Outsourced Accounting

Outsourced accounting is a growing trend among middle-market and high-growth companies, providing a cost-effective way for organizations to improve their finance and accounting functions. Outsourced accounting services enable organizations to scale resources up and down as needed with no obligation to pay salaries or benefit costs. Additionally, it alleviates the burden of hiring, training, and maintaining accounting staff.

Whether your organization needs to expand accounting services beyond basic outsourced bookkeeping solutions or hire a complete accounting department supplying management reporting, outsourced accounting services offer scalable options that provide efficiencies and peace of mind.

Turning accounting over to a team of accounting professionals provides confidence in the accuracy and the quality of a business’s financial information. This peace of mind keeps management time focused on sales, customer relationships, and building value in the business, not accounting.

Generally, the individual goals and needs of a company drive the process of choosing outsourced accounting services. However, an outsourced firm can handle multiple accounting functions simultaneously.

Typically, these types of contract accounting services can be outsourced:

• Accounts Receivable/Accounts Payable Management
• Bookkeeping Services
• Controller Services
• Cost Accounting
• Drafting Financial Statements/Reports
• Financial Planning and Analysis
• Fraud or Forensic Accounting
• Tax Reporting and Filing

Outsourced accounting services allow you to employ the competence of an entire firm to handle the time-consuming accounting work. Plus, you get a trusted advisor for your financial decision-making.

Overall, for a small business, the true value of outsourcing accounting services is the reduction in costs. When you outsource your accounting, you are only paying for the accounting services you use. Meaning, you only pay for the help when you need it.

Contract accounting services eliminate the typical employee expenses like benefits, insurance, and paid leave. When you choose to outsource your accounting, you are reducing your overall operating cost.

Additionally, when you outsource your accounting, you get time back that you used to spend doing administrative tasks. The time you used to spend on accounting can now be used to better your small business. Sometimes, when you have to do tedious tasks such as accounting, it is distracting. Using outsourced accounting services allows you to focus on the core of your business.

Yes, we file and pay the Federal and State taxes quarterly, as well as produce your year-end filing. W2 or 1099.

Yes, accounting can be outsourced. Outsourcing accounting services gives you access to professional accountants who can provide a wide range of financial services, such as outsourced bookkeeping solutions,  accounts receivable/payable management, tax filing, and more.

Outsourcing also allows you to scale up or down the resources needed for your business without having to hire and train staff or pay for benefits and insurance. Additionally, it provides peace of mind as you can trust in the accuracy of your financial information. Furthermore, outsourcing reduces operational costs as you only have to pay for the services when you need them.

Although there are many advantages to outsourcing accounting, there are also some disadvantages. One of the main disadvantages is that you have to trust in the accuracy and reliability of your outsourced accountant’s work, as well as their professionalism.

Additionally, communication can be a challenge when working with an outsourced firm, as it is not always easy to get immediate answers or feedback.

People choose outsourced accounting services for a variety of reasons. The primary benefit is cost savings as you are only paying for the services you need and don’t have to cover overhead costs such as taxes, insurance, etc. Additionally, it provides access to professional expertise that might not be available in-house and eliminates the hassle of hiring and training staff.

Furthermore, contract accounting services allow you to focus on core operations, as mundane tasks such as accounting can be outsourced and time spent on these tasks can instead be used to further develop your business.

The cost of outsourcing accounting for a small business depends on several factors, such as the type and amount of services required, the size of your business, and the experience level of the accountant.

Get in touch with us today to find out how we can help you and get an idea of how much it would cost.

DMAIC stands for Define, Measure, Analyze, Improve, and Control. It is a Six Sigma framework used to improve existing processes by eliminating defects and reducing variation to maximize customer satisfaction.

The DMAIC process involves identifying the problem or opportunity, gathering relevant data and analyzing it to identify root causes of the issue, developing and testing solutions, implementing the solution, and monitoring it so that the desired results are achieved. The DMAIC framework is commonly used in the accounting world for process improvement initiatives. 

Nationwide. BlueStone works with businesses across the country, not just in our home state of Maryland. Thanks to our virtual service model, we’re able to stay closely connected with clients no matter where they’re located. We’re easily accessible.

We’ve built our accounting services to feel personal, even if we’re not in the same zip code. Through consistent communication and a team that understands your business, you’ll never feel like you’re working with a faceless firm.

We’re a KatzAbosch company based in Maryland and operate out of three office locations, so if you’re local, we’re happy to meet in person. But most of our clients work with us virtually, and we’ve designed every part of our service to make that just as easy and dependable.