What is Outsourced Accounting? – RedmondAccounting.com

What is Outsourced Accounting?

One engineer builds software; another builds bridges. One attorney works in civil legalities; another pursues criminal cases. One doctor is a surgeon while another may specialize in primary care.

The accounting profession also has specialties such as Tax, Audit, and Client Accounting Services (CAS).

What is CAS? It’s the equivalent of a business’ accounting department, performed by an accounting firm. Outsourcing this work relieves you of the burden of staffing, supplying, hiring, and managing an accounting team for your business.

In 2019 we were awarded Top Client Accounting Services ProAdvisor.

Outsourced accounting encompasses advisory, bookkeeping, and consulting services.  Advisory services play the role of a fractional CFO, looking ahead at the business’s trajectory.  Bookkeeping falls under the realm of the Controller and includes virtual bookkeeping and internal controls for fraud prevention.  Consulting services make good use of the accounting firm’s expertise to help set up, guide, and support a company’s in-house accounting department.

Advisory

Virtual CFO services turn numbers into meaning.  Knowing your numbers helps business owners and leadership teams make big important decisions and seemingly smaller day-to-day decisions that affect the future outcome of the company.  We analyze performance and offer insight into results in light of trends and benchmarks.  We manage the strategic planning work that is integral to the growth of an organization.  This forward-looking advisory role encompasses analytics, strategy and process management, and automation. Our unique process helps leadership teams both remain accountable to their goals and implement those goals throughout the organization.

Bookkeeping

Virtual Controller services manage the flow and regulation of money in and out of the business related to sales & purchase transactions and ensure the complete and accurate recording of financial activity to the general ledger. This role encompasses the design, configuration, and maintenance of the accounting ecosystem using innovative and secure technology and is aimed at delivering clear and consistent reporting on the company’s historical performance.  Cloud bookkeeping uses web-based apps like QuickBooks Online to allow access by multiple people in different locations.  Your virtual bookkeeper can record all of your financial activity and you can log in to run financial reports to see how your business is performing.  The bookkeeper’s work drives the financial reports.  Accurate financials help business owners view performance.  Bookkeeping is more effective when it is performed in real-time.  Updating the books from a year and a half ago will give you financial statements for a year and a half ago.  But that information may be stale by now.

Consulting

Cloud accounting is the use of web-based solutions to perform accounting tasks.  This improves access to information for everyone from the bookkeeper recording financial activity to the virtual accountant reconciling the bank account to the owner running a Profit & Loss statement to see how they performed that month.  Our firm has acted as the virtual accounting department for our clients throughout the cloud accounting movement.  We have mastered the system architecture and workflow related to being an online accountant and online bookkeeper.  We can implement these systems for your business and train your staff to use them.  You will be running a cloud-based, paperless, mobile, e-pay accounting department in no time.

We’d love to be your virtual accounting department and help you empower your business through accounting expertise and insight.

Schedule a complimentary consult so we can learn more about your business’s needs.