Outsourced Accounting is on the move. Once thought to be contained to smaller businesses, the use of a CPA firm in outsourced accounting is spreading to mid-sized companies. Whether it is going to be called an "epidemic", a "pandemic", or an 'invasion" 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-size 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. Outsourcing has been around for centuries and now accounting has become a very popular function to add to the outsourcing list.
Business owners are now asking, "Why would I pay a single person to handle my company's accounting duties - when I can have an entire team of professionals at a cpa firm handling my accounting at a lesser cost?"
Outsourced Accounting: What You Need To Know
There are many benefits to outsourced accounting that you can see in this blog titled, "How Outsourced Accounting Puts You In Control". The most commonly outsourced services within accounting are payroll, accounts payable, and accounts receivable. Companies aren't just looking to maintain the staus quo on these functions either, they are looking to better them. Companies are wanting budgets and forecasts and even internal audits in some instances from their outsourced accounting provider.
If outsourced accounting is something that you are considering, be sure to consult with a number of CPA Firms and choose the one that fits your vision the best. 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 if you need advice, 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 aspect 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 de-bunk some myths that you may have heard about outsourced accounting? Check out "Busting Three Outsourced Accounting Myths" and contact LBA Haynes Strand for a no-cost consultation today!