Outsourced Accounting Reference Guide: How Collaborating Can Help You Reach Your Business Goals
- B. Martin Copeland
Oct 20, 2021
Just like marathon runners, the most successful organizational leaders know how to hustle. Success in both arenas requires grit, perseverance, and for many, personal sacrifice.
You can wisely allocate your time and preserve your mental well-being while reaching your goals. How? Teamwork. By curating a team that provides mid-race support and eases the strain on your resources, you’ll find that crossing the finish line is much more achievable.
What Is Outsourced Accounting?
Think of outsourced accounting as a team that supports you as you race to the finish line. A CPA firm providing outsourced accounting services can help your business with any of the following:
- Recording bank and credit card transactions
- Paying bills, generating invoices, and recording payables and receivables
- Reconciling accounts
- Preparing financial statements for internal and external use
- Processing and recording payroll, including preparing payroll tax filings
- Proposing, approving, or posting journal entries
- Establishing monthly budgets and cash flow projections
- Performing financial analysis (e.g., pinpointing profitable clients)
- Providing advice and training on business processes and accounting software
- Integrating and optimizing third-party software (e.g., general ledger, payroll, invoicing, document management)
The beauty of outsourcing is that you can pick and choose any combination of these support areas to fit your needs. Outsourced accounting is a customizable service that supports you in the areas you need it most.
How Can Outsourced Accounting Help?
To figure out which functions you should outsource, first gauge your existing resources, in terms of both accounting talent and technology. In an initial consultation, an outsourced accounting provider will ask a lot of questions about your operations and your pain points, and then will tailor their services to your needs.
Here are just some of the ways that outsourced accounting can help you:
- If you’re struggling to timely collect receivables, outsourcing accounts receivable services may speed up bill collection and improve your cash flow.
- If your books aren’t “closed” each month, then outsourcing your bookkeeping can get those accruals posted, accounts reconciled, and budget-to-actuals updated so your management team possesses the latest data to make timely decisions.
- Your outsourced accounting team might help transition to a continuous close process by implementing processes and technology to streamline (or automate) many of those tedious tasks.
- When it’s time to file your tax return, an outsourced accountant can get your tax preparer the information they need to optimize deductions and tax credits, file quickly, and get any refunds faster.
- If your organization operates on grants, an outsourced accountant can help you both collect required state and federal grant information, and organize that information in a way that is easy for the relevant agencies to interpret.
How Does It Work?
While they can’t run the race for you, outsourced accountants can provide bursts of support in whatever manner will help you reach your goals. Here is what you can expect:
1. Setting marathon goals
Before your outsourced accounting team can support you, they need to know your organization’s goals. Where do you want to be a year from now? What areas of your accounting process represent hurdles? Are you looking to augment your existing workforce? Or will you be leveraging an entirely outsourced accounting team?
2. Making the training plan
With the finish line in mind, your accounting team can shape an implementation plan to meet your needs, creating a team of accountants and support staff to help you realize your potential. They will also help you with health checks, budgets, cash flow goals, etc.
3. Running the race
With the goals identified, plan in place, and team established, you can get to work putting the plan into action. As you get going, you and your outsourced team will likely identify new needs. The team will work with you to tweak your plan as needed.
What Role Can Technology Play?
Utilizing and sharing real-time, accurate, actionable financial data, your outsourced accounting team can collaborate with you to drive your business’s success. Not all outsourced accounting solutions rely on technology, but more often than not, we often find that we can help your organization best when we employ new software or applications.
With the help of technology:
- Your outsourced accounting team can perform bookkeeping functions remotely.
- Your bills can be paid automatically.
- Your customers can receive automatic payment reminders.
- You can check daily cash flow from your mobile device.
- Your software can do preliminary reconciliations of your bank accounts.
- You can get notified of outlying transactions.
- Payroll reports can be generated automatically and filed electronically.
- Your POS system can post a journal entry recording the day’s transaction summaries.
Collaborate for Success
We believe collaboration is the key to your success. Contact us when you’re ready to plan and implement a connected, interactive accounting system. Let us share our experiences, coach you, and suggest ways to transform your business.
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