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Outsourced Accounting Services

Outsourcing Accounting Services, What to Outsource, and When

Whether you run an early-stage business or an emerging growth company, you may not have the time or experience to handle every aspect of the accounting responsibilities needed to operate smoothly. If you are struggling with transactions, payroll, bookkeeping, or financial planning, outsourced accounting services can help.

Outsourcing accounting services allows your company to access expert assistance for time-consuming operations and processes. This cost-effective method reduces your overhead costs of hiring additional full-time accounting staff. Outsourcing your accounting also increases your business efficiency, allowing your team to focus on their roles while skilled professionals tackle your accounting or bookkeeping challenges.

To help your company succeed, consider what accounting services can be outsourced and when you should use these services.

Managing Accounts Receivable and Accounts Payable

Outsourcing your accounts receivable (AR) and accounts payable (AP) helps improve cash flow and ensures on-time payments. This service is essential for new or small businesses with no designated financial team to handle all the tasks. An outsourced accounting firm can complement your staff and may provide some or all of the following services:

  • Invoicing approval and storage
  • Order management
  • Customer billing and payments
  • Online payments
  • Check processing
  • Expense reporting
  • Manage vendor inquiries
  • Collections and debt management
  • Cash forecasting

Bookkeeping Services

Bookkeeping is a time-consuming but essential service that requires attention to detail and constant updating. If your company does not employ a full-time bookkeeper, this task can overwhelm other employees. Bookkeeping mistakes can lead to long-lasting negative impacts on your business. You can avoid errors by outsourcing your bookkeeping services.

Outsourcing also keeps your bookkeeping services costs low, as you will not have to hire an additional employee or provide benefits. With many firms using cloud-based software, your books can easily stay up-to-date and accurate. Outsourcing your bookkeeping offers you access to trained professionals who will look for oversights in your documents and fix any errors or omissions they find.

They can help balance your ledgers, manage your time and expenses, and handle invoice processing and employee expenses. Your outsourced bookkeeper may also create comprehensive financial reports so you can better understand your financial data and use it to make well-informed decisions.

Businesses of all sizes and experiences can benefit from using outsourced bookkeeping services. Early-stage companies need to have accurate bookkeeping, and outsourcing is a more affordable option to help their bottom line. More established companies can improve efficiency by outsourcing some services instead of hiring additional bookkeepers as they grow.

Processing Payroll

Outsourcing your payroll processing allows your company to automate this task, leading to greater efficiency and reliability. Many outsourced accounting firms use software to provide cost-effective payroll solutions.

Technology reduces the risk of payment processing or tax return errors, saving your company from paying significant penalties. Startups and small businesses benefit the most from this outsourced service, as it helps them manage payroll and benefits needs and can adapt to grow with the company over time.

Financial Planning

Firms need operational analysis and oversight to review the health of their business and guide their decisions. Many of these responsibilities lie with the Chief Financial Officer (CFO) in larger, more established companies. These financial experts provide firms with business acumen to encourage growth.

However, not all startups and emerging businesses have the budget to hire a full-time CFO. Using outsourced CFO services for startups offers smaller firms financial planning services at a fraction of the cost. Outsourced CFO services may include:

  • Financial data collection, analysis, and projection reports
  • Forecasting expenses and revenue
  • Providing guidance for staffing and financing opportunities
  • Communication with investors
  • Planning and budgeting
  • Developing increased profitability opportunities

Tax Preparation and Filing

Your business must remain compliant with all local, state, and federal tax laws, which requires accounting expertise. An outsourced accounting firm will ensure your compliance while minimizing errors that can negatively impact your company. Many firms employ Certified Public Accountants (CPAs) who can prepare and file business taxes on time.

Outsourcing tax services also includes managing your payroll tax collection and filing in accordance with all tax regulations and tax planning services to help minimize your company’s tax liability in the future. Businesses of all sizes can benefit from outsourced tax services.

Controller Services

Controller services provide your business with financial oversight and thorough cash flow analysis. This service is best utilized by well-established and growing companies who require more strategic guidance and insights to promote their growth. Outsourced controller services may include:

  • Adherence to company policies and procedures
  • Compliance management
  • Audit reports
  • Oversight for processing transactions
  • Analysis of cash flow
  • Expenses oversight
  • Implementing cost-reduction methods
  • Reviewing performance indicators, services, or products
  • Key performance indicator (KPI) reports

Preparing Financial Statements or Reports

Outsourcing your accounting gives you access to a team of expert CPAs to prepare the financial documents your business needs for internal and external reports. This service helps you track your cash flow by consolidating your earnings and expenses into financial statements.

Early-stage businesses use these financial reports to attract investors, boost public awareness, and ensure positive growth. Expanding companies often use internal reports to disclose financial performance to executives and board members. Financial statements inform businesses of all sizes on cash flow and budgeting issues, allowing leadership to make corrections for continued success.

Outsource Your Accounting with Windes

Windes’ outsourced accounting services provide flexibility and experience to accommodate your changing needs. Whether your company requires more strategic financial planning or back-office transactional support, we have an outsourced accounting solution to fill the gaps and help you meet your goals.

Contact our Long Beach, Los Angeles, or Orange County office to learn how our outsourced accounting firm can help your company grow.

 

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