Outsourced accounting services offered by CPA firms are designed to offer flexible, scalable, bookkeeping solutions to businesses and institutions of every size. Whether you are a start-up or an established company, growing your business or 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 of your business you should be spending your time finding ways to increase the overall value of your business. If you find yourself crunching the numbers of everyday finances, outsourced accounting can be invaluable to getting you and your business back on the right path to success.
What are the benefits to outsourced accounting?
1. The Offering Of A Full Suite of Accounting Services
The offering of a full suite of services that is fully customizable to fit the needs of the business is the number one benefit to outsourcing your accounting. At your business, you may have a couple of people in your accounting department, but what happens when they are limited in knowledge or experience? Outsourcing your accounting gives you access to a full team of accountants and professionals that have that knowledge and experience.
So what services are included in outsourced accounting?
- 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. Outsourced 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. Outsourced accounting allows you to do this by taking all accounting issues off your hands. With an outsourced accounting firm, you are relieved of 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 outsourced accounting will provide your business.
3. Outsourced 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. This is done based on your needs as a business owner.
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, and 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. Outsourced 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 outsourced accounting provides for your business? Click the button below to begin your conversation about your financial future with an experienced accountant at LBA Haynes Strand.