Get in touch with a financial consultant at Fine Point Consulting today by clicking here.
Title Slide: The Benefits of Outsourced Accounting | With Luella Schmidt, Jen Hildahl, and Leah Shales
Leah Shales: There are so many benefits of outsourced accounting, one of which being that here, we have different levels of people with different skills and expertise. So, for example if a client needs a part-time bookkeeper one month and the next month realizes that they need to have an external audit done.
So that requires them to have internal controls documented, implemented. We have people here with experience doing both bookkeeping and working with external auditors, so that’s really great because it cuts down on the cost and time that it would take for the client to hire a bookkeeper and external audit experience.
Jen Hildahl: When you work in an outsourced firm, you have multiple levels of accounting services. You can have your bookkeeper, your accounting manager, your controller, your oversight CFO role for a reasonable cost. Whereas if you wanted those inhouse, you’d have to hire three or four different individuals which is obviously very costly.
Luella Schmidt: Certainly, when a company is smaller, what we see happen is, they need a little bit of bookkeeping like transaction processing. They need a little bit of oversight, such as making sure internal controls are in place and that assets are being protected.
Then occasionally, they need things like guidance on making financial projections. So that massively different skillset is hard to find in one person or in even two people and so when companies are smaller it makes a lot of sense to do an outsourced model like ours because you can take slices out of each of those levels and get everything you need with one service.
Jen Hildahl: We work with many different businesses, many different clients. So we can gain efficiencies through that. We can see what works well for some clients and apply it to the next client. We also work a lot with other CPA’s, so we can learn from ours peers and learn from other clients. Whereas if you’re working in house, it’s great because they are always there, they’re down the hall, you just just pop in, but they’re really kind of in a bubble.
They are not learning from other CPAs if it’s a small firm and you only have one accountant. So I think there’s just efficiencies and really great learning opportunities when you’re working with multiple businesses.
Music: Plan Your Adventure from JewelBeat.com