The economic impact of the coronavirus challenge gives outsourced accountants an opportunity to help create a “new normal” for companies seeking ways to save costs and improve processes.
As companies are looking to minimize their loses and speed up financial recovery, it is a good time to consider outsourced accounting as an option to move forward. Outsourced accounting or fractional accounting provides many benefits for companies who do not want the unnecessary burden of having full-time accounting staff at the office.
Adapting and Adopting to Outsourced Accounting During the Pandemic and Beyond
With the relief programs, CARES Act and Paycheck Protection Program (PPP) underway to provide funds and loan forgiveness for businesses, it is an important time to consider adapting to change for the benefit of your company. By incorporating some level of outsourced accounting for your business, it will improve processes, cut costs and maintain remote work.
Businesses are reacting to new challenges from Covid-19, and making decisions to evolve their day-to-day operations. Companies who have a large internal accounting department are seeing some roadblocks with the “Stay-at-Home” orders. Their daily accounting tasks that include the handling of physical paperwork, in-person approvals, and the standard workflows for checks and balances are now problematic.
TAG, an outsourced accounting firm, with Senior-Level Controller Accountants, offers a solution for companies that need accounting help during the Coronavirus. Our accountants work remotely, have a range of industry experience and can offer accounting software experience from QuickBooks Enterprise, QBO, NetSuite, Sage, and many more.
Top Considerations to Hire an Outsourced Accounting Firm for your Business:
- Availability & Expertise from Plumb: We have accounting experts on hand to quickly provide you with clean and accurate month-end financials, cash flow forecasts and other financial reports that you need in order to support the business and your PPP loan requirements. For over 20 years, Plumb has worked with companies in various industries, and in different stages of their business.
- Make Better Business Decisions with Plumb: Gain peace of mind by having the financial data you need to make clear-sighted decisions. The outsourced accountants at Plumb, which consist of fractional CFO’s and Controller-level Staff Accountants and Bookkeepers give you options for different service levels, depending on your need. We are equipped to keep your accounting operations running smoothly despite local restrictions.
- Go Remote; Get on the Cloud; Be Secure with Plumb: There are many moving parts when you decide to outsource your accounting, but setting up a cloud-based software environment shouldn’t be one of them. Plumb works with many accounting systems and can help with recommendations if needed. Most importantly, we have gone through multiple security audits performed by large national financial institutions, so we can guarantee security of data.
- Scalability & Flexibility: Plumb has the capability and experience to fully outsource your internal accounting functions or take on interim project work to provide a cost-effective and scalable solution. Our services are typically a fixed-fee basis depending on the number of transactions and monthly reports. We are flexible on our terms and can even provide fractional project work if needed.
- Creating a Balance of Strategy and Execution: Business owners need to realize that finance and accounting are not the same. Areas of finance, which are typically performed by a CFO or Finance Manager, are more centered around developing Key Performance Indicators, forward-thinking strategy and overall process improvements. While the skill-sets of most accountants is about executing tasks and deliverables. While some businesses have restrictions to bring employees back into the office, bills still need to be paid, collections need to ramp up, and most importantly accounting tasks need to be handled.
Remote Accounting Tasks the Plumb can Handle:
- Accounting clean-up and producing financial statements
- Tracking revenue & expenses: Properly setting up a chart of accounts and categorizing transactions.
- Data entry & processing transactions
- Recordkeeping: Maintaining files throughout the year, so all documents are in order for tax season or in preparation of an audit.
- Collections: Having an outsourced bookkeeper stay on top of the invoice process and making sure customers are paying within their terms.
- Bank & credit card reconciliations
- Payables & receivables: Streamline the process to be more efficient which equals getting cash in your bank account sooner.
- Managing bill pay: Paying bills, vendor management, and setting up a calendar of due dates.
- Filing sales & use tax
- Booking prepaid accruals, insurance, deposit, rent and retainers