How do I know when to outsource accounting?

How do you know when it’s time to outsource accounting tasks?  How large does your company need  to be to benefit from an outside service or a second set of eyes?

How do I know when to outsource accounting?

Traditionally, outsourced accounting services would only accept clients “of a certain size,” perhaps $3 million in revenue or 20+ employees. And these services typically had a rigid set of accounting service packages they provided to all clients.  Or they provided services only for a specific industry or business model.

But now, there are more flexible and scalable outsourcing services available, such as Global Virtuoso.  This flexibility provides specific accounting deliverables that help the business meet its objectives with quality work, and have the benefit of skilled accounting advice much sooner in their business life cycle.

Modern technology such as secure file transfer and videoconferencing also makes it much easier to work with an accounting team that is not in the same town.

Most business owners could benefit from outsourcing one or more accounting tasks long before they seriously consider this question. But it can be helpful to learn from the experiences of other businesses.   So, here are a few of the triggers that caused clients to begin a conversation with Global Virtuoso:

  • You have a tax or reporting deadline coming up that is causing stress to you or your team.
  • You would like a “second set of eyes” on an important reporting document to ensure there are no errors that might reflect badly on your company.
  • You are considering an acquisition or merger.
  • Accounting has always been done in a way that is not very formal, but the company’s growth now requires a more robust process.
  • A team member that performs some accounting or bookkeeping tasks is leaving the company.
  • The company’s growth requires the acquisition of property, equipment or the hiring of new team members. The timing of these investments and other decisions depend on accurate financial reporting.

The very idea of outsourcing your accounting may seem  stressful to you,  if you’re thinking “I don’t know where to find all of the documents and other information they’re going to need.”

If that’s the case for you, the thought in itself is a good reason to consider outsourcing. Many of our clients feel overwhelmed, uncertain and disorganized before we start working together – but the sooner we start, the smoother the process goes.

Keep in mind that it’s not necessary to outsource all accounting tasks at the same time – different clients outsource different tasks for different reasons.

Common accounting tasks to outsource:

  • Financial management & analysis
  • Reporting
  • Treasury
  • Credit control & invoicing
  • Invoice processing & help desk
  • Procure-to-pay services
  • Accounts receivable & collections
  • General ledger accounting
  • Fixed Assets Management
  • Period closing & bookkeeping
  • Contract & order management
  • Payroll
  • Business setup
  • Corporate document management
  • Quality and process improvement
  • Advisory services

Interested in taking the next step? Complete the form on our Contact Us page and we’ll schedule a convenient time for a consultation.

Why Outsource Accounting to Global Virtuoso?

Although there are many companies that provide outsourced accounting services, several factors  make Global Virtuoso the ideal choice.

  • US & Canadian owned
  • 24/7, 365 days a year operation
  • Back up electricity
  • Security
  • On-site IT support
  • Multiple Internet and telephony redundancies
  • Reliable, high-quality skilled services in hard-to-find specialties
  • We provide frequent training to our team members so they are always up to date on the latest accounting and business practices.
  • We have a low turnover and attract the best skilled team members because we provide an ideal place to work with excellent pay and benefits. We enjoy a fun company culture with activities like our regular Let’s Stop and Celebrate Awhile events.

Ready to Get Started?

Interested in taking the next step? Complete the form on our Contact Us page and we’ll schedule a convenient time for a consultation.