Outsourced Accounting: How to Know If It's Right for You

Outsourced Accounting

4 min read

Do you often wonder how successful your business could be if you had just a few more hours in each day? If you could pass off some of your mundane, low-level tasks, you’d not only have a few more hours in each day, but you would also have more time for high-level thinking and planning.

Staying on top of back-office work, like accounting, is tough when you’re busy with profit-generating work. Fortunately, there are reputable CPA firms that recognize your need for outsourced accounting services and can help offload your plate. Some common tasks that businesses choose to outsource are payroll, accounts payable, accounts receivable, and controller functions.

Read on to learn the four telltale signs that you need to outsource some or all of your accounting functions.

When You Feel Like You Need an Accounting Degree

You’d rather be doing profit-centered work like sales and strategy. Then you find yourself chasing down unpaid receivables or falling behind on your own billings. With complex regulations and tax laws, it's tough to be confident in your accounting skills. 

Outsourcing accounting functions like A/P and A/R processing, collections, budget preparation, forecasts, and creating financial statements allows you to focus on your core strengths.

Want to enhance your bottom line or improve your A/P process? Read some valuable tips on accounts receivable and accounts payable.

When Your Sales Are Good but Cash Isn’t Flowing

There is only one thing more frustrating for a growing company than tight cash flow — not understanding why cash flow is still so tight when your sales are increasing.

Cash flow is the fuel of your business. You don’t want any leaks or you may run out of gas before you get to your desired destination. Speaking of fuel, do you know your monthly spending on gasoline?  

Outsourced accounting brings sophisticated financial analysis to your decision making — like how to cut costs without compromising revenues. 

When Your Accounting Department Just Blew Up

Maybe you have a one-person accounting department and that person just quit. Maybe you have multiple employees in accounting, and they all got the same flu bug. Maybe you thought your rag-tag accounting crew was doing just fine until you find out you’re being audited by the IRS.

Outsourcing accounting functions with a third party ensures that you are not limited by the loyalty, health, or skill sets of your in-house accounting department.

When You’re Trapped Under a Mountain of Paperwork

The worst time to realize you’re behind on your accounting is when you need to prove the strength of your business to a lender, investor, or supplier. Not only do these potential partners expect your accounting information to be current, but they expect it to look professional.

If you are a small business, you may have gotten by with paper bank statements, spreadsheets, tax forms, and more until now. Your need for accounting software is evident to you, but you don’t have the time to shop around for it and convert all your accounting to a new system.

Outsourcing your conversion from paper to electronic accounting will save you time, money, and energy. Your company can benefit from the latest technology without the expense and learning curve.

The MGA F.A.S.T. Team Has You Covered

You owe it to yourself to assess your need for accounting help. Expert accounting is hard to appreciate until you find yourself in one of the situations above.

At MGA, we recognize many businesses need outsourced solutions to help them solve their complex problems. Our team of experts is here to make sure you are in control of your business, allowing you to focus on growing it.

Learn More About Our F.A.S.T. Team

Our Finance Accounting Support Team (F.A.S.T.) provides a full range of accounting, controller, and financial management services. If you don’t want to manage your finance and accounting functions internally, then this service is for you. No matter your particular situation, we have a variety of outsourced accounting services that can help you on the scale that you need.

Take control of your accounting needs by outsourcing it to experts. We are ready when you are.

Let's talk!

July 25, 2019