The 5 Benefits Businesses Really Get From Their Outsourced Accountant

1

Organization

According to a Chamber of Commerce report on small business statistics, “Following inadequate funding, poor planning and bad management were the next most common issues to blame for small business failure.” Without a business plan or accurate financial metrics, businesses are not making informed, strategic decisions.

However, many executives and entrepreneurs don’t have time to maintain or organize their bookkeeping. The same report found that, “Only about a third of small businesses employ the services of a professional accountant, yet 82% of businesses use accounting software to balance their books.” Business owners operating off outdated or incorrect financial data often miss opportunities to leverage accurate financial data to their benefit.

The first step to making strategic and informed business decisions is organizing your financial data. Outsourced accounting teams don’t encroach on decision-making for businesses. Instead, they provide information and insights – including process improvements or opportunities that can assist executives in making the right decisions to align with their goals.

This process does not have to be difficult or time consuming. In fact, getting financially organized has never been easier. With technology today, business owners can seamlessly provide an outsourced accountant with access to all their data. From there, it’s hands off – the accountant can translate the raw data into invaluable summarized metrics and reports.

2

A Bird’s-Eye View

Executives want more insight than their monthly bank statements can provide. Today, outsourced accounting teams provide businesses with reports, live dashboards, and relevant KPIs that transcend the basic financial statements of the past.

Because many executives don’t have time to learn new, complicated software to track important KPIs, communicating their organization’s goals to their outsourced accounting team means they can benefit from the accountants’ technology expertise. Additionally, this is often done for a fraction of what it would cost for businesses to learn the software themselves. Online accounting software syncs with other third-party applications used by a business to aggregate data that was previously bifurcated, providing the business owner with a holistic bird’s-eye view of their financials in one place for the first time.

3

Results & Reasoning

The best outsourced accountants don’t just provide their clients with month-end results, they also provide them with the reasoning behind those results. As trusted advisors, accountants are in a unique position to equip business owners with more than just “what” happened in the past month. They can often share an understanding of financial results and provide insight into how these results should influence growth strategies.

By contracting an outsourced accountant to perform budgeting and forecasting analysis, business owners can keep a pulse on how they are trending in comparison to their goals. Creating a business plan can help ensure a clear track for future growth.

4

Predicting the Future

Financial modeling and forecasting are some of the most valuable services an outsourced accountant can provide a business. They measure how achievable a business’s goals are and provide insight into a business’s longevity. The best forecasts cover various “what ifs” and can be easily adjusted to reflect best and worst-case scenarios.

Executives who communicate their goals to their accountant can benefit from forecasts that create a visual financial picture of a decision they are struggling with. In this way, business owners can leverage forecasting to make smarter, more strategic decisions at every obstacle they face. Forecasting turns these obstacles into opportunities for growth.

5

Freedom!

Working with an outsourced accountant means not needing to worry about who will manage all the complex details that accompany back-office work. It eliminates the time-sink and stress behind the hiring and training process, instead leveraging existing expertise.

By providing accurate financial reporting, dashboarding, and insights, outsourced accountants help executives focus solely on their passion for their business. That means less time spent on the nitty gritty, and more room to focus on the big picture – your business’s future.