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1. What to Expect from Outsourced Accounting
You just decided to focus on
your core business through an
outsourced
accounting
strategy. It is important for you
to identify which areas you
need to outsource to obtain the
best value for money. Find out what outsourced accounting services offer and know
what to expect when you outsource this aspect of your business. Review the services
that are being offered so that you can be sure to access all that is available for you on
the outsourcing market. Some outsourced accounting services include: start-up services,
bookkeeping services, controller and CFO services, and advisory services. You can take
advantage of all these services or you can decide to select from the menu based on your
company’s needs.
Services for Start-Up
With start-up services an outsourced accounting firm will offer entity selection and
structure as well as IRS and states registration. Additionally, you won’t have the
headache of assessing and deciding which accounting system is right for your business,
your accounting service provider will identify your needs and select the most
appropriate system for your organization. If you are a start-up company you will be able
to benefit from accounting procedures and policies tailored for your organization.
Book Keeping Services
Many small business owners struggle with managing their books and cannot afford to
hire an accountant so they use outsourced accounting services to effectively manager
the books. Bookkeeping services will include preparation of bank reconciliations, job
costing, accounts payable, recording of journal entries, equipment usage, depreciation
of equipment, and preparation of balance sheet and income statements. With these
critical accounting activities in the hands of a professional firm you can rest assured that
legal, regulatory and compliance matters regarding your books are intact.
Controller and Chief Financial Office services
With CFO services you are assured of the expert preparation of monthly, quarterly, and
annual financial statements. In this arena outsourced accounting will ensure intricate
analysis of your general ledger accounts, and reconciliation of your job cost reports. No
longer will your work in progress reports be late, and your budgets and projections will
be accurate and timely. Your CFO service will liaise with the bank, insurance, and

2. bonding agents on your behalf. Your cash flow analysis with be in-depth and accurate,
and you will not have to worry about bonding company requirements.
Expert Services
One of the most important aspects of outsourced accounting is advisory services. You
will have access to leading and best practices to ensure that your organization is
operating on the cutting edge in terms of financials. Tax projections can often be
difficult but you can take advantage of your outsourcing company’s expertise to make
sure you don’t miss the mark. Benchmarking keeps you up to date with certain
standards and leading practices in the financial arena. You will no longer be lagging
behind but on the leading edge, with access to specialist advisory services. Some other
pertinent advisory services that you can access on the personal side include personal
financial statements, estate planning, and transition planning.
When you know what to expect from an outsourced accounting service, you are well on
your way to making a decision to place your business on the cutting edge of accounting
best practice.