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December 26, 2023
Unveiling the secret weapons to financial success.
Outsourced accounting services can save time, minimize errors, and reduce risks. But the dizzying array of solutions available may leave you confused. Do you need a bookkeeper or an outsourced chief financial officer (CFO)? The decision comes down to how much you want to outsource, but how do you decide that?
To help you escape this dilemma, we have a handy guide on the six different types of outsourced accounting services and their offerings.
External accounting experts can help you manage your day-to-day financial functions and maintain accurate books. Additionally, they can provide comprehensive reports to optimize financial data visibility and decision-making processes. Other services commonly offered under outsourced bookkeeping include:
This outsourced accounting service entails conducting in-depth analyses of the organization’s financial data to facilitate informed, future-focused decisions. An outsourced FP&A service can also take care of some or all of the following tasks:
In addition to running payroll, outsourced accounting service providers typically help with processing and paying out direct deposits, tax reporting, regulatory compliance, and unemployment claims. Other outsourced payroll responsibilities can include:
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Outsourced controller services provide strategic guidance and management to businesses along with accurate and timely financial reporting and insights. Some of the specific responsibilities offered by outsourced controller services include:
Outsourced CFO services can help you access the expertise and leadership you need for growth and viability. These professionals can assist you with the following:
Outsourced tax services entail processing and managing the preparation and filing of tax documents. Some specialized external companies also provide a full spectrum of potential compliance needs, from corporate tax compliance and reporting to tax controversy and audit support.
Standard outsourced tax preparation service offerings include:
When outsourcing accounting tasks, it’s crucial to consider the types of services you want to delegate to an external company, what level of involvement you wish to have, and how your business needs will change in the next few years. Use the above guide to understand the various accounting services available and how they can enhance your finance operations.
Want to know more about startups and what it takes to get started? Since 2006, Escalon has helped thousands of startups get off the ground with our back-office solutions for accounting, bookkeeping, taxes, HR, payroll, insurance, and recruiting — and we can help yours, too. Talk to an expert today.
This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.
Kanika is an enthusiastic content writer who craves to push the boundaries and explore uncharted territories. With her exceptional writing skills and in-depth knowledge of business-to-business dynamics, she creates compelling narratives that help businesses achieve tangible ROI. When not hunched over the keyboard, you can find her sweating it out in the gym, or indulging in a marathon of adorable movies with her young son.
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