reliable accounting function in place.

As the leader, you should spend your time finding ways to increase the overall value of your business. If you find yourself crunching the numbers of everyday finances, a CPA firm’s accounting services could be invaluable to getting both you and your business back on the right path to success.

What are the benefits to hiring a CPA Firm for your accounting?
1. The Offering Of A Full Suite of Accounting Services

One benefit to hiring a CPA firm for your accounting function is the full suite of fully customizable services to fit your needs. You may have people in your accounting department, but what happens when they have limited knowledge or experience?  Hiring a CPA Firm gives you access to a full team of accountants and professionals that have that knowledge and experience.

What services are included?
  • AP management
  • AR management
  • Budget development
  • Business plans and forecasting support
  • Chart of accounts clean-up
  • Consulting services
  • Credit card processing
  • Deposit management
  • Expense reimbursements
  • Financial Statement preparation and analysis
  • General ledger review
  • Monthly or Quarterly meetings to review
  • Payroll management
  • QuickBooks support
  • Sales and use tax reporting
  • Year end 1099s
2. Hiring a CPA Firm For Your Accounting Saves You Time and Money

Your accounting department shouldn’t require a babysitter. You might think it’s your duty as the business owner, to manage workflow, or you might just be intent on keeping a close eye on your company’s finances. Is this really the best use of your time as the leader of your business? What you should be doing is checking in to each of your departments, ensuring smooth sailing, and then getting back to running your business as a whole. Hiring a CPA Firm allows you to do this by taking all accounting issues off your hands. You will be relieved from the day-to-day oversight of your company’s finances. Your available time increases, and you feel confident in taking that time to tackle other business issues.

Look at the budget and resources you currently have allocated towards your in-house accounting department and compare it against the investment of hiring an independent CPA firm. When examining these costs, remember to factor in all the extra costs of other salary factors, including employee benefits and payroll taxes. We are confident that you will be surprised at the price difference and the overall cost savings that hiring an independent CPA firm will provide your business.

3. Hiring A CPA Firm For Your Accounting Puts You In Control

If you are a business owner, there is no doubt that you have control over your business – but are things being managed according to your guidelines and vision? Are the financial policies and procedures your company requires being put into place? You may not have a tremendous amount of accounting knowledge, but you certainly have ideas on how you would like to see reports compiled and presented.

A good CPA firm will abide by these ideas. A good CPA firm will take your business plans and reporting preferences and arrange them into an easy to read, comprehensive format. For example, if you are not 100% in tune with 100% of your expenditures, a CPA firm might recommend a weekly, monthly, or quarterly cash flow analysis based on your needs.

The fact that you may not be an accounting expert should not prevent you from creating policies around your finances and a CPA firm can help you put those policies in act and strengthen them.

Leading your business means guiding the business to a brighter future. You should be focused on the overall picture, not busying yourself with daily duties throughout your departments. Even if your accounting department is performing adequately, as a leader, it is your responsibility to turn “adequate” into “effective” if you want to achieve sustainable business success. A CPA Firm’s accounting services ensure this effectiveness, and give you the time and tools you need to lead your business forward.

Want to learn more about the benefits that a CPA Firm’s accounting service can provide for your business? Contact us today to begin your conversation about your financial future with an experienced accountant at LBA Haynes Strand.