Outsourcing Accounting Services For Small Business – If you’re an entrepreneur, you’ve probably thought about getting accounting services for your small business. Let’s dive deeper into outsourcing accounting services and how they can help your business.
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Outsourcing Accounting Services For Small Business
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Why Outsourcing Accounting Services Is Crucial For Your Small Business
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If you’re an entrepreneur, you’ve probably thought about getting accounting services for your small business. You may be creating your own account right now. You may have searched topics such as “online small business accounting services” or “how much does a small business accountant cost” to see what options are available at a price. While some entrepreneurs can successfully manage their own books, an experienced accountant can be a powerful tool for a growing business.
But few SMEs can justify hiring a full-time in-house accountant to manage their finances. That’s where outsourced accounting services come in. Outsourcing of business services such as accounting and HR is becoming more common. In fact, approximately 8 out of 10 small businesses plan to outsource at least one business function in 2021. Let’s dive deeper into accounting services and how they can help your business.
To take your small business to the next level, you may need someone qualified in accounting to manage the financial health of your small business. But before you start researching “how much should I pay an accountant for my small business,” let’s look at some facts.
Pros And Cons Of Tax Preparation Outsourcing Services
In the United States, the average accountant earns a base salary of nearly $52,000 per year. Average CFO? Closer to $136,000. And those numbers are just the salary. Multiply these numbers by 1.25 to 1.4 to get a true understanding of the base salary and benefits for these types of positions. The truth is that unless your business is large enough to require the services of an accountant 52 weeks a year, it may not make financial sense to hire someone full-time.
This is where outsourcing can help. Outsourced accounting services offer a much more affordable option, with packages closer to $1,000 to $10,000 per year. According to the Outsourcing Institute, many small businesses use outsourcing as a way to avoid the risk and expense of hiring an additional employee, as well as acquiring outside expertise they otherwise could not afford. So, do you need a full-time accountant for your small business? Maybe not. But do you need accounting services to manage and develop your business? They are.
External accounting is a professional set of services provided to third-party companies. These services typically include bookkeeping, financial statement preparation, financial strategy, and more. Accounting outsourcing, like any other outsourcing service, is designed to fit the unique needs of your company. You don’t pay for services you don’t need. Instead, you’ll be able to choose from a range of professional services, such as those listed below, to help you make smart decisions.
Bookkeeping is the most basic financial function for business and is an integral part of every business. It includes recording and preparing all financial transactions and other financial activities to track income and expenses. When outsourcing bookkeeping, look for services such as: processing vendor invoices and credit card transactions, reconciling bank and credit card accounts, payments, maintaining customer invoices, and processing customer payments and collections. It’s important to choose a provider that can sync with your chosen accounting software, such as QuickBooks Online for example.
Benefits Of Outsourcing Accounting Services For Small Businesses
Monthly accounting is the next step from bookkeeping. It includes all the monthly steps a business should follow to keep accounting data organized and provide business insight. When doing monthly accounting, services are likely to include: finalizing month-end balances and reconciling balance sheets. Premium services may include a monthly financial review to understand current operating results and a performance dashboard to monitor key performance indicators (KPIs) most important to the business.
Money is the lifeblood of any organization. Whether you’re trying to navigate a turbulent economic climate or proactively manage your growth, being able to forecast your cash flow can mean the difference between success and failure. By deliberately reviewing a company’s cash inflows and outflows, an outside accounting provider can help business owners avoid unexpected bills or revenue fluctuations—where disaster could be averted. Outsourced cash flow forecasting services should include: rolling forecasts (which can be short-term or long-term), scenario analysis, and synchronization with software such as QuickBooks Online.
If your small business is experiencing significant growth, solving challenges, or in need of a project-based consultant, an external CFO may be a good fit. The CFO is a financial advisor and strategic consultant who provides services to the company on a part-time or project basis. When choosing an outside CFO, look for someone who has a unique understanding of owning, growing and managing a small business. External CFOs provide services such as overseeing financial operations, providing guidance on strategic financial decisions, participating in management and board meetings, budgeting and forecasting, and managing large financial initiatives such as raising capital or buying or selling businesses.
Getting the information to make smart decisions for your business doesn’t happen by accident. Rationalization of processes and optimization of finances requires knowledge. Operational support is a service for assessing current practices and implementing new systems and processes to optimize your financial operations. Operational support includes tasks such as: defining processes and procedures, evaluating internal controls, developing reports and dashboards, deploying new systems and technology applications, and providing ongoing training and support.
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Operations support can also help you determine the best online accounting software for your small business. A good outsourcing accounting services company will help you optimize your existing technology tools and implement new tools when it makes sense. At , our technology stack includes best-in-class tools like QuickBooks Online, Bill.com, CashFlowTool, Tallie, Fathom, Dext, Gusto and more.
Outsourced accounting services are not a one-size-fits-all solution, as every business has its own unique needs. With outsourced accounting, you can choose which services you need now and in the future. So how do you find out what services you need to maintain or develop your business? Consider the following:
When deciding what type of accounting services to get for your small business, consider your needs first. Who do you need help with and how often? Are there big projects or deadlines that your team could use help with? Don’t forget about your business goals either. The best accounting services go beyond bookkeeping and help you make smart financial decisions for the future.
The right outsourced accounting services will fit your budget. And remember, by outsourcing, your services can grow as your business grows. If you’re starting out and need basic accounting services, such as bookkeeping and financial forecasting, it can be affordable as low as $250 per month. Growth-oriented accounting services can be more expensive, starting at around $750 per month, but these services are designed for growing companies with more complex financial needs.
Outsourced Accounting Services
Bringing in external services is a big step, so it’s important to make sure they fit. Does the person(s) who will be working on your account fit in with the rest of your team? With your company’s culture and values? Will they understand the industry you serve? These are all important aspects to consider.
If you are wondering how to find an accountant for your small business or how to find outside accounting services, there are many ways to do it. While an entrepreneur’s first instinct may be to go with what’s cheapest, there are several other factors to consider, including:
Not all financial accounting is created equal. Some services, such as bookkeeping, can be performed at entry levels
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