When a company hires an external party to handle its financial functions, including bookkeeping, payroll, financial reporting, management accounting, tax, accounts payable, accounts receivable, debt recovery, and other account-related services, it is referred to as outsourcing accounting.

Opting to outsource your accounting tasks to an experienced team of professionals is a wise business move that can save you both time and money while ensuring that your accounting needs are met with utmost efficiency and effectiveness. It’s crucial to have access to accounting experts who are well-versed in various areas of accounting, especially if you don’t have a strong accounting background. Partnering with an outsourced accounting firm ensures that your records are maintained accurately, your payroll is processed promptly, and that you’re always in compliance with relevant regulations. Thanks to the support of a dependable outsourced accounting services company, you can achieve better outcomes at an affordable cost effective price point.

Your business can utilize your time wisely to focus on driving your company’s growth. Accounting servies stands out as a reliable cost effective option for comprehensive financial management solutions, offering you access to all the financial help you and your business needs. By partnering up with an outsourced accounting firm service provider, you can achieve better operational outcomes without investing an excessive amount of time in managing your in-house team operations.

A dependable accounting team is an invaluable asset to any serious business owner as it ensures that all financial matters are handled with utmost professionalism, leaving you free to concentrate on other critical aspects of your enterprise. Moreover, receiving comprehensive and timely financial statements and information can prove to be extremely beneficial in gauging your company’s success, forecasting future cash flow, and making informed decisions regarding business growth and expansion.

Expanding your business can be a daunting task, especially when it comes to accounting operations. However, partnering with a reliable outsourced accounting company. With their expertise and experience, they can help you navigate the complexities of accounting while you focus on growing your business.

Outsourcing your accounting operations is a great way to optimize your procedures and automate your duties! By partnering with a reliable outsourced accounting firm you can gain access to a top-notch accounting software, and their expert systems. This will help you save money and get better outcomes! Not only that it saves time, but you can also reduce your carbon footprint by adopting digital methods and decreasing wasteful paper usage.

One feasible approach to reduce expenses is by outsourcing accounting needs to a team of professionals with diverse skill sets, instead of recruiting in-house accountants with additional costs. This strategy can potentially save money while ensuring that accounting tasks are handled efficiently and effectively by a team of specialists who are knowledgeable in various areas of accounting. By leveraging the expertise of an outsourced accounting team, businesses can focus on their core competencies and reduce the burden of managing a team of in-house accountants. By outsourcing your various accounting responsibilities, you can save money and improve results at the same time.

When it comes to financial reporting, accuracy and timeliness are crucial for business continuity. Any delay or error in financial information can lead to poor business decisions that can negatively impact the company’s growth. This is why outsourcing financial reporting is a wise decision. By entrusting this task to professionals who specialize in financial reporting, companies can ensure that their financial data is accurate, current, and delivered in a timely manner. Outsourcing financial planning can also streamline the reporting process, freeing up time for businesses to focus on other important tasks. Overall, outsourcing financial reporting is a smart investment for any company looking to make sound financial decisions.

Accounting inefficiencies often arise due to manual processing of financial transactions. To address this issue, outsourcing accounting function can be a viable solution. By doing so, the process can be accelerated and errors can be minimized. Moreover, hiring an outsourced accounting team can provide automated accounting solutions, that can significantly reduce the likelihood of human errors, thus further improving the efficiency of the accounting system.

Outsourcing both accounts payable and receivable can have a positive impact on a company’s cash flow, invoicing, and payment procedures, particularly if they have multiple providers bank accounts, and clients to manage. Additionally, enlisting the assistance of specialized collections teams can help to efficiently recover any outstanding debts.

There are 3 common mistakes people make when outsourcing their accounting department, which are:

It’s important to partner up with someone that aligns with your values. If you don’t have a shared vision and values, you can only grow so far. At Breakthrough we share your excitement for making an impact. Our true passion is to make a difference in the world — accounting, risk management and finances are just what we’re really good at. By teaming up with us you won’t just experience the best service and results, but you’ll be working with a likeminded organisation.

Sometimes with accounting outsourcing, you don’t know what you don’t know. You might think you need something and the accountant will take it too literally, just doing what you asked without taking the time to understand if that’s what you should or could do. Make sure you find someone who understands your business. At Breakthrough we have an in-depth discovery process to fully understand your needs and tailor a unique client offering at no additional cost.

Before you hire an outsourced team, make a list of the support and services you need (e.g. bookkeeping services, reporting, payroll taxes, tax returns, monitoring transaction fees, etc.) but also your goals (e.g. increase cash flow, have better visibility into your finances and balance sheet risk mitigation etc.). At Breakthrough, we factor in your needs and also make suggestions based on your goals, with a tailored package to suit your individual needs.

The proliferation of technology and the surge in remote work has democratised the practice of outsourcing accounting. This has enabled smaller enterprises and organisations to access this service, and not just the larger corporations.

If you’re running a business and struggling to find the right fit for a full-time employee within your budget, you’re not alone. It can be a challenging process to identify a candidate who possesses the necessary skills and experience while also being a good cultural fit for your organization. Moreover, losing your accountant can be a significant blow to your company and requires finding a replacement quickly. This can be a daunting task, as you must hire and train someone new, hoping they can fill the same shoes. Alternatively, outsourcing to a team of accountants may be a viable option that can alleviate some of the stresses associated with hiring and maintaining an in-house accounting team.

In order for small businesses to thrive, it’s crucial to have access to financial expertise beyond that of an office manager, bookkeeper, or administrative staff member. However, not every small business owner can afford to hire a permanent CPA and CFO. Fortunately, there is a middle ground solution that can provide the necessary financial guidance without breaking the bank. By seeking out the services of a consultant or freelancer, businesses can tap into the expertise of professionals who can offer their skills on a part-time or project basis. This approach can help business owners make informed decisions that will benefit their bottom line, while also allowing them to stay focused on their core competencies. Whether it’s managing cash flow, budgeting for growth, or navigating tax laws and regulations, a financial consultant or freelancer can provide the necessary support and guidance to help small businesses achieve their goals

If you’re a small business, owner or organization in need of temporary assistance, there are a variety of situations where you might require short-term support. Perhaps you need to replace a part-time employee who is currently away, or maybe you need an accounting audit to ensure your finances are in order. Additionally, end-of-year reporting is another common reason why businesses may require temporary assistance. Whatever your unique needs may be, there are options available to provide the support you require

Not-for-profit organizations often encounter difficulties when it comes to recruiting competent finance professionals. However, Breakthrough offers a comprehensive range of services specifically designed to assist such entities in managing their finances effectively. Our team has a wealth of experience in handling various tasks, including managing donations and tax-deductible receipts, acquiring and recording programs, doing quarterly reports, securing grant funding, and fulfilling annual reporting obligations to different regulatory bodies. We understand the unique challenges faced by charities and not-for-profits and are committed to providing tailored solutions that meet their specific needs.

In today’s fast-paced business world, it is essential to optimize your time and resources to achieve maximum efficiency. For many companies, outsourcing corporate accounting work can be a smart decision, allowing you to focus on your core business functions while experts take care of your financial management. To ensure a successful outsourcing experience, it is crucial to follow certain guidelines.

1. Communicate your business needs: it is essential to define your accounting needs and objectives clearly. You should have a thorough understanding of the scope of the work to be outsourced, the timeline, and the budget. When it comes to accounting tasks, it’s important to consider what you’re comfortable outsourcing. You have the option to outsource the entire accounting function or just a specific area of expertise. By doing so, you can weigh the pros and cons of each option and determine what will work best for your business. Take the time to evaluate your needs and resources to make an informed decision that will ultimately benefit your company.
2. Assessing and selecting accounting and tax firms: When you’re in the process of assessing and selecting an outsourced accounting firm, it’s important to take into account a few key factors. Firstly, it’s crucial to find someone who is appropriate for your business’s specific kind, size, and demands. This means that you should be looking at accounting firms or accountants who have experience working with businesses like yours. Another option to consider is outsourced companies that specialize in accounting management. These companies can provide valuable expertise and support for your business, but it’s important to make sure that they have a solid track record and happy clients.Additionally, you should look for businesses that have knowledge of your particular sector. This will help ensure that they understand the unique challenges and regulations that your business may face. Finally, it’s important to find a service provider who has the ability to handle the scope of your business. Make sure that they have the resources and expertise to provide the level of support that you need.
3. Negotiation of Contract: Once you have identified your ideal outsourced accounting firm, it is imperative that you engage in a thorough negotiation process to determine the contract terms. During this discussion, key topics such as the scope of service, cost, payment conditions, service level agreements (SLAs), data security measures, reporting frequency, and dispute resolution should be addressed. This ensures that all parties involved are aware of their responsibilities and expectations are clearly defined
4. Communicate: In order for an outsourcing accounting firm partnership to truly thrive, it is absolutely crucial that both parties are able to maintain open lines of communication. This can take many different forms, ranging from simple phone conversations and emails to more complex video conferences and virtual meetings. By staying in close contact with your outsourced accounting team, you can ensure that you are always up-to-date on the latest developments and that any issues or concerns can be addressed in a timely fashion.

In conclusion, outsourcing accounting services can be a valuable tool to increase the efficiency and effectiveness of your accounting firm. By outsourcing, your internal staff can be freed up to focus on other important tasks, while procedures can be streamlined and accounts payable and receivable can be expertly managed. Additionally, outsourcing can lead to more accurate and timely financial reporting, which is crucial for making informed business decisions. However, before opting for outsourced accounting, it is important to weigh the benefits and drawbacks to ensure that it is the best course of action for your company. By carefully considering all factors, you can make an informed decision that will ultimately benefit your business.