How do you succeed with outsourced accounting?

Outsourced Accounting: What is it and how do you succeed with outsourced accounting?

Outsourced accounting has exploded in popularity in the past several years, and for good reason. Consider these solutions to common finance team concerns, and how outsourced accounting can best address them.

Solutions	How Outsourcing Helps	What Outsourcing Needs to Succeed
Reduces Risk	Provides checks, balances and segregation of duties.	Management that communicates well and is engaged with the finances. Choose a firm that focuses on clear and engaging communication with your team.
Works for the long haul	Provides a team that documents processes and ensures continuity throughout inevitable turnover.	Management that involves and engages the finance team throughout process and staff changes. Choose a firm that seeks involvement in these transitions.
Grows with you	Employs a large pool of skilled accountants allowing for growth on your team or access to resources as needed.	Management that engages the finance team in long term planning and goals. Choose a firm that proactively engages with planning and development.
Provides value	Provides a team of multiple highly skilled members on a contract basis, avoiding benefits and training for turnover.	Management that promotes established processes and communication. Choose a firm that gives clear direction to your team on finance process and procedure.

At a basic level, the definition of outsourced accounting is to employ a person or team not on your payroll to complete accounting functions for your organization. The outsourced solution you choose can range from one person with minimal training to a team of certified public accountants that must adhere to extensive AICPA guidelines. The outsourced accounting functions can run a large spectrum of options, but can include:

Function	Service possibilities
Data entry and bookkeeping	Daily entry and reconciliation of accounting activity including cash debits and credits, sales activity and general ledger adjustments.
Accounts payable	Receiving bills, coding bills, paying bills, setting bills up for recurring payment and managing aging of open payables.
Payroll processing	Gathering time data, running payroll, filing required government forms, allocating labor costs to relevant operations and recording payroll information to the general ledger.
Accounts receivable	Creation of invoices, creation of recurring invoicing, setting up efficient avenues to receive payment, receiving payments, matching of payments to invoices, grouping payments into deposits and managing aging of open receivables.
Financial reporting and dashboards	Designing, issuing and analyzing useful and relevant financial reports.
Budgeting and cash flow planning	Analyzing and planning for financial success in the short and long term.

Find out more about our outsourced accounting services or contact Ruth Lott, Director in the Business Solutions Team if you have questions.

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Outsourced Accounting: What is it and how do you succeed with outsourced accounting?

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