A Small Business's Guide to Outsourced Accountants & Bookkeepers
Outsourcing: In recent years, this term has been exchanged more between businesses and start-ups as the majority of professionals continue to find different ways to improve operations and increase profits.
Today, the outsourcing industry itself has exploded to the point where nearly every Australian business has at least one or two forms of it within their operations. From production to marketing, many aspects of a business can be sourced from another service provider to reduce costs and improve overall quality.
Over the years, two particular forms of outsourcing have become widely utilised for the majority of businesses big and small alike: outsourced bookkeepers and accountants.
An overview of both options
Outsourced bookkeepers and accountants have become essential for businesses because they tackle one vital part of their operations: their finances.
Regardless of what size your business may be or which markets or segments it caters to, there’s no denying that having professional help to take care of your numbers can make a difference in your overall success. If you’ve been meaning to work with either one or both outsourced experts, it’s important to brush up on everything you need to know about them.
These professionals serve a business’s own internal financial needs that mostly deal with the tasks of day-to-day data entry and record-keeping. What differentiates them from their accountant counterparts is that they focus more on management accounting. This means that they’re in charge of the following tasks:
1. Structuring your books to help your accountant (outsourced or not) handle their quarter-end and year-end responsibilities in a more effective and efficient manner.
2. Ensuring that you have enough money to run your business in the most profitable and sustainable way possible.
3. Monitoring how your business earns and spends its money to ensure that it’s making the best transactions for its overall success.
4. Tracking who owes your business any given amount and conversely monitoring what you owe as well.
Outsourced accountants, on the other hand, take an externally-focused approach by helping your business be as tax-compliant as possible while providing the necessary data and insights for better decision-making.
In all cases, these professionals come either in the form of an enrolled agent (EA) or in a certified public accountant (CPA). Beyond titles, however, both EAs and CPAs that function as outsourced accountants are tasked with fulfilling various roles and tasks, such as:
1. Keeping your business in-line with its tax-related responsibilities through proper monitoring and tracking (which is done by collaborating with a bookkeeper).
2. Helping you pay the least amount of tax that’s legally allowed by uncovering opportunities for reductions and refunds.
3. Calculating the total amount of your estimated tax payment while serving as a bridge for communication between your company and authorities.
Through the services of an outsourced accountant and bookkeeper, you can provide your business with the necessary foundation for its eventual success and stability in both the short and long term. If you’re looking to give your business a competitive advantage that it can use to stay afloat in any challenge, then working with these two outsourced professionals will be your best option! New Wave Accounting provides end-to-end accounting and bookkeeping services in Gold Coast that help scale & grow businesses. If you are struggling to keep up with the finances of your business, we have the answer for you! Get in touch with us today to see how we can help!