Outsourcing Accountant Services

Let’s face it: accounting has a reputation for being a dull subject in the business world. If you’re a small business owner, you’d definitely rather talk about your products and services than your accounting debits and credits (unless you work in accounting like we do!).

You’ve no doubt kept a careful eye on expenses as a small business owner, knowing it’s your job to keep costs as low as possible. You may have even done your own bookkeeping in QuickBooks or peeked over your bookkeeper’s shoulder to keep an eye on the finances

Why, if it’s such a boring thing? Because wise business owners understand that precise and timely accounting is not just a necessary evil, but also critical to their company’s survival.

However, when their company grows, most entrepreneurs discover that their time is better spent on other activities. Focusing on expanding the main business rather than managing day-to-day bookkeeping is a better use of time.Which is where outsourcing accountant services begins to make a lot of sense.

When a business owner can no longer be involved in every part of the company, the company requires more than just bookkeeping and basic accounting software that’s maintained by whoever happens to have the time. A growing business not only needs a formal accounting ‘department’ but deserves it.

At Pearl Lemon Accountants we specialise in a form of outsourcing accountant services our clients love and we think you will too. We provide you with everything a team of onsite experts would, and are as invested in your success as you are, but we don’t take up space in your office.

We serve as your accounting department, your financial advisors and more. which will not only save you time and money – and ensure you stay on the right side of the taxman – but give you an advantage over your competition who are still limping along with Quickbooks.

When is It Time to Upgrade From Bookkeeping to Outsourcing Accountant Services?

In the growth stages of a firm, a bookkeeper, or bookkeeping software, cannot provide what a business owner really needs: management accounting.

When a bookkeeper is no longer adequate and management accounting is required, you have reached a stage in the lifespan of a small business or nonprofit organization where accounting becomes a more fascinating topic of conversation.

Typically, one or more of the following triggers must occur for a small business owner to consider switching from accountant software to a ‘real accountant’

We’ve discovered that business owners with a “getting better” mindset who are dissatisfied with the status quo regard outsourcing accountant services as a tool to quickly advance to management accounting. They perceive outsourcing as a competitive advantage that enables them to be the best in class without making any upfront time or financial investments. And we completely agree with them.

Not convinced yet? Here are just some of the very compelling reasons to ditch Quickbooks and invest in expert outsourcing accountant services.

Concentrate on your core business

Accounting is not a key competency for most businesses and NGOs.

According to most business management experts, any function not related to your business’s core competency that diverts personnel and resources away from producing money should be outsourced. As a result, outsourcing accountant services allow management to concentrate on the areas of the firm that drive sales, service, and, ultimately, profitability.

In-House Burden Elimination

A business can save time and money by using other people’s resources (OPR) instead of hiring, training, and managing extra accounting employees by outsourcing.

You already have enough human resource difficulties as a new manager. Hiring employees, and keeping them, is a lot harder than many people bargain for if they’ve never done it before, including all the financial headaches it causes, especially when it comes to taxes.

Business owners with a strategic growth emphasis choose not to add to their workload by overseeing an accounting department as well. Your duty as the business owner or managing director should be to focus on the people who generate revenue, not on accounting.

While outsourcing accounting is often the next step for growing businesses, fully-funded start-ups can also profit from it. This is due to the fact that these start-ups require a scalable accounting platform from the outset and are frequently expected to submit company operating plans to their stakeholders ahead of time.

Experts on Tap

Access to accounting and business technology expertise is one of the most significant advantages of outsourcing accountant services. These business professionals – including the Pearl Lemon Accountants team – have been taught to use the finest accounting practices and to build systems and tools that integrate financial data across the company.

It is the goal of outsourced accountant specialists to like us to stay current with new technology that can assist your company. We put time and effort into continual research, training, and technology upgrades, all while keeping your company in mind.

Reliance vs. Compliance

Bookkeepers often focus on tax and audit compliance, whereas Outsourced Accounting Services also enable reliance – offering financial knowledge you can trust to make smart financial decisions. Compliance ensures that the tasks that must be completed are completed. Reliance gives you access to actionable financial intelligence so you can make data-driven decisions.

Pricing, for example, is one of the most crucial decisions a business owner will make. Every time a proposal is sent out the door, this decision is made, and it can make or break a company.

You won’t have visibility into profitability by customer, job, or marketing spending if your accounting is solely compliance-focused. How do you know where to focus your sales force or where to direct your marketing dollars if you don’t know who your most profitable clients are? You need a full service accounting service that can ensure that compliance and reliance are both in place.

Peace of Mind

Outsourced accounting offers scalable service alternatives that deliver efficiency and peace of mind, whether your firm needs to expand accounting services beyond simple bookkeeping or engage a full outsourced accounting staff to provide management reporting.

Accounting is best left to a team of accounting experts who can ensure the accuracy and quality of a company’s financial data. This piece of mind allows management to concentrate on sales, client relationships, and increasing the value of the company rather than on accounting.

Increased Efficiencies in Operations

Outsourced accounting can help your business or nonprofit boost operational efficiency in two ways. To begin, the outsourced accounting team will build and create a financial system that combines automation and integration to provide improved financial reporting capabilities.

Second, automation speeds up processes, allowing you to spend less time working in and more time working on your business. Time and expense tracking, as well as labor cost allocation, can all be automated, making life easier for your staff and allowing you to better assess profitability.

Furthermore, automating the billing and collection process saves time and money on invoicing, as well as improving cash flow through faster collection.

Financial Intelligence that is Decision-Ready

It is always possible to make better selections with more accurate information. A business owner or nonprofit director who keeps a close eye on an organization’s finances is better prepared to steer it ahead by answering questions like:

Is my job pricing correct?
Who are the most profitable customers for me?
Is it necessary for me to hire more employees? If that’s the case, how much may I pay them?
What should I do with my marketing budget?
Do I have enough money to pay my employees?

A traditional bookkeeper will never be able to deliver this level of expertise. To reliably answer these questions and make strategic decisions that affect profitability, a business owner needs outsourcing accountant services.

FAQs

How does outsourced accounting work?

A part-time accountant who works on your bookkeeping and accounting is known as an outsourced accountant. It’s a great alternative to having to hire a full-time employee.

For more information, book a call with our experts today!

Why should you outsource accounting services?

Outsourcing your accounting services is a great way to get a skilled accountant while saving money. An outsourced accountant works part-time and, as such, does not require you to have a full-time employee on your payroll. This way, you can have an accountant just a phone call or email away who can help you with your organisation’s specific needs.

Is it cheaper to outsource accounting?

Yes, it is. Since outsourced accountants work part-time and at a certain rate, you save what you normally pay a full-time employee, such as a salary and benefits. The savings can often average from 40%-60%, depending on the rate of the outsourced accountant.

If you would like more information, please book a call with our experts!

When should you outsource your accounting?

You should consider outsourcing your accounting when your current bookkeeper isn’t working out or even when you want more comprehensive accounting management. There have been cases where an organisation uses accounting software, which doesn’t work out. Having a real accountant is great, especially if outsourcing can save the company money.

Why choose Pearl Lemon Accountants?

Pearl Lemon Accountants (PLA) has vast experience and can provide stellar service. We can help make your company operations more efficient while providing you with peace of mind in the process. With PLA by your side, you know you’ll have a trustworthy business partner.