Why Go for Outsourced Accounting and What to Outsource for Long-Term Success?

Outsourced accounting enables an accounting and financial services firm to get professional support for tedious and time-consuming financial activities and processes. Collaborating with a skilled accounting firm is an efficient and cost-effective method to minimize overhead costs related to employing a large full-time accounting team. It also takes the pressure off your in-house accounting team and can help your financial firm focus on its core business activities.

This article discusses the benefits of outsourced accounting and the services you can outsource.

Benefits of Accounting Outsourcing

Outsourced accounting offers the following benefits:

1. Enables small and moderate-level businesses to get accounting facilities equivalent to a full-fledged in-house accounting team with lesser investment. 
2. Outsourcing to an expert accounting firm helps you access skilled accounting professionals who can work more efficiently and accurately.
3. Eliminates time, effort, and money spent on hiring, training, and employing a large in-house accounting team.  
4. Ensures increased data security and privacy as an accounting firm specializes in accounting activities and can also expertly ensure your data safety.

Accounting Services that Can Be Outsourced

Five processes you can outsource to an accounting firm include:

1. Accounts Receivable/Accounts Payable Management: Accounts receivable (AR) and accounts payable (AP) management are primary account functions. Accounts receivable services can be outsourced to ensure that the clients make timely payments. 

Outsourcing these accounting activities can also handle processes such as invoice imaging and storing, invoice approval, check processing, expense reporting, order management, debt management, online payment approvals, etc. This will help to free up the firm’s time and help it focus on its core business activities.

2. Bookkeeping: Bookkeeping is a repetitive, continuous, and time-consuming process. However, small accounting firms and CPAs can outsource all in-house and client bookkeeping activities to an expert accounting firm that uses cloud-based accounting software. This can streamline all in-house and client bookkeeping activities and efficiently manage employee expense processing, balancing ledgers, order to cash management, and other tasks.

It can also help your management team access comprehensive reports to help them make informed financial decisions. Plus, outsourcing your bookkeeping activities to an expert accounting firm enables you to work with expert accounting professionals without spending on hiring them and dealing with attrition issues. Your accounting partner can help you use the latest accounting technology and ensure compliance with the latest accounting norms.

3. Financial Reports: Developing financial reports necessitates the expertise of a team of accounting professionals who can consolidate records of your clients’ expenses and earnings using financial statements, helping you monitor the cash flow. Your outsourced accounting partner can manage your in-house and client financial report creation. They can create financial reports for internal and external use for your firm and your client’s businesses. 

Outsourced accounting firms have the expertise to ensure that your financial reports are accurate and adhere to the Sarbanes-Oxley Act (SOX). They can also help you keep your clients and in-house business data safe by helping you access safe cloud-based accounting technologies. 

4. Financial Planning and Analysis: Outsourcing your accounting firm’s financial planning and analysis to an expert accounting firm typically includes services such as an all-inclusive evaluation of your organization’s financial position and creating customized strategies to ensure optimum business growth and performance.

Outsourcing your in-house and clients’ financial analysis and planning to an accounting organization using cloud-computing software can help you and your clients safely access financial data whenever necessary. You also get to give your clients reliable business insights from experienced accountants so that they can make informed business decisions.

How Greenbucks Accounting Can Boost Your Accounting Business

Greenbucks Accounting is a trusted accounting & Bookkeeping Outsourcing partner to several large and small accounting service providers. We use the latest accounting technology available, and our team of expert accounting and financial professionals offer the most reliable and efficient accounting services to you.

By collaborating with GBA, you can expand your service range and easily manage larger clients with more complex business profiles. Our team ensures that your financial services and reports comply with the latest state and federal accounting norms.

Contact us today to get a customized outsourced accounting service package!