Accounting Done™

Accounting is at the heart of any well-run company. Our accounting services make sure your books are in balance and error-free by taking care of everything from bank reconciliation and invoicing to cash flow management and year-end reporting. We also seamlessly integrate accounting and bookkeeping services into your preferred systems. All you have to do is review and approve. Done.

GL Management

Your general ledger is the keystone to generating and preparing accurate and timely financial records. Using monthly reconciliation and reviews of key accounts, as well as providing and implementing all recommended changes, our accounting outsourcing services team create an accurate account of your general ledgers. Our process often includes opening/closing accounting periods, recording accounting activities for the period’s end, accruals, adjustments and closeout. We then review and analyze the general ledger trial balance for abnormal and inappropriate balances or any discrepancies, at which point we take corrective actions. Our outsourced accounting services team also analyzes trial balance relationships and develops controls to ensure the integrity of financial statement data.

Reconciliation

Our accounting services team scours your bank statement to confirm that your transactions align with your balance sheet, so you can avoid discrepancies, errors or fraud.

Budget Versus Actual

We provide an accurate assessment of how a company’s spending and revenue generation meet the financial forecasting projections to identify areas over or under budget, whether you can or should hire additional employees, or even shine light on a gross profit margin that isn’t in line with expectations. The report is prepared monthly and reviewed with financial statements to determine areas of the business that are not meeting expectations and require further investigation.

Reporting

Stay informed on the health of your business through our outsourced financial services, which give you access to detailed financial reporting, including income statements and balance sheets, so you’re aware of transactions, cash flow and reconciliations.

Frequently asked questions

Outsourcing accounting services can be beneficial for businesses for myriad reasons, including offering cost savings, increased flexibility and access to expertise. However, you must carefully evaluate your specific needs, consider potential challenges and select a reputable outsourcing provider to ensure a fruitful partnership.

Outsourced accounting services is the practice of hiring a specialized external service provider to handle all or specific aspects of a firm’s accounting and financial needs. These services comprise a wide range of accounting tasks such as bookkeeping, financial statement preparation, payroll processing, tax compliance, accounts payable and receivable management, financial analysis, and a lot more. The scope of outsourced accounting services can be tailored to meet the specific needs of each client.

Given below are only a few advantages of outsourcing accounting services to a specialized service provider, to help you make an educated decision on whether outsourcing your accounting function is the right choice for your business:

  • Significant cost savings.Outsourcing allows you to cut overhead costs because you don’t have to spend on salary and such benefits as retirement, vacation time and health insurance. In addition, you won’t need to spend money on software and the equipment essential for handling the accounting processes.
  • Access to experts. Accounting mistakes can have disastrous repercussions on a business, such as penalties, cash flow issues and even an investigation by the Internal Revenue Service (IRS). Outsourcing the accounting functions gives you access to a team of highly qualified and trained professionals, who use the latest technology and processes to ensure that your data is accurate and secure.
    Since accounting provides a platform for improving cash flow, driving profits and growing your business, it can also have an effect on such things as the number of employees you need to — and can — hire, identifying the most and least profitable product lines to your future expansion plans, and so on.
  • Improved internal control. One of the most common victims of fraud are small businesses. This is because most small businesses don’t have access to a controller or CFO who could spot abnormal activity in the transactional and billing data. Outsourcing accounting helps you reduce the possibility of fraud, as you’ll have a dedicated team of accounting experts who will accurately check your books and transaction reports. It also lowers the risk of having your books manipulated.
  • Enhanced data security. Outsourcing accounting firms are aware of the serious data security threats that exist and usually have robust, impenetrable and expensive security systems in place. This takes care of issues that come with data breaches and security compromises.
  • Security and confidentiality. Because finance and accounting are their core functions, outsourcing partners make sure that your information remains confidential and secure. You can ask them to sign a non-disclosure agreement for your peace of mind.
  • Flexibility and scalability. By selecting an outsourcing company that specializes in finance and accounting, you can benefit from a solution that is tailor-made for you. You can also add or remove financial and accounting processes depending on your needs.
  • Access to latest tech. A finance and accounting outsourcing firm invests in cutting-edge technology and software in order to be competitive. And if finance is not your core function, this type of investment does not make sense for you. With an outsourcing partner, you can benefit from having access to the latest technology at no additional cost.
  • Protection in down economic times. As situations change economically, businesses tend to shift their workforces, which can be a challenging and resource-intensive process. But since the responsibility of managing the talent assigned to a project lies with the outsourcing company, you can scale up or down in terms of staffing with ease.
  • Round-the-clock service. When you outsource your accounting services to a third party, you can operate 24/7 with a time-zone advantage. You can be assured that all important tasks will be taken care of in the scheduled manner and on time.

By outsourcing accounting tasks, businesses of all sizes can benefit from the expertise and resources of professional accountants without having to hire full-time accounting professionals. This approach can be particularly favorable for startups or small and medium-sized enterprises (SMEs) that may not have the time, resources or expertise to manage complex accounting functions in-house.

Yes! A specialized finance and accounting outsourcing company will always stay updated with the latest compliance and financial policies and other accounting rules.

Outsourced finance and accounting services companies can put measures in place to handle the serious data security threats that exist, and they typically invest in robust, impenetrable and expensive security systems. This can help mitigate the odds of compromised security programs and data breaches.

Here are some strategies to evaluate the performance of an outsourced accounting firm:

  • Set clear expectations. Set clear expectations with the outsourcing partner. This may include the services you need, the level of service you expect as well as the frequency of communication.
  • Set KPIs. Key performance indicators (KPIs) are metrics organizations use to track, quantify and study their business health. Some standard KPIs include accuracy and timeliness of financial statements and reporting, compliance with accounting standards and customer satisfaction levels.
  • Collect data. After setting the KPIs, collect data to track the performance of the outsourced accounting firm. This data can come from a variety of sources, such as financial statements, internal reports and customer surveys.
  • Analyze data. The next step is to analyze the data to identify any areas where the outsourced accounting partner is performing well or where there is room for improvement.
  • Provide feedback. Once you have analyzed the data, ensure to provide feedback to the outsourced accounting company. Aside from being constructive, this feedback should be used to help the team improve their performance.
  • Review performance regularly. Performance regular reviews of the outsourced accounting company to ensure that they are meeting your expectations. This review should include a discussion of the KPIs, the data that has been collected and any feedback that has been provided.

Yes! A specialized accounting outsourcing company can help you ensure compliance with changing financial and tax regulations when it comes to city, state and federal laws. It can help you avoid tax penalties and maximize tax benefits by complying with present federal, state and local laws. Thus, you’ll always be on top of the new tax or accounting requirements and potential changes on the horizon.

We provide you with essential business services so you can focus on growth.