The Basics of Outsourcing Accounting: How Atlas Services Streamlines Your Business’ Finances

Today, businesses are increasingly looking to outsource crucial functions, including accounting and bookkeeping. In our previous blogs, we’ve written about outsourcing as the right option for your business and its pros and cons. Indeed, the shift towards outsourcing accounting is proving to be a strong trend among businesses across industries. But what does it entail, exactly? This blog post covers the basics of accounting outsourcing, detailing the scope of services commonly provided in the industry and how we here at Atlas Services are your go-to for financial solutions. 

What is Outsourcing Accounting?

Outsourcing accounting leverages business needs with financial demands. It involves bringing a third-party to complete financial and bookkeeping tasks, ranging from payroll processing to tax preparation. Small businesses, startups, and hybrid organizations see outsourcing accounting as a viable option to match their small scale and flexible work schedule. Among the benefits of outsourcing accounting is cost-savings, as external accountants don’t require office space, sick days, or insurance like that of an in-house accountant.  

What is the Scope of Outsourcing Finances?

The outlook for external accounts ranges greatly. Your business may have different needs than another in the industry. Outsourcing accounting encompasses everything finance from the daily invoices to fractional Chief Financial Officer (CF0), the most advanced accounting management services available. Let’s now examine these services, ranging from least to most complex.

1. Bookkeeping: This is your day-to-day transactions, such as sales, purchases, receipts, and payments. External accountants ensure up-to-date records, so your business can focus on core operations without getting bogged down.

2. Payroll Processing: Calculating employee salaries, deducting taxes and benefits, and ensuring timely and accurate payment can all be delegated to an external accountant. Outsourcing these tasks help your business stay on top of payroll regulations in states where you operate or hire internal personnel. 

3. Accounts Receivable and Payable Support: These activities are coupled together to allow external consultants streamlined oversight and process management of handling invoices, payments, and collections in a timely manner. The best external accountants improve cash flow, reduce the risk of late payments, and meet vendors’ payment terms.

4. Tax Preparation: External accountants provide expert knowledge of tax regulations, identify potential deductions, and ensure accurate and timely filing. This is particularly valuable during peak tax seasons, helping your business to avoid penalties and optimize their tax positions.

5. Financial Reporting and Analysis: Services involve monthly, quarterly, and yearly reports and analysis to comply with filing regulations, forecast growth, and measure key performance indicators. Your business can benefit greatly from expertise in this area if you’re planning to implement long-term strategies.

6. Fractional Chief Financial Officer (CFO): Fractional CFOs take on the full scope of responsibilities of an in-house CFO part-time or full-time. External accountants with the most qualifying experience make it to this level, managing all other financial aspects of your business in a holistic manner. 

How Can Atlas Services Help? 

If you’re ready to outsource any of these accounting functions, look no further than us here at Atlas Services! We provide the entire range of services listed in this blog and more. Our Accounting & Bookkeeping Services keep your statements, reports, budget, payroll, and much more in order. We utilize only the best, industry-leading accounting software. Additionally, our Fractional CFO / Controller Services maximizes your business’ financial potential from cash forecasting to merger and acquisition due diligence to financial presentations. We have it all. Contact us today to start your journey to success! 

As businesses increasingly recognize the benefits of outsourcing crucial functions, accounting and bookkeeping emerge as key areas where external expertise can make a substantial impact. This blog shed light on the basics of outsourcing accounting, emphasizing its scope and the diverse range of services it encompasses. From essential tasks like bookkeeping and payroll processing to more advanced functions such as financial reporting and analysis, your business can find tailored solutions that align with your unique needs. Atlas Services stands out as a reliable partner in this realm, offering a comprehensive suite of Accounting & Bookkeeping Services, coupled with the expertise of Fractional CFOs to elevate your business to new financial heights. By choosing Atlas Services, your business confidently navigates the complexities of financial management, ensuring accuracy, compliance, and strategic growth. Embark on your journey to success with us – contact Atlas Services today to explore how our financial solutions can propel your business forward.