Outsourced Back Office for Service Businesses and Nonprofits

Many small businesses in the early stages are primarily concerned with compliance – paying bills, getting paid, recording transactions, ensuring payroll accuracy, and following state and federal regulations. At some point, your business will cross a threshold and you’ll begin to place more emphasis on the need for timely, accurate financial reports and intelligence. This is when you’ll need more advanced bookkeeping, accrual-based accounting, and management or managerial accounting to help you make data-driven decisions. If your business is moving into a growth stage, you need to consider graduating to full accrual based accounting, with financial and management reports that help you scale. Typically you will need this level of financial management not only for yourself but for your key stake holders including banks, investors and advisors. We’ve seen firsthand how financial and management reports can help leaders drive performance & growth.

Go beyond basic financial reporting to get actionable management reports that help drive performance and profitability. If you can manage your job and some of the accounting each month but need a little extra help, a part-time bookkeeper might be a good fit for your business. They can do work such as inputting receipts and tracking employee timesheets, accounts receivable and accounts payable.

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Figure out which works for your business and start tackling the problems, or potential problems, with your books. I have peace of mind knowing that Wellpath is operating with a highly efficient, streamlined and scalable accounting system that is prepared for continued growth. Your strong professionalism, your detail oriented work, your elaborate tracking systems, your tireless work ethic and, most of all, your constant upbeat attitude made an otherwise difficult experience…bearable. If you have someone talented who doesn’t have an accounting degree, we’ll help them add more value to the company with training. “We were profitable the first month and I knew it because my accounts and books were clean and I could understand where the money was coming from and going to.” Get an integrated QuickBooks-centric Smart Back Office to automate and streamline all your financial systems.

If you’re growing, the outsourced bookkeeping service should be able to help you scale by adding full service accounting when you are ready for it. If either part-time or in-house bookkeeping is not the ideal solution, switching to outsourced bookkeeping or accounting could be your best option. Many businesses are concerned about switching over to outsourcing, not understanding how the pieces fit together with this model.

INDUSTRY EXPERTISE

If you decide to hire and manage a bookkeeper you’ll also have to decide whether the position is part-time or requires full time. If you decide to outsource, there are a few ways to go including local bookkeeping services, local CPA firms that offer bookkeeping services and specialized, national outsourced bookkeeping firms. Let’s look into three different options your company could consider to fill this need… Outsourcing also offers many benefits that you can’t get with an in-house bookkeeper. Today there are many different kinds of back office outsourcing companies, ranging from project-only outsourcing, hourly rates, flat recurring monthly service fees, and a la carte packages to fit each business’s unique needs.

As leaders in Zero Entry Accounting, we pride ourselves on our expertise in automating the back office. We partner with industry innovators in cloud-based software to build a fully integrated, accounting ecosystem for our clients. GrowthForce has a disciplined, centralized onboarding process to make sure we are efficient with your time and you benefit from the highest quality system design we have to offer. However we take the time to really understand your business and incorporate your feedback in the onboarding process. Full design and optimization of your accounting systems, policies and procedures, and reporting needs takes sixty to ninety days. We assign you a U.S.-based, dedicated team of bookkeepers, staff accountant and accounting manager who work from our service center in Kingwood, TX.

GrowthForce™ Launches Guide To Outsourcing For Bookkeeping and Accounting

Hourly rates for internal, part-time average around $21-23/hour depending on job description and location.[1] They typically are performing basic bookkeeping duties and will need to be supervised and managed. They focus on recording the financial transactions of a business through maintaining records, tracking transactions, and creating financial reports. You may decide to handle certain accounting functions in-house, or we can become your complete virtual accounting department. The growthforce service team will need to liaison with someone on your staff however, they do not need to have accounting skills. We are dedicated professionals who share a commitment to taking care of clients and changing the way organizations run their financial operations.

Our mission is to become a trusted partner you can rely on, so your success will keep growing. But, with growth comes an increased responsibility for your back office, and your bookkeeper might need help keeping up. We can get the most out of QuickBooks by leveraging its hidden features and integrating it with 3rd Party Tools and Apps that extend its capabilities. Gain control with a disciplined month-end close, financial reporting oversight, regulatory compliance and account management. Management Accounting and KPIs to help you make the best financial management decisions- short and long-term. The costs a small business or nonprofit incurs for bookkeeping will depend upon many variables.

TEAM & TECHNOLOGY

When hiring a part-time bookkeeper, management still needs to have someone reviewing the work of the bookkeeper. “Outsourcing financial operations offers a flexible solution for business owners who want to focus on growth,” added King. “Seventy percent of businesses seek outsourcing to help cut costs, and almost half adopt outsourcing to increase flexibility.” I now have a team of accountants that I can go to and ask questions about my financial reports, to help understand them better and to get some ideas on how I might be able to tweak the company to improve profitability. A full-time bookkeeper handles the day-to-day accounting functions for your office.

• They’ll communicate with you in many different ways including phone, email, text message and GoToMeeting, whatever works best for you.
• Our cloud based bookkeeping services are designed to meet you where you need help, and add additional expertise when the time arises.
• We streamline your back office by identifying more efficient workflows and defining how data is classified for actionable insights.
• We partner with industry innovators in cloud-based software to build a fully integrated, accounting ecosystem for our clients.

Additionally, outsourcing these departments provides access to highly trained accounting professionals, advanced insights and reporting, and scalable functions to meet the demand of dynamic business needs as they arise. In addition to advanced bookkeeping and accounting we provide a platform to increase profits, improve cash flow, grow your business and help https://www.bookstime.com/ your organization thrive. Just as with hiring an internal bookkeeper and defining their role, you’ll have to decide which pieces of your financial management make sense to outsource including the bookkeeping function. The average price of outsourcing your bookkeeping needs ranges depending on the number of transactions and complexity of services required.