Outsourced Accounting Services
Save Money, Save Time with Outsourced Accounting Services
Q: What is outsourced accounting?
A: 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.
Q: What functions are included in outsourced accounting services?
A: 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
Q: What is the makeup of resources you use as staff for your outsourced accounting services?
A: Our team is made up of certified and fun-loving accountants with diverse backgrounds. Our business has been running for over twenty years and we have retained the best accountants we could find, anywhere from Montana, Utah, Oregon and more! All our employees hold themselves accountable.
Q: Is reduction in tangible costs the only reason to engage outsourced accounting services?
A: The tangible costs of an accounting department of any business are very similar, if not the same. Payroll costs are of course always the same; wages and salaries, employer-related costs on those wages, employer-provided benefits including health insurance, 401k plans, health savings accounts (HSA) to name the most common. Other tangible costs include: facility costs of rent, utilities, office supplies, computer equipment, telephones, accounting software, furniture, etc.
Q: If I engage outsourced accounting services, how does my cost structure change?
A: 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.
Q: Does using an outsourced accounting firm require me to switch my long-standing tax preparer?
A: 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!
Q: What difference in quality can I expect using an outsourced accounting firm?
A: In the accounting world, we talk about GAAP, Generally Accepted Accounting Principles. GAAP accounting is required when the business needs a Compilation, Review or Audited financial statements. Outsourced accounting firms should have the ability to produce financial statements prepared according to GAAP. The CPA firm takes the GAAP statements and produces one of those three reports.
Other types of basis of accounting exists in addition to a GAAP set of books. These include cash basis, tax basis, OCBOA (Other Comprehensive Basis of Accounting) and specific purpose statements. The outsourced accounting firm should under the above accounting basis’s, and prepare the base records in such a manor the CPA firm can work their magic.
Q: In reference to quality, does the skill level of outsourced accounting or outsourced bookkeeping differ from my current staff?
A: It’s like an apple farmer (our clients) being asked to pick out the best oranges from harvest. You might pick some of the best oranges (accounts), but an orange farmer (BASS) is going to pick even better ones. BASS has the accounting expertise and resources to pick highly qualified staff members. Our hiring practices find the best accounts from Utah, Oregon and Montana.
Intangible cost savings that come from Outsourcing your Accounting:
Define intangible costs.
You will save so much money from intangible costs, you might need to hire more accountants! A few of the intangible costs include time spent on hiring new employees, training new employees, and of course not finding the right candidate to fit your company.
Minimize hiring costs.
Finding the right employee can be quite the balancing act. Luckily, balancing is what we do best. Deciphering the most important quality traits in accounting resumes requires years of accumulated practice and we have that very asset.
Employment firms place a minimum value of ½ the salary/wage base of the new hire as the cost of hire and training. If an A-level employee is not hired and retained, then this cost is significant and magnified over time as more than one employee is hired for the same position.
Less worry over A-Level employee loss.
Have you ever had an employee give you their two weeks notice and left you scrambling to find their replacement? Replacing an accountant within two weeks is even more vital than your average employee because so many other factors rely on them. When you hire us, you can count on us to always be there for you with a fully backed staff.
Avoid recurring space & supply costs.
There is an intangible/opportunity cost associated with facilities. Yes, you are paying rent but is the space used for back-office activities the best use of that space? Rather than renting a bigger facility, does that space have a possibility of better utilization? These costs are intangible. The cost of not having to invest in computers, telephones, office supplies, and other related costs are intangible costs saved if engaged in an outsourced accounting services model. There are costs of hiring and training, that are not measurable.
Maximize the value of the service.
With an A-Level employee, one would think all of the intangible costs go away, but it is not so. Even with an A-level employee, you have breaks charged to the company. (Conversations, bathroom breaks, personal errands on company time, surfing the net, looking for other jobs, etc.) Studies have shown that the productive time of an employee is between 70 and 80%.
Personality clashes with their boss is an intangible/opportunity cost. These clashes definitely take away the productivity of the employee. This intangible cost is a $370 billion problem for US employers.
More effecient skill management.
The skill level of all employees is different. Some come to the table with degrees, others with experience, and others with smoke and mirrors. As a business owner, you are not in the business of accounting, so your level of skill is not the level at which one should manage all these variations. Especially hard to manage is the lack of skill, because it is not readily noticeable on the financial records. This lack of skill is hard to detect at times and doubly hard to find a replacement and start the process over again.
Talk to one of our CPAs about Your Business with our Accounting Audit
Q: Does my current bookkeeping model have the same business processes as if found in an outsourced accounting firm?
A: Outsourced accounting firms give you the full structure of an accounting staff department, while paying a fraction of the price. Bookkeeping models normally don’t have all the necessary pieces like Customer Relations, Vendor Relations, Bill Payment, Vendor Relations, Payroll, Banking Relations or Government Compliance issues. Hiring an outsourced accounting firm allows your business to have a specialized accounting team, while maintaining your flexibility.
Q: It is hard to picture how business functions are passed to a third party, and outsourced accounting services are no different. How does this activity interface with me, the client?
A: Because of our knowledge, understanding, and experience with remote accounting, we produce a simple and effective approach that allows you to maintain control and have full access to our system. With full and complete access to files, you can jump on the server at any time to see reports, invoices, or anything else you care to check in on. In fact, our software and remote management is so user friendly that some of our clients use our services to do a portion of the work themselves, while leaving the remainder of it for us.
Q: Is outsourced accounting services always associated with an offshore company?
A: BASS is a proudly based American business hiring the best candidates we can find here in the states.
Q: Does using outsourced bookkeeping services save me, the owner/executive, any time?
- A: Time: Unless your background is accounting, don’t waste your time becoming an expert in another field. Stay in your own lane and let us do the accounting driving for you.
- Resources: By outsourcing your bookkeeping services, you stay focused on your business’ values and goals, rather than counting all the pennies one by one and moving them into their right places
- Money: Hiring in-house employees doesn’t just cost salaries, but it costs you all the benefits and raises that comes with that initial cost.
- Expertise: We are focused on improving their accounting procedures both in the short term and long term. The accounting world and procedures fluctuate as much as our accounts, so keeping our staff up to date in all things accounting is at our front of mind. Our customers benefit from our expertise, without stressing out about it.
Q: Under the outsourced accounting model, do I lose control of my accounting activities?
It’s natural for business owners to want to keep control over their financial records and micromanage them to ensure they’re accurate. Our certified accountants want the exact same thing you do and is their only goal. Owners should focus on their business and use the financial reports we provide, so owners can make better informed decisions about their industries. Be great for your business and we’ll be great at accounting for you.
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