Some companies find that using outside accounting services helps streamline their accounting processes. That’s true, but there’s more. What should you expect from outsourced accounting services at the CFO and Controller level, and what are some examples of specific services?
EXECUTIVE SUMMARY
Companies using outsourced accounting services discover they:
- Don’t only have one person in-house to handle everything.
- Get to work with a team of experts to handle any situation that comes their way.
- Do not have to worry about accounting staff turnover (an unexpected consequence of the pandemic).
- Can still get the accounting work done if a key accounting staff member is sick.
- Will secure Controller and CFO services at a fraction of the cost of a full-time Controller and CFO
THE DETAILS
- Don’t only have one in-house person to handle everything.
Accounting firms that offer outsourced accounting make it so their clients get to work with a team of experts to handle any situation that comes along. The firms’ accountants are cross-trained, so things don’t fall through the cracks.
Especially around Tax-Time, it can be devastating if a key person presents a bottle-neck!
- Get to work with a team of experts to handle any situation that comes their way.
Accounting firms employ entire sections of CPAs with a variety of specialties and subspecialties and years of experience. That breadth of background is hard to find in one or two accountants.
- Do not have to worry about accounting staff turnover (an unexpected consequence of the pandemic).
Call it insurance. Or safety in numbers. Since the pandemic, WFH people found they liked working from home. Maybe they wanted to stay home, which is not sustainable for your business. Turnover is still high, and there’s a name for it: “The Great Resignation.” With outsourced accounting, that’s not a problem. The work still gets done. And the same goes for times when a key accounting staff member is sick.
- Will secure Controller and CFO services at a fraction of the cost of a full-time Controller and CFO.
Having a full-time management-level CFO and Controller is wonderful when times are good. Sometimes it’s also nice to have the services outsourced on an as-needed because it costs less, but you get the same services.
What do outsourced accounting services include?
These, among other services, comprise the typical outsourced accounting services offering.
- Review the accounting process at the company
- Provide recommendations
- Offer support in implementing changes to improve processes, efficiencies, and controls
- Assist in month-end closing
- Manage and train accounting staff
- Review accounting staff and work
- Provide monthly financials on a timely basis
- Conduct monthly or quarterly meetings
- Handle the “big stuff,” such as budgeting, forecasting, analysis, and planning
CONCLUSION
Outsourced accounting services provide many benefits as above. In addition, by taking the stress off accounting in particular and the management team as a whole, the company’s leaders can spend their time and energies working on their business instead of working in their business.
For-profit and non-profit organizations can have enhanced confidence in account balances, tap into an entire accounting firm’s resources, and use the firm’s assets to help in their decision-making and planning.
Outsourced Accounting Services could be right for your business or agency. We would be happy to explore the possibilities so you can find what’s in it for you. Contact us today.
