What Types of Accounting Services Can You Outsource?

Maintain accurate records; keep track of your company’s finances, bookkeeping, payroll, management accounting, taxes, accounts receivable, accounts payable, and financial reporting; and follow up on debts and compliance. Phew! What a relief to have expert professionals to turn to for managing accounting functions.

Are you looking for a broad range of accounting tasks to be done or a firm that specializes in a specific area?

What functions can be outsourced?

Let’s look at the accounting functions that can be outsourced to help you decide:

  • Bookkeeping. Get comprehensive reports that boost financial data transparency and lead to better business decisions. These include billing and payments, subscription renewals, employee expenses, and ledger balancing.
  • Financial statements and reports. How much money have you spent and how much have you earned? Knowing helps you keep better track of cash flow to ensure the smooth functioning of your business. Monitor your accounting records — you need to have external accountants review the financial conditions of your business in order to prepare thorough and reliable financial reports for the general public, board members, and stakeholders.
  • Accounts receivable/payable management. This includes timely payments and collections, budgeting and reporting, debt management, and invoice approval.
  • Controller services. These can help you with compliance management, performance indicators, overhead charges, policies and procedures, and vendor and employee communications.
  • Cost accounting. With this help, you can work on determining the actual costs of producing a product or service to help determine pricing strategies. Get an in-depth review of your organization’s financial status to help you make better decisions. Access your financial data at any time, knowing that this function is being handled efficiently.
  • Forensic accounting/fraud investigation. Recover your losses, reassemble records and lost papers, and review internal procedures to increase efficiency, boost security and safeguard assets from future fraud attempts.
  • Reporting and filing taxes. Remain up to date on all applicable tax rules in your jurisdiction. Reduce your business’s exposure to accounting and financial calculation mistakes.
  • Payroll processing. Track work hours, calculate wages, withhold taxes and issue checks. Have access to the most up-to-date software versions available for payroll processing. Reduce the chance of being held liable for fines or penalties arising from errors.

If you have a reduction in cash flow, you need to make fast decisions on where to save money. If you want to woo outside investors, you’ll need to show them thorough and accurate financial documents to persuade them to invest. If you go the bank loan route, those same documents will be a godsend.

If, however, you find yourself expanding quickly, with cash pouring in, outsourcing ensures everything is being taken care of while you manage the revenue. Knowing that your outsourced accounting firm invests in advanced technology to stay competitive is also comforting.

Minimize overhead expenses while attaining a comprehensive evaluation of your financial condition and suitable strategies for optimum performance — and reducing your tax bill.

You can procure consulting to design and set up your accounting system, providing financial advice and explaining financial statements. You may want chief financial officer services like succession planning and oversight of mergers and acquisitions. It’s a matter of deciding what level of involvement you want while considering how your needs may change in the next few years.

Give us a call. We can help move your company forward.

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