Outsourced partners stay abreast of trends and can implement adjustments quickly, ensuring that your organization remains compliant and competitive. Outsourced accounting isn’t simply about keeping your accounting current. Expanded Employee Retention Credit (ERC) & how our professionals can assist you. Get in touch with one of our experts and see how outsourcing can fit into your accounting strategy.

What should you look for in an outsourced accounting service?

1. If you use accrual-basis accounting, you’ll need the Growth plan, which starts at $990 a month.
2. Above all, outsourced accounting is intended to provide a holistic approach to managing a company’s financial affairs, so leadership and staff are free to focus on key operations.
3. When taking a look at your team members’ responsibilities, you probably know that a majority of their job involves spending copious amount of time on low-impact tasks.

Here at Personiv, we understand the ins and outs of outsourcing and what it takes to succeed in today’s growing accounting landscape. With more than 35 years of experience across multiple time zones, we can help you find, hire, and retain top talent, all the while saving you money and time (a win-win solution). In today’s uncertain market, your organization might be drowning in a mess reporting and analyzing current liabilities of financial transactions, overworked team members and a lack of time management driven by inefficient processes. And if you’re a CFO, Controller or accounting executive, know that in order to run a thriving business, you need to have an efficient finance and accounting department. Bookkeeper.com’s cheapest virtual bookkeeping service starts with bookkeeping basics, like preparing key financial statements.

This integration can lead to significant improvements in financial management and real-time financial reporting. In-house accounting involves hiring and training internal staff to handle online accounting for your business financial tasks. Outsourced accounting relies on external experts who are already equipped to manage a businesses’ financial operations. The third-party accounting company acts as an in-house accounting department and may provide extensive support, as well as offer more advanced services such as CFO and controllership advisory services. If you think you can get by without any accounting function, you’re in for a whirlwind of a surprise (and not in a good way). When taking a look at your team members’ responsibilities, you probably know that a majority of their job involves spending copious amount of time on low-impact tasks.

The security of your financial data

Over what are payroll taxes and who pays them the past few years, companies have made the switch to outsourced accounting to either A. Supplement and strategically guide their current accounting function or B. Moreover, businesses are more apt to make the switch when their current methods cease to work.

The 8 Best Virtual and Outsourced Accounting Services for Small Businesses in 2023

However, the outsourcing industry has changed significantly in recent years. Many of the concerns that might be swirling in your mind have been addressed. You should also specify what happens if the provider fails to meet any of these expectations. This could be anything from a partial refund for a late delivery, to termination of the contract in more extreme cases. Once you’ve established what you want to outsource, the next next step is to identify who you’re going to outsource it to.

This is particularly beneficial in fields requiring specialized knowledge, where training costs can be exorbitant. With our help, your business can streamline accounting processes, increase productivity and make informed decisions based on reliable financial information. Would you rather tackle accounting yourself instead of outsourcing it to a third party? Check out our list of the year’s best accounting software for small businesses to get started. If you have a Certified Public Accountant (CPA), we can handle your monthly bookkeeping and then send your financials and tax prep info to your CPA at year-end. Clean and accurate books give your accountant less work to do and, ultimately, save you money.

Not only could such errors land you in hot water with the IRS, but they could also contribute to bad business decisions that impact your financial future. These tools can be helpful for automatically importing transactions from your bank accounts and payment processors like Stripe. And they generally cost less than hiring expert bookkeepers and accountants. The advantages we’ve mentioned above can make a lot of difference in your accounting department and overall financial performance.

Establish a service-level agreement

But with outsourced accounting, your financial statements and compliance tasks are all safe and secure, as providers are equipped to handle sensitive data and maintain work quality. At LBMC, we’re proud to provide outsourced bookkeeping, controller, and CFO services to businesses in Tennessee, Kentucky, Indiana and beyond. 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. In doing that, your outsourced accounting firm will work closely with you to develop an approach that works for your business.

And although those tasks are necessary (like closing the books), they also take away the focus from furthering the growth of your company. In fact, research shows that the more disengaged an employee is, the less productive they become. In an effort to avoid that pitfall, many companies fall into another one. They spend hours doing tutorials, chatting with support representatives, or double-checking their numbers.