It May Be the Most Efficient and Cost-Effective Approach

by Emily Hicks

As your business grows, you may find that what once worked – a one-time cleanup in March to prep your books for taxes – doesn’t cut it anymore. What you really need is an outside team taking an up-close look at your accounts every month. That may actually be the most efficient and cost-effective approach.

That’s where monthly accounting support comes in. Having a CPA-led team prepare your books frees up your time to focus on running your company. You won’t get bogged down in bookkeeping and reconciliations, plus your accounting will be organized and on track so you are prepared for what’s next.

When Monthly Makes More Sense

Whether you have in-house staff or not, outsourcing can be tailored to your needs. Let’s say you already have someone handling the day-to-day operations. An outside team can build a relationship with your team, not only to keep records clean, but to serve as a sounding board and advisor.

If you don’t have dedicated staff and aren’t quite ready to bring someone in full time, you don’t have to take on the costs and risk of recruiting and training. Instead, you get a team that knows your industry and works with you to create a customized package that fits your needs and price expectations.

Back-office accounting support can range from the routine to the complex. Services include accounts receivable and payable, bank reconciliations, payroll and sales tax processing, QuickBooks Online support, and financial statement preparation. But it doesn’t stop there. For more strategic needs there is cash flow forecasting, financial analysis or long-term planning. Involving CPAs in the discussion can give your business the support it needs to grow.

Think of it this way: You wouldn’t hire a handyman to build your house. A handyman has a role, sure. But you need a general contractor to see the big picture and make sure it all fits together. That’s what outsourced accountants can do for you.

Less Scrambling, More Planning

One of the biggest benefits of monthly support is the ability to spot trends, or warning signs, before they become bigger problems.

When reviewing your books every month, your accountant should be watching for things that don’t add up and bring it to your attention with possible solutions. A steady increase in profits? You should start planning now for the tax liability coming your way. A sudden dip in income? Maybe invoices haven’t been sent out.

In fact, billing slowdowns experienced by one company were all because someone forgot to hit “send” on invoices. In another case, a check was written for $15,000 instead of $1,500. Or there was the full week’s worth of client payments one employee left in a drawer.

When someone is regularly looking at your numbers, mistakes like these don’t go unnoticed. You get peace of mind that things are running smoothly. When they’re not, you’ll find out quickly.

Support That Grows With You

No one wants surprises when tax season rolls around. Any business owner would like to know immediately, not April 1, that a $50,000 tax bill is due on April 15. Instead of rushing to organize a year’s worth of records, everything is ready – reconciled and categorized – so the tax team can prepare your return with fewer questions, delays or hassles.

Also, budgeting and forecasting become real possibilities when you’re working with current numbers. Can you afford to pay yourself more? Hire? Expand? Should you buy that piece of equipment this year or wait? Monthly touch points with an outsourced accounting team can help you answer those questions.

And the best part is you can spread your accounting costs over 12 months instead of a large bill for annual cleanup.

With today’s tools, you can connect your bank and accounting systems. That means no more handing over check stubs or waiting for someone to “key things in.” You get real-time information and streamlined reporting, so you can make better business decisions.

Flexible Help When You Need It

Outsourcing can also be flexible. Maybe someone on your team is going on leave. Or maybe you just lost your billing manager. Outsourced accountants can jump in temporarily to keep things moving or help you find someone who fits.

You shouldn’t have to choose between keeping your books in order and actually running your business. If accounting is eating into your time or keeping you up at night, there’s a better way. It might not be as complicated or expensive as you think.