Make the Outsourced Accounting Transition and Watch your Business Soar

Make the Outsourced Accounting Transition and Watch your Business Soar

By Wiss (393 words)
Posted in Outsourced Accounting & Tax on October 15, 2015

There are (24) comments.

By Carolyn Hall

Many companies consider outsourcing their accounting services at some point in their development, whether it is to support growth, improve efficiency or simply ease the administrative burden on their staff. There are a number of advantages, but it is a big decision to outsource part of your operations. Here are five key reasons to consider making the transition. 

  1. With that responsibility out of the way, you can focus on your core strengths. The primary reason to consider hiring an outside accounting firm is that accounting is its sole focus. That’s the same reason you may have developed vendor relationships with IT firms, independent sales agencies or law firms. Hiring trusted professionals allows you to focus on your company’s core strengths and rely on them to take over other responsibilities. 
     
  2. You’ll collaborate with a strong team. A reputable accounting firm gives you a team of professionals who can handle all of your accounting needs. That means accessing a trusted team of CPAs and technologists to handle financial activities in a cloud-based environment, all of whom are working under an experienced accounting manager. 
     
  3. You’ll expand your network of expertise. Your accounting firm can deliver the expertise you need either in-house or through its extensive contacts with outside providers. An experienced outsourced firm can also bring you the resources of international tax accountants, lawyers, other professionals and staff accountants with expertise within your industry.
     
  4. You always have help available. You can’t put your accounting needs on hold while your staff accountant takes a two-week vacation. When you hire an outside firm, the staff is readily accessible, as a team is dedicated to your needs.
     
  5. You can segregate duties. Having the resources of a team of accounting professional allows you to segregate duties, creating controls to minimize the risk of fraud. 

If an outsourced accounting provider is the right decision for your company, hire a reputable firm with a proven track record and a highly qualified staff. You deserve concise, comprehensive answers to your questions and concerns, so before signing a contract, meet the team and assure yourself that the chemistry is right. After all, this is the start of a long and productive relationship. 

Carolyn Hall has been instrumental in the development of the outsourced accounting practice (FWRD) at Wiss & Company. Reach her at chall@wiss.com or 973.994.9400.

 

Comments (24)

Preethi posted on: October 20, 2015


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Olivia Sherwin posted on: December 8, 2015

This is some great information, and I appreciate your point that hiring an accountant to take care of finances, you can focus on other things. My sister and I recently started our own business, and we've had a lot of growth, but I've been kind of bogged down with finances. We'll definitely look into hiring an accountant so we have time to focus on other things within our business. Thanks for the great post!

Kara Baker posted on: December 15, 2015

Thanks for sharing this great post about the advantages of hiring an accountant. My sister and I are considering on starting a business, but neither of us will have a lot of time to deal with finances. We'll definitely look into enlisting the aid of an accountant so we can focus on other things.

Lillian Schaeffer posted on: March 7, 2016

This is an awesome post! I love your point that outsourcing your bookkeeping means you'll always have help available. Me and a couple of friends are thinking about starting our own little business, and it would be great to have access to financial advice and help at all times. We'll definitely discuss hiring a service to do all of our bookkeeping for us.

Carolyn Hall posted on: March 8, 2016

Hi Lillian, Starting off with outsourcing your bookkeeping will make it that much easier in the long run for your business. Good luck in your endeavors and you know where to find us if you ever have any questions along the way!

Charles Kemp posted on: April 12, 2016

Transitioning from one accountant to another would be tough because you would have to make sure that they could pick up where the other accountant left off. I think most firms are able to make those transitions nicely as long as you are able to get the right information to them. Once they have everything they need you really don't have anything to worry about.

Andrew Mark posted on: April 25, 2016

Well I must say what a nice post. I love to read post like this where I can grab something new and it is one of those posts. Well coming to the post, I will say good work with writing and yeah worth reading. Keep posting and keep growing.

Faylinn posted on: May 6, 2016

Carolyn, my husband has been trying to figure out whether or not he should outsource his company's accounting and so I definitely think that he would appreciate the five reasons that you give for doing so. I especially think that he would like your point about how outsourcing would allow him and his company to focus on their core strengths. His company is very specialized as well and so being able to focus on just that and not the accounting as well would be a huge help. However, how much should he be involved with the service that he outsources to?

Carolyn Hall posted on: May 6, 2016

Thank you for your response. It is important to communicate with your outsourced accountant about your business and financial transactions. In addition, review your financial data regularly and ask questions. Stay informed!

Jorge McMillan posted on: June 6, 2016

It sounds like it is a big decision for businesses to outsource their accounting services. Like you mentioned though, this could take the stress of accounting out of the equation, thus making it possible for the company to focus on their core strengths. If it is possible, this would be a good way for companies to go since it leaves so much room for them to focus on bigger things.

Accounting services philippines posted on: June 27, 2016

Investing in an outsourcing accounting could truly save you a great deal. As they offer you their best services you will surely have an edge over your competitors. Seeing how it can help your business to grow being engage on one is for sure is one of the greatest decision you could ever make.

Adriene Raynott posted on: June 29, 2016

As per different aspects, every business owner has their unique point of views about outsourcing accounting services. In my views, every owner need a special accounting service to know how their business stands and where. So, each can take a corrective decision towards business growth as i am taking services from Cogneesol.

judy wilson posted on: July 5, 2016

It's good to know how going to an outsourced accounting service can help to improve small businesses. Having a strong team of accountants would be a great asset for any business. There are a lot of things that need to be done to fulfill bookkeeping, payroll, and other accounting needs for companies, so going to a team that's skilled in fulfilling these financial responsibilities would be really beneficial.

Sebi accountant posted on: August 5, 2016

I really like how you said that, “The main focus for business accountants is business performance, including analyzing cash flow and recommending ways to improve profitability..Thanks for sharing this info.

Andreas pop posted on: August 16, 2016

I love your post very much. You have provided here very useful detailed information that how can Outsourced Accounting Transition can prove useful to get more profit in business. Your way of providing information is very easy to understand.

Joe posted on: December 13, 2016

article describes those benefits in details, and compares outsourced bookkeeping services

Carlton Masch posted on: January 2, 2017

Great post! I always advocate at least considering outsourcing your accounting department, as this will free-up so much time for a company.

Thanks for the post!

Accounting services philippines posted on: January 3, 2017

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Dave Anderson posted on: January 10, 2017

You make a good point when you say that leaving the accounting work to an outside company will allow the workers in the company to be able to focus on what they do best. I think that going with an accounting service will also take a lot of stress off of the president of the company because he/she will then be able to focus all efforts towards the company. It will cost more money to use an accounting service, but the return is worth it because more time will be spent on the company and more money will be made.

Mat Krider posted on: April 27, 2017

In most cases from your experience in pure dollars, does out sourcing cost more? I understand the value of the service, however, a key component is not adding additional costs

Carolyn Hall posted on: April 27, 2017

Good questions, Mat. No, outsourcing does not cost more.

Mat krider posted on: April 27, 2017

Thanks for the message.

Do you have at your firm a speciality in footwear/ apparel Manufacturing and Distribution.

Please provide me a number I can call to discuss.

glenn posted on: July 19, 2017

We are outsourcing some of our Accounting to save costs. We have a staff of 4, and optimally we should be at 2, with outsourcing making up for lost capacity. Would love to discuss
201.492.0321

Thanks

Medvisor Consultants posted on: August 7, 2017

Consulting services practice provides outsourced accounting and support at all levels – recording transactions, preparing financial statements, supporting audits, developing management and board reports, budget systems and projection analyses.

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