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All it takes is a reputable external provider such as Clark Staff to give you the best out of your outsourcing journey. Companies outsource to achieve cost savings and focus on core business functions. Top-notch organizations opt to outsource to drive transformational business results. For business owners, handing over the control of the books can sometimes feel uncomfortable. Starting out with an in-depth onboarding process that defines roles, policies and procedures sets expectations and ensures communication is timely. For example, the learning curve can be steep, which could cause you to input information incorrectly and yield inaccurate financial insights.

Key Considerations when Choosing an Outsourced Accounting Partner

Bench’s Shawna Laker, manager of our Bookkeeping team, participated in a Q&A panel on how to recreate financial records. These tasks are more strategic contra asset account in nature than the work typically performed by bookkeepers. Your best bet is to find a local accountant who can take on the tasks you need, who will only charge you hourly for the work you need. Outsourcing your accounts receivable and accounts payable means never having to pay or chase down bills again—the stuff every small business owner dreams of. As alluded to in the previous step, outsourcing isn’t a “set it and forget it” solution.

Outsourcing is Expensive

1. This ensures that your tax and legal obligations are being handled by local accountants who understand local tax laws and regulations, and who are sufficiently qualified.
2. As the owner, you want to grow your business and focus on the vision of the company itself.
3. Today, many outsourced accounting providers are purpose-built for the needs of private businesses, from closely-held family businesses to well-established mid-market firms.

But this is often a huge expense for smaller businesses and difficult to scale as businesses grow. This is why many companies look into DIY accounting systems such as QuickBooks or Xero. It’s likely that an outsourced CFO has experienced these challenges before, making them well-qualified to advise your business on its strategic direction. In doing that, your outsourced accounting firm will work closely with you to develop an approach that works for your business. They’ll track KPIs that are important to you, provide regular financial reporting, and be responsive to your needs when you call with questions.

Their teams live and breathe accounting every day, and will replicate best accounting practices from across your industry into your business’s workflows, boosting efficiency and productivity. You may think that outsourcing is only a practice for large, well-established businesses that offshore basic operations. But in reality, many businesses across the country, big and small, are embracing outsourced accounting.

Our team has experience across a wide variety of industries, from well-established construction and real estate businesses to new companies in emerging markets including the brewery and hemp industries. If your small business is overwhelmed with accounting tasks, it might be time to consider outsourcing your accounting needs. From basic bookkeeping to tax filing, hiring an outside expert can take a lot of stress off of your plate. Keep reading to learn why so many business leaders are turning to the pros for their accounting needs.

This is not a complete list of benefits that businesses can expect when partnering with an outsourced accounting firm. Having a skilled eye on your finances at all times will give you peace of mind, as well as the ability to make well-informed financial decisions. Like with a controller, whether or not you’ll need a full accounting service depends on the size of your business. Bench simplifies your small business accounting by combining intuitive software that automates the busywork with real, professional human support. Outsourced accounting services have become a more common and practical solution for various businesses today.

Many businesses work with an outsourced CFO on a short-term project basis, although longer-term, ongoing advisory relationships are also common. If your firm doesn’t have a bookkeeper on where to buy checks staff, it’s likely they take up a significant portion of your time. That being said, the oversight and advanced reporting might make it worth the cost (and outsourcing definitely costs less than hiring a salaried controller).

Seek a partner with similar values:

An outsourced accountant can be objective and give an outside perspective on how the business is financially operating and will have a lot of experience in handling different situations. If there is an accounting challenge you are facing, an outsourced accountant has likely seen it before. With 57% of businesses globally relying on outsourcing for some of their core operations1,.. Half of tax professionals believe generative AI should what is business accounting be used for tax, accounting and audit work.

To learn more about the best outsourced accounting options for your company, contact Chris Tomaselli, partner in charge of Bennett Thrasher’s Outsourced Accounting practice. With outsourced accounting services, you have multiple pairs of eyes on your transaction processing and reports, which provides increased internal controls. With a remote, U.S. based accounting team, CEOs and business owners have access to knowledgeable, trained staff working to help their business run better, grow faster, and make more money. Often at a significant cost savings vs. building an internal accounting department. Of all the outsourced accounting services, an outsourced CFO service is by far the most customizable. Whereas outsourced bookkeeping and outsourced controller work largely follow a predefined framework, an outsourced CFO relationship can be anything you want it to be.