Outsourcing your organization’s accounting function is a flexible, cost-effective way to address the ever-changing operational needs of your organization. There are many different accounting tasks that can be outsourced, each of which can provide a variety of benefits depending on your organization’s needs.
When you outsource accounting tasks, those tasks are performed by experienced specialists who can bring their technical expertise to bear. This expertise can take different forms depending on the type of task being performed and the professionals who perform it, who may be CPAs, bookkeepers, financial statement preparers, and more. For instance, outsourcing payroll tasks to a payroll expert can be helpful in dealing with the issues specific to payroll, such as the compliance requirements involved in the process of filing payroll tax returns.
If your organization outsources the preparation of monthly or annual financial statements, you can take advantage of the preparer’s knowledge of U.S. GAAP or another relevant basis of accounting to help ensure that the financial reports meet your organization’s needs. Outsourcing can also provide expertise in specific software programs, such as QuickBooks, and assist with your organization’s accounting system more generally. For example, an outsourced accounting specialist can work with your organization to develop a chart of accounts that best suits your organization’s particular accounting and recordkeeping needs.
In general, outsourcing can lead to improvements in efficiency and cost-effectiveness for your organization. As described above, specialization facilitates the quick and efficient completion of accounting tasks. In addition, outsourcing can help your organization save on labor costs since engaging outsourced accounting services is less costly than hiring additional in-house employees to perform those tasks. As these examples show, outsourcing can keep your organization’s financial operations running smoothly, provide relief for your in-house staff, and give you more time to focus on your organization’s mission.
If you are interested in Sciarabba Walker’s outsourced accounting services or have any questions, please reach out to your personal Sciarabba Walker contact or email us at info@swcllp.com.
By Dylan Wright, CPA