5 types of business accounting services that you can outsource

In this guide, we have discussed the most common types of business accounting services you should outsource to an accounting firm. 

Most small business owners can spare the time and energy to handle the accounting aspect of the business. There is no doubt that the process is time taking and cumbersome, and a small mistake can cost you a lot of money. It is a sensible decision to outsource the accounting services to ensure the accounting needs of your company are in experienced hands. 

Hiring an outsourced accounting firm is one of the most sensible decisions you can take to ensure the well-being of your company. Outsourcing the accounting services is a more reliable and affordable option than hiring an in-house employee to handle the accounting affairs of your company. 

Now that you are aware of why it is a wise decision to outsource the accounting activities of your organization, it is time to see what accounting services are outsourced by most businesses to an outsourcing accounting firm in the United States. 

Types of accounting services to outsource

Accounts Receivable/Accounts Payable

These activities form the core of business accounting and most small businesses outsource these accounting services in the United States. 

For the uninitiated, the account receivable services ensure that your clients clear the outstanding dues on time. Both of these services include several smaller tasks namely, expense reporting, payment approval, order management, managing vendor inquiries, financial reporting, debt management, forecasting, and customer billing management.

By outsourcing the AR/AP services, you spare yourself a lot of time that you can spend strengthening the core of your business.

Record Management

Record Management activity, also known as bookkeeping is another activity that most business owners like to outsource to an accounting firm. Bookkeeping activity becomes a very repetitive and tedious task to handle for any business leaving no room to think about other business aspects. Moreover, an amateur business owner or accountant is likely to make errors that can cost a lot to the company later. 

Thankfully, professional accounting firms are equipped with the latest technology and have built up an efficient system to handle the bookkeeping needs of businesses accurately.  Many outsourcing firms use cloud-based accounting and bookkeeping software to further simplify the bookkeeping process. 

Here is the list of the most common tasks that comprise outsourcing bookkeeping services for the business: 

• Payroll management
• Creating and maintaining ledgers
• Cash management
• Subscription renewals management
• Invoice processing

Outsourcing these services will prove to be beneficial for your business because a team of professional accountants will handle it. 

Also Read: Virtual Bookkeeping

Preparing Financial Reports

Financial Reports are an important aspect of business accounting as it paves a way for the prospects of companies and organizations. Generally, businesses need to hire an external accountant to get a report on the financial conditions of the business. Since it is a very critical task, it should be prepared by an expert and reliable professional.

Instead of hiring an external accountant, it would be a better choice to get this service from an outsourced accounting firm in the United States. This will ensure you get reliable and accurate financial reports on time. Additionally, your experienced outsourcing team will provide useful advice to eliminate stagnancy and improve the cash flow issues of your business.

Controller Services

Next, it is essential to outsource the controller services of your organization to an outsourced accounting firm. Controller services of an organization comprised of several accounting functions like audit reporting, compliance management, reporting, communication aspects between employees and vendors, cash flow analysis, and KPI reporting. 

Outsourcing the controller services of your organization will ensure that the expert and professional accounting team carries out a thorough cash flow analysis of your business. In this process, the financial health of your company will be reviewed resulting in smarter decisions. 

Financial Planning and Analysis

Lastly, you can also consider outsourcing the financial planning and analysis aspects of your business to a reliable accounting firm. These firms will conduct a thorough evaluation of your company’s financial conditions and will employ smart strategies to boost your business’ growth.

The valuable advice from expertise will enable you to make well-informed decisions that will result in cash flow projections. 

Final Words

Accounting services and functions form the core activities of the business as they are directly related to your company's progress. Once you decide to outsource the business accounting services, it is essential to evaluate the business requirements to ensure you are making the right decision. In case, you need further help with regard to outsourcing CPA firms, feel free to reach out to us.

Professional Accounting Solutions, Inc offers timely and cost-effective accounting services including bookkeping, catch-up bookkeeping, accounting, payroll, tax, and QuickBooks consulting from their Miami and Fort Lauderdale offices.

Our team of certified QuickBooks Consultants has experience with large numbers of QuickBooks implementations in numerous industries. Request a free consultation to get more from your accounting software.

***Get free 1-Month online bookkeeping services from Professional Accounting Solutions, Inc, one of the best-reputed accounting Miami, USA-based firms.