3 Reasons to Outsource Your Accounting to a Remote Accountant

If outsourcing your accounting to a remote accountant has been on your mind, you’ve come to the right place. 

In this article, you will learn: 

• In this article, you will learn: 
  • Why outsourcing matters
  • What outsourcing your accounting can look like
  • Why it might make sense for you
  • The top 3 reasons to outsource to a remote accountant

Let’s dive in.

Why Does Outsourcing Matter?

Outsourcing your accounting to a remote accountant could have some significant upsides to your business. 

First off you are going to get an expert. That’s right you get the expert who will elevate your visibility by giving you new insight into the data side of your business. 

But why is this important? The accounting expert can help you to assure that you are meeting your business goals by leveraging timely and accurate financial information. You will move from frustration and chaos around the numbers to clarity and visibility which will help you make smart business decisions.

In addition to adding an expert to your team, you can save money and have one less person to manage as newer web-based technology is enabling remote accountants to work with businesses entirely virtually and like never before.

Outsourcing to a Remote Accountant Looks Different for Everyone

Outsourcing to a remote accountant looks different from business to business based on what you need.

• Do you need a tactical team member like a bookkeeper? They will handle day-to-day things like paying your bills leveraging software like bill.com. 
• Do you need a more strategic partner like a controller? They will deliver a timely and accurate set of financials to use to make smart decisions to build and grow your business.

We suggest referring to the accountability chart, otherwise known as an organizational chart, and understanding the role you are looking to place. Along with the role, you’ll have a better understanding of the core functions that will be outsourced. 

For example, outsourcing a bookkeeper could include outsourcing functions related to:

• Payroll
• Bill payment
• Invoicing and collections
• Bank reconciliations

Once you land on the role, then it’s a matter of process. Going back to the example of the bookkeeper and specifically bill payment, you need sound processes and clear expectations. 

For example:

• Pay bills every two weeks by the bookkeeper
• Ensure all POs are matched to invoices and shipping documents by operations
• Obtain proper approval for the release of the payment by operations
• Release payment by the bookkeeper

Note: All of these processes can be executed by leveraging inexpensive but highly effective software.

The last key piece is having a culture and environment that enables and leverages technology. If you have the right person and the right process this is the final piece. 

Back to our bill pay example, we leverage a piece of software called bill.com. It enables us to create and execute against the process we laid out. For instance, there are approval features and you have the ability to upload the relevant documents needed for approval into the system, allowing the approver to have access to them when approving.

Watch this to hear from our Founder on the 3 reasons to outsource your accounting to a remote accountant:

Does Outsourcing Make Sense for You? 

If all of your technology is housed in a closet in a server room then outsourcing to a remote accountant might be tough, as it’s an important piece to making this work. 

On the other hand, if you are leveraging web-based platforms like QuickBooks Online, Bill.com, Gusto, and Drop Box you are on the right track to creating a technology stack that can be used. 

Fear not, if you have the desire to transition into the digital world that is an option too.

Here is a question for you: 

What are the qualifications of the person maintaining your books, financials, and projections? 

Many companies have a person in the accounting or bookkeeping seat that is not qualified. 

Basically, they got the short end of the stick! But imagine a world where you had access to a team member that had unique abilities in this area as a trained professional. They are efficient, effective and provide relevant financial information to help you make smart decisions to build and grow your business. 

That’s what we are really talking about. A team of experts that will be operating as a partner to provide data to help you make good decisions.

Lastly, there can be significant cost savings to outsourcing to a remote accountant. The key to this is to have this person focus on core functions that relate to their specific technical skills. You don’t want your accountant getting into HR or administration. You want them to focus on specific tasks that require their knowledge. 

Top 3 Reasons to Work with a Remote Accountant

1/ Moving into this arrangement will force the business to access processes, people, and technology to ensure that you have efficient and effective people, technology, and processes to help you achieve your goals.

2/ You will have a resident accounting expert that does not need to be trained or managed. They will help gain control of your finances so you can build and grow your business.

3/ You will likely save money as you probably don’t need a full-time hire. You won’t need to worry about space, technology, or benefits.

Searching for a Remote Accountant? 

If you’re looking to outsource your accounting to a remote accountant – look no further. 

New Economy exists to help entrepreneurs gain control of their finances to make smart decisions to build and grow their business. 

Schedule a time to meet with our Founder, Jeff, and discuss how we can add value to your situation.