Outsource Accounting Services at Plumb
List of Top Ten Most Frequently Asked Questions…
Plumb (The Accounting Group) was established in 1996 to help companies optimize their financial department with outsource accounting services. Over the years, we have compiled a list of the most frequently asked questions that prospective businesses want to know about outsource accounting services and Plumb.
1. Why would a company utilize outsourced accounting services?
Outsourcing services have become a mainstream practice in the business world and accounting is not an exception. Many companies use outsource accounting services to handle either all aspects of their financial department needs or they utilize it for part-time help or project work. Either way, companies who hire an outsourced accounting firm do not have to deal with the burdens and expense that come with having in-house employees. Check out our accounting team!
Top reasons why a company would outsource their accounting needs are:
- Cost: Companies save money by outsourcing their accounting by not having to pay for employee’s benefits, taxes, paid time off, or the time it takes to hire, train and setting up office space.
- Scalability and customizable approach: You pay for the services and level of accounting help that you need. If your company has a CFO but could use a quality Controller once a week to handle financial reporting, or maybe your business has a Controller, but could use a Staff Accountant or Bookkeeper to help with those tasks. Click here for more information.
- Having industry-specific accounting experts and software specialists: It’s important that your outsourced accounting team understands your industry’s specific accounting needs and can get up and running on your accounting software quickly.
- Business owners have more time to work on their business instead of crunching numbers: Spend time that makes you more money, instead of costing money.
2. Why hire Plumb?
What differentiates Plumb from other outsourced accounting firms is our 7-Step Process. With over 20 years of experience in providing outsourced accounting services to more than 800 companies in various stages and industries, Plumb applies the actions of: Analyze > Accelerate > Achieve. The 7-step process has phase objectives and key deliverables for each engagement. It starts by understanding your industry, your challenges, and then we analyze the financial and operational data to present a customized outsourced accounting solution.
3. Does Plumb specialize in certain industries?
No matter what industry, Plumb becomes a highly effective extension of client operations by delivering timely, dependable and cost-effective results. If your company is a start-up organization with little to no accounting resources in place or a firm with an already established accounting department, Plumb can provide a scalable and customized approach to your outsourced accounting needs.
However, there are certain industries in which Plumb has expertise to provide the highest level of accounting and software help, including:
- Construction & Real Estate Development
- Manufacturing & Distribution
- Professional Services
- Nonprofit Organizations
4. What accounting software do you work with?
When working with Plumb, your company gets the added benefit of having a team of outsourced accountants who know your industry and your accounting software. Whether you’re on a basic accounting software such as QuickBooks or an industry-specific accounting software to a more complex ERP system, Plumb can handle it. We make sure that the outsourced accountants who will be providing the services match your industry and software requirements.
5. How much does outsource accounting services cost?
The cost varies on the amount of accounting work needed and the level of services provided. There are various hourly rates depending on the need for the different tasks performed. For example, Plumb would create an accounting team, made up of a Bookkeeper, Staff Accountant, Accounting Manager and or Controller/CFO to work on the tasks associated with those objectives. So, we would not charge a Controller hourly rate for AP/AR-level tasks, rather assign those accounting functions to a Bookkeeper or Staff Accountant.
Many companies take advantage of outsourcing their accounting because they have been both underutilizing and overpaying their in-house staff by having their Controller or CFO perform basic accounting functions. More commonly, they have an in-house accounting clerk perform the higher-level functions that they are not qualified to do. If your needs are part-time accounting or fully outsourcing your accounting department to Plumb, we can meet your unique requirements.
6. Does Plumb work remotely or on-site? Does my company need to be located in Southern California?
Plumb works with the latest technology to provide accounting services anywhere in the United States.
For companies based in Southern California, we have accounting staff available to work on-site with offices located in San Diego, Orange County and Riverside County.
7. Who provides the accounting services?
We use the team approach to provide accounting services for our clients. Mostly, this includes a Controller or Accounting Manager and Staff Accountants. The benefit of having multiple finance professionals working on your financials is that at any given time, you have access to answers. If anyone leaves there will still be a point person managing your account who sets up policies and procedures for a streamlined approach.
8. How do I know that my information is secure?
Plumb puts security measures in place for all confidential information. Financials are stored in a data center with multiple levels of security that can only be accessed by Plumb and the client. In addition, sensitive information is encrypted and uploaded to the client’s private portal. There is a two-factor authentication to login to the portal to safeguard accounts and information at all times. Employees must pass a background check to be hired at Plumb, and the company is fully insured for cyber and crime security.
9. Do I need a Fractional CFO?
There are times when a company believes that they have reached a level where they need CFO services and want to hire a fractional CFO, when they really only need Controller-level services. Check out the difference between the two roles and how to determine if you need an outsourced Controller or fractional CFO.
10. Is Plumb a CPA firm?
No, Plumb does not provide tax returns or perform audit work for clients. Plumb will help with pre-audit work to get organized and prepared. In addition, Plumb can be a resource to help answer questions from your firm’s CPA and provide timely monthly financial statements and year-end accounting help.
How can I get started?
Please fill out this form and we’ll be in touch to answer any of your questions regarding outsource accounting services or provide a pricing quote: