What Should Your Outsourced Accountant Send You Every Month?

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Accounting, Bookkeeping

Accounting might be the least appealing part of being a business owner. Keeping track of finances can feel like an uphill battle– especially if you’re part of the 60% that feel like they don’t know what they’re doing.

Luckily, you can outsource your accounting needs for some peace of mind.

Simply put, an outsourced accountant is a professional who provides accounting services to businesses on a contract basis. They can help you with everything from bookkeeping to financial reporting and tax compliance.

Outsourced accounting services can be a cost-effective solution to manage your finances. By outsourcing your accounting needs, you can focus on growing your business without worrying about the financial nitty-gritty.

So in this article, we'll dive into what you should expect from your outsourced accountant on a monthly basis. We'll cover everything from the services they should provide to the questions you should ask to ensure you're getting what you need.

So let's get started!

What Monthly Services Can You Expect from an Outsourced Accountant?

When you hire an outsourced accountant, you'll typically receive a range of accounting services on a monthly basis. Here are some of the services you can expect:

1. Bookkeeping: This includes recording financial transactions, maintaining accurate records, and reconciling accounts.

2. Financial Reporting: An outsourced accountant can provide you with monthly financial reports summarising your financial position, including your income statement, balance sheet, and cash flow statement, all to make informed decisions about your business.

3. Tax Compliance: Your outsourced accountant should help you stay on top of your tax obligations by preparing and filing tax returns and ensuring compliance with the relevant tax laws and regulations.

4. Payroll: An outsourced accountant can help you manage your payroll, including calculating and processing employee salaries, wages, and tax deductions.

5. Year-End Accounts: Your accountant can prepare and file your year-end accounts, which include your profit and loss statement, balance sheet, and other financial statements.

6. CFO as a Service: With outsourced accountant services like Outmin, you can get a Chief Financial Officer (CFO) on a part-time basis to receive strategic financial advice without paying the full-time CFO salary.

7. Dedicated Accountant: You'll have a professional solely focused on managing your finances. They can provide a personalised service and ensure you get the attention you need.

Now, please remember that the specific services you receive depend on the following:

The accounting service you choose
Your business’s unique needs

That's why it's crucial to work with an outsourced accountant who can customise their services to meet your specific requirements or provides a comprehensive selection of services like Outmin.

For example, a standard accounting service or online software wouldn’t be able to provide streamlined processes with a human touch overseen by accounting experts. Nor would they be able to provide part-time CFOs to help you maximise your business’s potential.

However, here at Outmin, we’re elated to be able to provide the full package that a business needs to grow, including automation, accounting experts, and part-time Chief Financial Officers.

Questions to Ask Your Outsourced Accountant

Before pulling the trigger, make sure you ask the right questions so you’re confident they're the right fit for your business! Here are some general questions to get you started:

“What services do you offer?” - Make sure they can provide the specific services you need, whether it's bookkeeping, financial reporting, payroll, or anything else.
“What is your experience working with businesses like mine?” - Ask about their experience working with businesses of similar size and industry to yours. This will give you an idea of their expertise and whether they'll be a good fit for your business.
“How do you ensure data security?” - It's important to ensure your financial data is secure. Ask about the outsourced accountant's data security protocols and ensure they comply with industry standards, especially if you must comply with regulations particular to sectors like healthcare or legal.
“What is your pricing structure?” - Make sure you understand the outsourced accountant's pricing structure and what services are included. This will help you avoid any surprises down the line.
“How often will we communicate?” - Communication is key when working with an outsourced accountant. Make sure you're clear on how often you'll communicate and what channels you'll use.
“Can you provide references?” - Ask for references from other businesses they've worked with. This will give you an idea of their track record and whether they've been able to deliver on their promises. You can also check for reviews online.
“How will you handle changes in my business?” - Your business needs may change over time, so make sure they can adapt to those changes and continue to provide the services you need even as you scale or switch gears.

Of course, these are just the basics. Feel free to create a list of other questions specific to your business and ask for the support you need.

What Are the Benefits of Having an Outsourced Accountant?

Outsourcing your accounting needs comes with a host of benefits, including:

Increased Financial Visibility and Control

You'll gain a deeper understanding of your business's financial position. You'll have access to regular financial reports and insights that will give you greater visibility and control over your finances. For example, you’ll easily identify areas where you can reduce costs and areas that are proving to be fertile ground for expanding your business.

Improved Decision-Making

You'll have access to financial expertise to help you make better decisions for your business. Your accountant can provide you with insights into your financial data and offer guidance on how to improve your financial performance. This can be especially helpful for small business owners who may not have a strong financial background.

Better Compliance and Risk Management

No one likes the tax man breathing down their necks, and with a good outsourced accountant, you should be free to focus on your business. You can rest peacefully knowing that your business is staying up to date with the latest requirements and regulations. Your accountant can also help you manage risks and identify potential areas of concern before they become major issues.

Get More Time to Grow Your Business with an Outsourced Accountant

Instead of crunching numbers and drowning in spreadsheets, you can spend time focusing on what really matters to you– making your business a success. Let your outsourced accountant handle the spreadsheets!

Peace of Mind

With a professional accountant on your side, you don’t have to worry about costly mistakes that can not only ruin your business but also have legal ramifications if done wrong.

Help Your Business Thrive with Outmin

If you're looking for an accounting solution for your small business, Outmin can help.

We leverage technology to provide a simple, hassle-free accounting solution. All you need to do is upload your documents or give us access to your accounting, and we'll take care of the rest! Our easy-to-read financial snapshot of your business KPIs, management, and more is readily available on our website or mobile app.

Plus, when you’re ready to scale, our part-time CFOs will be right there to help you!

With Outmin, you can rest assured knowing that your accounting needs are taken care of, so you can focus on what you do best– running a successful business.

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