For small to mid-size businesses, it can be tough to manage your books while taking care of business. You are passionate about your business, but your expertise isn’t in accounting. That’s where 415 Access comes in to help. We provide accurate and reliable financial services, so business owners focus on growing their companies.
Outsourcing bookkeeping and other accounting roles to a firm can ensure that your business finances are accurate and timely. In-house bookkeeping can be limited to the skillset of their accountant, whereas our outsourced accounting team has access to many accounting resources and experts who can address complex tax questions and provide strategic consulting. This gives business owners peace of mind that their financials are in expert hands.
With our structured processes and CPA-reviewed financials, clients can trust that their books are handled with accuracy and diligence.
Outsourcing doesn’t come without risks, but they can easily be mitigated. You can retain control over your financial reporting function and reduce the risk of fraud within your business by working with your provider to establish proper internal controls and segregation of duties.
Not all outsourced accounting providers are created equal. When selecting an outsourced provider, businesses should consider:
- Software Compatibility: Ensure the provider can work within the current accounting software systems. 415 Access employees are QuickBooks ProAdvisor certified.
- Review Processes: Ensure the provider assigns oversight of their bookkeeper’s work product. 415 Access assigns a Controller or CFO level accountant to every account to review monthly financial statements prior to issuance.
- Segregation of Duties: Ensure that the provider utilizes proper segregation of duties for critical accounting processes. Segregation of duties is an effective internal control that can minimize fraud risks and material financial reporting errors. 415 Access utilizes software and other manual controls to separate authorization, execution, recording, and reconciliation of financial transactions.
Outsourcing bookkeeping isn’t just about offloading a tedious task—it’s about optimizing efficiency, improving accuracy, and allowing key employees to focus on their strengths. We provide the expertise, structure, and security needed to support businesses in making informed financial decisions.
415 Access can assist your business with the financial support it needs so you can focus on what truly matters —growing your business. Learn more about our outsourced services or contact us to see how we can help your business.
Running a closely held business is challenging. Owners usually prioritize core business operations — such as managing employees, serving customers and bringing in new sales — over tedious bookkeeping tasks. Plus, the accounting rules can be overwhelming.
However, access to timely, accurate financial data is critical to your business’s success. Could outsourcing bookkeeping tasks to a third-party provider be a smart business decision? Here are five reasons why the answer might be a resounding “Yes!”
- Lower costs and scalability
Your company could hire a full-time bookkeeper, but the expenses of hiring an employee go beyond just his or her salary. You also need to factor in benefits, payroll taxes, office space and equipment. It’s one more employee for you to manage — and accounting talent may be hard to find these days, especially for smaller companies. Plus, your access to financial data may be interrupted if your in-house bookkeeper takes sick or vacation time — or leaves your company.
With outsourcing, you pay for only the services you need. Outsourcing firms offer scalable packages for these services that you can dial up (or down) based on the complexity of your business at any given time. Outsourcing also involves a team of bookkeeping professionals, so you have continuous access to bookkeeping services without worrying about staff absences or departures.
- Enhanced accuracy
Do-it-yourself bookkeeping can be perilous. Mistakes in recording transactions can have serious consequences, including tax assessments, cash flow problems and loan defaults.
Professional bookkeepers are trained to pay close attention to detail and follow best practices, minimizing the risk of errors. Outsourcing firms work with many companies and are aware of common pitfalls — and how to steer clear of them. They’re also familiar with the latest fraud schemes and can help your business detect anomalies and implement accounting procedures to minimize fraud risks.
- Expanded access to expertise
The accounting rules and tax regulations continually change. It may be difficult for you or an in-house bookkeeper to stay updated.
With outsourcing, you have experienced professionals at your disposal who specialize in bookkeeping, accounting and tax. This helps ensure you comply with the latest rules, accurately report financial results and minimize taxes. In addition, as you encounter special circumstances, such as a sales tax audit or a merger, you can quickly call on other professionals at the same firm who can help manage the situation. If your provider lacks the necessary in-house expertise, the firm can refer you to another reputable professional to meet your special needs.
- Improved timeliness
Timely financial data helps you identify problems before they spiral out of control — and opportunities you need to jump on before your competitors do. Outsourcing professionals typically use cloud-based platforms and set up automated processes for routine tasks, like invoicing and expense management. This improves efficiency and gives you access to real-time financial data to make better-informed decisions.
- Reliable security protocols
Cyberattacks are a serious threat to any business. Stolen data can lead to monetary losses, operational downtime and reputational damage.
Many business owners are understandably cautious about sharing financial data with third parties. Reputable outsourced bookkeeping providers use advanced security measures, encryption and secure software to protect your financial data and client records from hackers. However, not all providers have the same level of security. So, it’s essential to carefully vet outsourcing firms to ensure that your company’s data is adequately protected.
Work smarter, not harder
At any given moment, business owners are being pulled in multiple directions by customers, employees, lenders, investors and other stakeholders. Outsourcing your bookkeeping helps alleviate some of that stress by ensuring your financial records are up-to-date, accurate and secure. Contact us for more information.
© 2024