What is Outsourced Accounting?
Outsourced accounting is quickly becoming a lucrative strategy among small and medium-sized businesses that want to reduce overhead expenses without sacrificing efficiency. If you are running a business, it is important that you understand the difference between outsourced and in-house accounting. While both strategies cover the same general scope of duties, each is different in the way they are structured. Keep reading to find out how outsourcing works and what the benefits of outsourcing your entire accounting functions are.
What is Outsourcing?
Outsourcing is an agreement in which one company hires a third-party vendor to be responsible for a planned or existing function that is or could be done internally. While there are several different operations and functions that can be outsourced today, one of the most common is accounting. This is because there is both a US standard and a global standard that is used to report and process all financial statements and cash ledgers, which makes it easy to find any experienced professional to do the job.
What Types of Functions Will Accounting Firms Support?
Outsourced accounting is a service which provides a full, accounting department experience for small businesses. An accounting department handles the day-to-day transaction coding, accounts payable, accounts receivable, payroll, management financial reporting and many other services. The services that you need will depend on the size of your office and if you already have a professional who handles the books or who files your taxes.
What Do Companies Outsource?
The list of benefits associated with outsourcing a function like accounting is long! Cost savings, focusing on core business functions, and solving capacity issues are primary drivers to outsource your accounting. Leading organizations use outsourcing to drive transformational change and improve business results.
If you are like most business owners and CEOs, you take full pride in the services or products your company provides. You want to focus your time and energy on business strategy and goals. Outsourcing the accounting department to a dedicated, highly skilled professional services firm allows you to do exactly that. By outsourcing your accounting to ProNexus, you will save valuable time in your day, reduce operating costs and gain peace of mind.
How to Choose a Firm to Work With
Not all companies are created equal. When you are trusting a company with your financial data, it is important that you do your due diligence. Ask what level of experience accountants have, how they are screened, what software is used, how often they contact you, and how fees are charged.
Why hire ProNexus for Our Outsourced Accounting?
We are not just CPAs. Our staff is made up of accounting managers, controllers and CFO’s that have worked in private business and nonprofits. We are also FP&A professionals that don’t just look at the past but analyze a businesses’ future. We are forward looking. CPAs tend to be backwards looking. We have experts in every industry (not just accounting experts). We have experience in Public & Private, Start Ups, Early Stage, Growth, Mature and Distressed Company Situations. We have a flexible and focused pricing model. We do not just charge by the hour like CPA firms. Many of our consultants have also worked in non-accounting functions including, IT, Operations, HR or have been entrepreneurs who had to make a payroll. We are more well-rounded than your average CPA.