Outsourced Accounting Explained
What is accounting outsourcing?
Accounting Outsourcing is hiring a certified and qualified accounting department to handle any of your accounting needs at a better price for a better product. The process of outsourcing your accounting department means you no longer have to worry about paying full time salaries to employees in your own company, plus all the resources that went into finding the employees in the first place. You’ll count your lucky pennies the day after you hire BASS.
What functions are included in outsourced accounting services?
All accounting functions: Invoicing, Accounts Receivable, Payment Receipts, Customer Relations, Vendor Relations, Accounts Payable, Bill Payment, Vendor Relations, Payroll, Employee Relations, Banking, Banking Relations, Inventory, Financial Statements, Government Compliance issues
Does using an outsourced accounting firm require me to switch my long-standing tax preparer?
No! Your tax preparer, or CPA Firm, will be happy to hear you outsourced your accounting services. CPA firms will have an easier time preparing your taxes, which could mean less time for you paying them. It’s a win for us, it’s a win for the tax firm and it’s a win for you!
If I engage outsourced accounting services, how does my cost structure change?
The cost structure becomes a tangible cost only. All of the intangible costs are absorbed into the outsourced accounting services agreement. It is the responsibility of the outsourced accounting firm to hire A-Level Employees. To hire those with experience, skills and schooling which provides the business owners with expected results. All the management of the accounting function is under the outsourced accounting services agreement.
All of the current tangible costs of the business are absorbed under the agreement. Cost of employees, benefits, facilities, supplies, technology, software and furniture are a part of the outsourced accounting services agreement.
If you liked this article, check out our Outsourced Accounting For Your Industry Guide.