If you’re a business owner resisting an outsourced bookkeeping and accounting solution because it sounds complicated, expensive and overwhelming, you’re in luck—it’s none of those things. A good outsourced accounting firm will simplify your bookkeeping processes, reduce your bookkeeping costs, and help you focus on your business. At Accountfully, our goal is to become an integrated part of your team. We support our clients with everything from processing payroll to assessing new business opportunities. This is done through blended approach of bookkeeping execution and financial expertise.
While no two accounting firms are the same, your experience will probably look something like what we’ve outlined below:
You’ll Have An Onboarding Phase
Generally speaking, when an engagement letter is signed, business owners are anxious to get started. But before the work can be done, business owners can anticipate an onboarding phase. At Accountfully, our onboarding process is simple: we ask questions, gather logins, get account information, and set up communication protocols in order to best serve our clients. Sometimes we’ll overlap with a previous bookkeeper or accounting firm and work with them through the transition. But sometimes we’ll inherit abandoned financials that were poorly managed—regardless, the first step is getting everything caught up and on track for success.
You’ll Have A Team
Unlike having a traditional bookkeeper in your office, your outsourced accounting team will do their work remotely. They may not work in your office, but they are still an essential part of your team—and should feel that way. Accountfully staffs engagements with dedicated teams that are committed to you and your business. With regular check-ins and weekly communication, they are just a phone call or email away when something needs immediate assistance. Whether you’re in Vancouver or the Virgin Islands, our team becomes your team.
You’ll Have A Service Level Agreement
Outsourced accounting and bookkeeping is a way for business owners to ensure that their books are up to date and accurate. Accordingly, there will likely be a service level agreement that corresponds to your engagement. This will outline the roles and responsibilities of your outsourced accounting team. At Accountfully, our monthly bookkeeping engagements are scoped to meet our clients needs, timeline and budget. The service level agreements are tailored to align with the business owner’s needs and can grow or shrink depending on the success of the business. If you decide to outsource your accounting, be sure your engagement has been created specifically for your business. Don’t work with a firm that tries fitting you into a certain package they offer. Each business has unique needs and requires a unique service level agreement.
You’ll Have Ongoing Support
Once your outsourced accounting and bookkeeping engagement commences, you will have a team that works collaboratively with you. They will manage your books proactively, execute the tasks outlined in the service level agreement, and be vigilant about the things that require your attention. In addition to outsourced bookkeeping execution, some outsourced accounting firms also offer strategic consulting. At Accountfully, depending on your engagement and budget, you might also have an accounting manager on your outsourced team. Accountfully’s accounting managers work with clients to forecast, budget, and plan for growth. Going beyond the bookkeeping execution, they assess sales cycles, perform margin analysis, and advise on new business opportunities.
The Bottom Line
Work with a team that offers both the bookkeeping execution and financial expertise. While each is important in their own respect, they are most meaningful when aligned. If you’d like to learn more about outsourced bookkeeping and accounting, let us know. We are always happy to walk you through a typical engagement and create a custom proposal that will best serve your business.