Many small and medium businesses are turning to outsourced bookkeeping, accounting and controller services. Advancements in technology have made it possible to gain reliable and accurate financial intelligence from companies using the Internet and the cloud.
Some of the reasons companies are switching to outsourced bookkeeping, accounting and controller services are:
- They’re more cost effective and often cheaper
- They can gain access to teams with expertise they otherwise might not have been able to afford
- Receive accurate results that can be trusted
- Financial statements can be relied upon because you have systematic, consistent reconciliations
- Because it allows the CEO or owner to focus on the core business
Because the ability to outsource your bookkeeping, accounting, and controller services is still relatively new, there's bound to be some concerns as to whether or not it's in your company's best interests to pursue this option. Here we'd like to address some of these common concerns, and explain how working remotely with an outsourced accounting department can benefit your business.
Is it Easy to Communicate with an Outsourced Accounting Services?
By definition, outsourcing means your accounting team is not on-site. You might be concerned that by outsourcing your accounting services that you wont be able to communicate as often as you'd like. However, when using an outsourced service, they are still as responsive as someone in-house.
Advancements in technology have made it easier than ever to communicate. Tools and applications such as video meetings, conference calls, group emailing, Skype and GoToMeetings are efficient ways to have face-to-face interactions with business CEOs and owners.
In a case of emergency, when something needs immediate attention, even though you can’t walk across the building and ask your bookkeeper to do something, an outsourced agency is only a phone call, video chat, or email away. Outsourced bookkeepers are very flexible and can work around things that come up unexpectedly.
Can I Lower My Risk of Fraud with Outsourced Accounting?
Often small businesses have just one person doing everything financial. Well-designed outsourcing firms separate duties between approval, record keeping, and reconciliation. In other words, if your staff are paying the bills and reconciling the bank account, you have a greater risk for fraud.
Firms that offer outsourcing likely have rigorous precautions in place to ensure that data is protected. Your data will be stored on secure cloud-based servers that only you and the outsourced agency have access to. Much like your bank or credit card, if there is any type of suspicious activity detected, fraud alerts would be sent to both you and the agency. Nothing goes on without multiple people monitoring and receiving alerts if something were to happen.
What are The Benefits of Outsourcing My Financial Reporting?
Companies who are experts in outsourced accounting deal with a wide array of clients on a daily basis. They understand what different industries and non-profits need, what type of reports are most important to monitor and whether they need them on a cash or accrual basis.
Your business will be able to save on overhead cost. By choosing an outsourced accounting service, you won’t pay for employee health insurance, retirement, vacation and sick days, or workers compensation. You can save on office space and have little management supervision. Looking over the work of the outsourced accounting only happens when you are ready to review the data.
What if I Choose to Outsource My Bookkeeping and Accounting?
GrowthForce helps companies take control of their finances by providing a unique business solution - a cloud-based Accounting Platform with Management Accounting and Controller Services. We alleviate the bookkeeping burden and deliver actionable financial intelligence designed to help you grow your business.
We provide you with a unique email address that goes to your entire accounting team, and direct lines to employees who are working on your account. There is no single point of failure when outsourcing your bookkeeping and accounting to GrowthForce as you’ll be working with a three-person team.
By outsourcing your bookkeeping, accounting and controller services you can ensure that your financial operations are well managed. You’ll receive timely, accurate financial reports from experts in small business accounting.
GrowthForce provides outstanding client service with a U.S. based team of a bookkeeper, staff accountant and accounting manager who provide the expertise you need to run your business.
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