Outsourced Accounting

6 Steps to Help You Get Started with Outsourced Accounting

Financial management in your business is arguably one of the most important responsibilities that will impact your future success. If you fail to keep up with accounting and financial tracking, then you could be facing cash flow problems and other avoidable issues. Unfortunately, too many small business owners are carrying so many responsibilities that they can’t keep up with the financial requirements of running the company. One option that you might consider is to look for outsourced accounting services.

Most business owners know that financial tracking and accounting is important. But, they just don’t have enough hours in the day to keep up with these tasks. When you determine that you need help with bookkeeping and accounting, then it might seem like a logical choice to hire another employee. Instead of rushing into the decision to bring on another employee, consider the benefits of outsourcing these tasks.

Not only will you find flexibility in the accounting packages that are offered, but you will also see that outsourced accounting is a great way to reduce overhead costs. Outsourcing is much more affordable compared to hiring another full-time employee! You don’t need to worry about office space or computer equipment. Plus, you can tap into the accountant’s expertise without paying a full-time salary every month.

If your workload is adding up and you can’t keep up with the ongoing demands of owning a company, then we invite you to talk to our team for more information. Here at Easier Accounting, we are always available to answer your questions and help you choose the right outsourcing solutions for your business.

Here are a few steps to help you get started with outsourced accounting:

Step #1: Be Clear about the Tasks You Want to Outsource

It can be hard to hire the right outsourcing team if you aren’t clear about the scope of work that you need help with. Instead of looking for a general outsourcer, find a team that offers specialized experience in the areas where you need the most help.

For example, instead of saying that you want to hire an accounting expert, put together a list of specific tasks that you need the outsourcer to do. For more business owners, accounting outsourcing often includes some of the time-consuming tasks that are difficult to manage:

  • Payroll
  • Bookkeeping
  • Accounts Payable/Receivable
  • Tax Preparation and Filing
  • Financial Reports
  • And More

Being clear about your goals will make it easier for you to find the right services that match the needs of your company.

As you are preparing this list, it is helpful to have information about the financial transactions and needs of your company. Your accounting team will likely ask for information regarding the number of transactions that move through your account each month, annual revenue, the number of clients that you have, and the number of employees that are on the payroll. Providing these details upfront can help you see if the outsourcing team can support your business needs.

Step #2: Find an Outsourcing Team with Experience

While it might be tempting to pass the busy work to a stay-at-home mom in your family, you might run into many issues because of the lack of experience and subpar workflow. The best solution is to find an experience outsourcing team that has many years of experience in the industry. Tapping into this expertise reduces the likelihood of problems so that you are prepared to set your business up for success.

One thing to consider is the size of your company and the experience that the accounting team offers for various types of companies. For example, if you are a small business owner or a start-up company, then make sure that your outsourced accounting team has helped with similar types of companies. This hands-on experience is an optimal way for you to avoid common problems that are encountered by business owners.

Step #3: Consider the Costs

One of the reasons why small business owners avoid outsourcing is because they are worried about the associated costs. If you are boot-strapping to get the business off the ground, does it make sense to spend money on outsourced services?

The truth is that outsourcing is usually more affordable than hiring a full-time employee. When you are working with outsourcers, then you can pay for the time that is used, rather than supporting the full paycheck and benefits for an employee.

Plus, you need to consider the opportunity costs of forgoing these services. For example, if you are managing your own tax filing and you don’t have a lot of accounting experience, then it is likely that you are missing out on important write-offs. These mistakes could cost you thousands of dollars in tax expenses over the years. Instead, it is better to let a team of professionals handle the details so that you have an optimal outcome for your tax filing.

You can set a monthly budget for outsourcing so that you know how much these services will impact your overhead costs. Then, look at the potential financial benefits that are possible in the future. Having a team of accounting professionals can be the best thing that you can do to improve your business cash flow and avoid common problems that are encountered by small business owners.

Step #4: Compare Your Options

Now that you have decided that outsourcing is right for your company, the next step is to compare the companies that offer the services that you need. Don’t limit yourself to your local area! Many accounting services and other types of outsourced services can be completed remotely. There is no reason to meet with the outsourcing team face-to-face.

Limiting your choices to the local area will decrease the options that are available. Instead, focus on the services that you need and don’t worry about the location of the outsourcing team. The only consideration is to ensure that you choose an accounting company in the United States so that the team is familiar with the local laws regulating tax filings.

As you are comparing companies in the industry, look at the reputation of the various outsourcing teams. Online reviews and business information can give insight into the company so that you choose a team that you can trust. Since you will be handing over financial details, you need to make sure that you hire a reputable outsourcer that will use discretion with your business information.

Step #5: Schedule an Interview to Learn More

Most outsourcers will offer a complimentary consultation so that you can learn more about the services that are available. Narrow your choices down to your top two or three accounting services. Then, schedule appointments to talk to each team so that you can learn more about these companies.

This conversation will give insight into the customer service that you can expect. It is also an opportunity for you to ask questions to ensure that the services are a good fit for your business.

Step #6: Maintain Regular Communication

Now that you have a reputable outsourcing team to help with your business, it might be tempting to let them handle all of the financial details. But, you need to stay informed about the financial trends in your company. Regular meetings are important so that you can stay current with cash flow, anticipated sales, profits, and more. Your accounting team will handle the mundane busy work, and then provide the reports that are needed so that you are always up-to-date about the health of your company.

Ongoing communication is important for tax filings, payroll processing, invoicing, and more. Set a system and make sure that you stay consistent with the things that need to be addressed in the future. A good accounting team will keep you updated about the work that is being done. Make sure that your team is always available to answer your questions should the need arise.

It is common for financial questions to come up throughout the year. Your accounting team can be a valuable resource so that you can get professional advice about your company. Instead of waiting to talk to your accountant when tax season rolls around, consider the benefits of maintaining communication throughout the year.

Learn about Outsourced Accounting

Do you love the idea of hiring an outsourcing team to help with the accounting needs of your company? Then right now is a great time to schedule a consultation with our team here at Easier Accounting. We will gladly discuss your needs and help you identify the services that are a good fit for your business.

We have many years of experience in the accounting industry. Our specialty is focused on small businesses and entrepreneurs. We know the common concerns that come up for people who are getting started with new business efforts, and our goal is to help you avoid these problems.

Are you ready to learn more? The experts at Easier Accounting are always here to help! We know that outsourcing can be a powerful way for you to leverage future business results. So, we will work hard to support your financial goals and business efforts. Call for more information: (888) 620-0770

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