A guide to outsourced accounting: All you need to know

Hiring accountants with the required skill sets and experiences can be challenging, especially for startups. It’s essential to hire the right team as they are in charge of preparing the organization’s financial statements, analyzing critical financial data, drafting invoices and helping manage employee accounts. With new start-ups in the industry, it’s all the more difficult to find the right talent. If you’re a growing organization, having an outsourced accounting firm will make your life a lot easier. Accounting operations can be difficult, and when you’re scaling up it’s easy to get overwhelmed and caught up in all the moving pieces.

If you’re leaning on just a few people to fill multiple roles, this puts your business at higher risk due to overlapping responsibilities and overworked employees. It’s challenging to find and retain staff with knowledge and expertise in all areas of your accounting and finance function. It’s also hard enough to juggle the responsibilities of running a business and managing staff. Outsourcing ensures your financial records are accurate and up to date. You’ll be their financial quarterback, which is what they really want and need. The overall value proposition that your customers will love are contingent upon you providing each of these services in successive order.

What is outsourced accounting?

The best way is to find an accountant who can help you with your accounting processes and provide accounting advice. The main disadvantage of outsourcing accounting is that it can lead to a lag time in the delivery of services. For example, the learning curve can be steep, which could cause you to input information incorrectly and yield inaccurate financial insights. Not only could such errors land you in hot water with the IRS, but they could also contribute to bad business decisions that impact your financial future.

If we wanted to pay our mortgage, we had to sell variable annuities that weren’t really good for customers and I hated that. Why do CPA firms and accountants struggle to create successful businesses? Well, it’s a combination of a bad business model, a terrible value proposition, and poor salesmanship. Here at Feedbackwrench, we build websites for accounting firms, provide masterful copywriting services, help drive leads with PPC advertising services, and dominate with search engine optimization services.

Accounting Is Just The Start

This is sometimes referred to as scope creep, and it can lead to added costs you didn’t anticipate. What’s more, outsourcing allows you to pay only for the services you need when you need them. You, therefore, end up saving so much cash which you can use to finance your other business operations. I had gotten all the clients, I had formulated the business model, I had done all the risky stuff and they were the ones getting a million dollar firm.

Making sense of your numbers can be time-consuming and frustrating, to say the least. It’s no wonder so many small business owners have turned to outsourced accounting services for relief. By outsourcing your accounting, you can actually save money and improve results at the same time. If you run a company that isn’t an accounting firm, you likely aren’t a master accountant. By teaming up with a CPA specialist you get access to someone who is an accounting professional with a wide range of expertise.

REAL-TIME INFORMATION

GrowthForce accounting services provided through an alliance with SK CPA, PLLC. As with any good decision, it starts with weighing the pros and cons so you can evaluate whether outsourced accounting is right for your organization. Certain events often trigger a business’s need to invest in upgrading its accounting approach. Perhaps your business is in the process of raising a Series A and has to survive due diligence.

Working on the cloud also ensures perpetual availability and safety of data. Outsourced accounting also provides the feature of time-bound services if required by the business. Fraud is an unfortunate result in many small to medium-sized businesses with one person at the helm of accounting. That’s because outsourced accounting it’s easy to manipulate the books, or have a fake expense go unnoticed for months, or even years. There are multiple warning signs that can indicate fraud and are oftentimes because of a hardship an employee’s going through, where they feel financial pressure and don’t know what else to do.

Are you looking for an accountant for your business?

We are also available to meet with you monthly, quarterly, or annually to discuss these numbers. Your business is unique and has its own set of outsourced accounting needs. That’s why AccountingDepartment.com calculates a monthly fee for you after reviewing company’s existing accounting files, followed by a conference call to review the results of this review. During the call, AccountingDepartment.com explores the challenges and issues related to accounting functions to determine the scope of the work. When you outsource your accounting functions, you free up time for your in-house team to focus on the core business operations.

Sure, I could create propaganda that manufactures some more value behind tax returns and bookkeeping, but it’s totally missing the mark. Trust me when I say that this business model is much more sustainable, flattens out the feast or famine nature, and makes happier accountants. Outsourced accountants charge monthly retainers to obtain the outcome, not hourly rates to perform the task or service. You’ll then provide monthly or quarterly reports with real feedback and coaching.