What is outsourced accounting?
Outsourced accounting involves working with a team of external accounting professionals that maintains your company’s financials on a continual basis, taking care of both simple and complex transactions. It offers a one stop shop for all of your business accounting needs, including reconciliations of bank accounts, accounts receivable, prepaid expenses, accounts payable, fixed assets, and more. The service eliminates the need for an internal accounting team, allowing owners and executives to focus more on their business and less on sitting down after a hard day’s work to update the financial transactions from that day. Financials are a necessary evil in any business, but knowing that they are continually being updated by a team of experts provides you with the opportunity to focus your time and resources on your company’s strategic objectives.
How can my company benefit?
Outsourced accountants evaluate your financials to better serve as an advisor that can help you make more informed decisions about your business. In addition, outsourced accounting practices usually have the most updated and relevant technology stack to automate manual tasks, provide optimal service for your business financials, and offer easy access to your financial data for insight into how your business is doing.
Outsourced accounting generally offers cost savings opportunities for accounting services and eliminates the time and cost of hiring and retaining staff, allowing you to redeploy that capital to other areas of your business. Plus, taking your hands away from the day-to-day financial details helps you reallocate your time to working on your business, not in your business.
Is outsourced accounting the right fit for you and your business?
A few questions to ask yourself:
- Are you finding it more difficult to find qualified accounting professionals to hire?
- Do you find that your new hires don’t understand your business and how the financial process works?
- Are you spending more time focusing on accounting transactions than investing time in your business?
- Are you worried that your financials are incorrect and would you like help with understanding and correcting them?
If you answered yes to any of these questions, outsourced accounting may be the right fit for your business!
If you have any questions about outsourced accounting services or would like to discuss the potential benefits for your business, please reach out to Michelle Gray, Senior Accountant, at Email or contact any member of our Outsourced Accounting Services Group.
You may also like: