Big-firm experience. In-house understanding.
Your finances affect every aspect of your business, from your day-to-day operations to your plans for growth and transition. You could say they’re the bedrock of your organization. Without a sound foundation, everything else you do can come crumbling down.
But having an in-house accounting department with the knowledge you need isn’t always feasible. And if you don’t have the expertise yourself, how will you know who to hire?
Outsourced accounting services provide the knowledge and insight you need to make sound decisions about your business.
How does it work?
Outsourced accounting services (OAS) means a third party (us!) is responsible for your accounting operations. We make sure your bills are paid and deposits are reconciled. We provide financial statements and monthly reports on your activities. We analyze your current financial operations for efficiency, and we counsel you on the future plans of your company.
In other words, we’re your off-site accounting department.
James Moore’s team can limit work to specific functions, or we can cover all of your accounting needs. You simply handle the daily activities of coding invoices and deposits; we take care of the rest!
- Maintaining general ledger
- Processing checks and payments
- Payroll processing
- Accounts receivable and payable
- Recording receipts
- Preparing month-end adjustments
- Preparing financial statements
- Overseeing annual audit preparations
- Tax work (filing returns, preparation of W-2 and 1099 forms, etc.)
- Holding regular meetings to review activity and statements
With over 50 years of outsourced accounting service to clients large and small, we’ve seen—and can handle—just about everything! And with a bench depth of over two dozen accounting professionals, your work will be done on time and to the highest standards.
Our experience has shown us that different industries have different accounting needs. We’ve worked with construction companies, real estate companies, nonprofits, manufacturers, homeowners associations, healthcare practices, technology firms… you name it!
Regardless of your mission, we have the outsourced accounting solution that works best for you.
Top benefits of outsourcing accounting
Many small and mid-sized organizations have found that outsourced accounting services are an ideal solution to their accounting needs. With these benefits, it’s easy to see why.
- In-depth knowledge of accounting and finance. Our accounting firm has highly skilled professionals who continuously update their knowledge and keep abreast of best practices in the industry. Adopting an outsourced solution means that this expertise is at your fingertips.
- Service that’s always there for you. An outsourced company doesn’t take vacation or sick days, so you never have to do without your accounting department. We’re always here for you.
- A cost-effective accounting solution. Why spend money hiring and retaining in-house accounting employees only to have them leave for another company? (Not to mention the company knowledge they take out the door with them!)
- The most updated information and tools. Our accounting professionals keep up with new legislation, available funding (and guidance on using those funds) and the latest industry software to make sure you get relevant, premium service.
- A quick-scaling department for rapid growth. Is your company taking off so suddenly that your people can’t keep up with bookkeeping and payroll? We can seamlessly add people to your team to accommodate your growth (and remove them just as easily if they’re not needed).
- Freedom for you! Let’s face it—you didn’t start your business because you like keeping track of payroll and spending. Our accountants live for that stuff! Let us handle it while you focus on your professional passion.
If you don’t need the wide scope of an all-encompassing service (especially if yours is a larger entity), outsourced accounting might not be the best option for you. In that case, we have targeted and specialized offerings that can help your company thrive based on your industry and your needs. For example, our CFO consulting team provides an experienced point of view on financial matters. And if you’re a tech startup looking to grow, learn about our SBIR grant accounting services.
How much does outsourced accounting services cost?
When times are tight, it can be a sound financial decision for a business to outsource their accounting in order to reduce their overhead costs of an in-house accountant such as payroll and benefits. This is particularly important in light of the COVID-19 pandemic as many organizations struggle to stay afloat.
Generally speaking, the cost of outsourcing accounting services are similar to in-house costs.
However, the cost of outsourcing accounting services largely depends on how much work is required. You can expect the cost to be higher as more transactions, reconciliations and services are required. In order to quote you on an estimated monthly fee, our professional accountants will take the time to research your company’s operations by analyzing financial reports, statements, receipts and payments.
Consider asking the following questions related to your internal overhead costs in order to calculate whether it makes financial sense for you to outsource your accounting:
- What are the salaries and benefits of my current accounting employees (including insurance, Social Security taxes, unemployment tax, paid time off and any other benefits)?
- What is the cost of providing a workspace for the accounting team (such as computers, office supplies, equipment, space, etc.)?
- How much does it cost to adequately train employees and keep them certified?
- How much time does management spend on supervising accounting employees?
- What are the costs associated with recruitment and retention of employees?
Not sure how to start?
Your first step is to find a qualified, experienced, full-service accounting firm. (Hey, that’s us!)
When we serve our outsourced accounting clients, we draw from several aspects of our knowledge base—accounting and bookkeeping, audit and assurance, technology, operational efficiency and more. The result is a well-rounded approach to your finances.
So, when you’re looking for a firm, keep these questions in mind:
- How long have they been providing these services, and does their experience include similar industries as yours?
- What level of personnel will be associated with your work (CPAs, experienced bookkeepers, etc.)?
- Do they guarantee a date for completion of each task or monthly reports?
- Are their fees too low to provide quality service based on your knowledge of the work required?
- Do they use technology to enhance the level of service (such as cloud-based software, file-sharing capabilities, dashboards for management)?
We’ll take the job!
If you haven’t guessed by now, we more than fit the bill for outsourced accounting services. So, contact us today to see how we can help!
Outsource your accounting needs to a local Florida CPA
Whatever your financial goals are, it’s important to find a business partner with the right resume of experience, knowledge and dedication to help make it a reality. For over 50 years, James More has delivered comprehensive accounting services to organizations of all sizes and shapes. From our offices in Gainesville, Daytona, Tallahassee and DeLand, businesses throughout Florida and nationwide