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5 Advantages of Using an Outsourced Accounting Service

02/28/2023

As a business owner, you have many concerns on your plate. Many business owners choose to alleviate some of their hands-on responsibilities by hiring an accountant to manage their financial needs. Regarding accounting, business owners have two options: hire an in-house accountant or use a professional outsourced accounting firm. Both have their advantages, but which one is right for you? 

In-House Accounting 

When you hire in-house, you have a dedicated staff member who can perform all the necessary tasks and keep track of everything. However, having an employee in your office also means paying them a salary—which may not always be worth it down the road, especially if business circumstances change. 

Why Consider Outsourced Accounting Services? 

Here are 5 reasons why choosing outsourced accounting is a good idea: 

  • Outsourcing can save time. An outsourced accountant taking care of all the financial record-keeping for you means less time spent on bookkeeping and more time spent growing your business. Additionally, an outsourced firm can save time by eliminating lengthy hiring and training processes. 
  • Outsourcing can save money. An employee search, onboarding, training, and employee turnover can be costly. Conversely, outsourced accountants wouldn’t require drawn-out training procedures. Also, they are typically paid a set rate, which can be much less than what you’d pay an employee. 
  • Outsourcing can offer greater expertise. When you outsource accounting, you have access to a team of experts with proven knowledge in the field. These seasoned accountants can advise you on ways to reduce your tax obligations, maximize deductions, and identify areas where you can improve your business practices. A professional accounting firm will also have access to the latest technologies and tools for helping your business succeed. 
  • Outsourcing can ensure greater compliance with regulations. Outsourced accounting firms can provide their clients with the latest tax laws and regulations to help maintain compliance. This can save you from fines and penalties, which could be costly. 
  • Outsourcing can improve cash flow. If you outsource accounting services, you may be able to utilize the cash saved to put towards other aspects of your business—like marketing or advertising campaigns—which can help increase the growth and success of your company. 

Schedule a Free Consultation with a Certified Public Accountant in Oregon 

If you choose outsourced accounting in Oregon, it’s not just the money you’ll save by making the switch—it’s also the peace of mind that comes with knowing your finances are in good hands. 

At Perpetual CPA, we know that every business is different, so we tailor our services to meet your specific needs. Our management team has over 35 years of combined experience in various financial specialties—we know what it takes to help your company succeed.  

To schedule a free consultation with one of our certified public accountants, call us at (503) 217-4114 or fill out our contact form.  

We serve Portland, Hillsboro, Beaverton, Wilsonville, Happy Valley, and the surrounding Oregon communities. 

 

Perpetual CPA 

111SW Fifth Ave. 

Suite 3150 

Portland, OR 97204 

(503) 217-4114 or (503) 217-6101 

Email: [email protected] 

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frequently asked questions

  • What Is A Virtual CFO & How Can It Transform My Business?
    • a. A Virtual CFO can be a much-needed sounding board, coach, and guide. Outsourced Virtual CFO is generally not just one person, but an experienced team of professionals providing a full-stack Accounting and Finance Department at a fraction of the cost that it would otherwise cost a business to hire even just one full-time CFO internally. The right virtual CFO service team, such as the one at Perpetual CPA, can deliver timely, detailed, comprehensive financial reporting, interpret the financial data, prioritize recommendations, give expert guidance on how to execute those recommendations, and ultimately give a better path to business success.
  • How can a Virtual Accounting Department help small businesses scale and grow?
    • a. A growing number of small businesses are opting to outsource services such as IT, human resources, or accounting. The benefit of a Virtual Accounting Department is that the company can reduce or increase services to accommodate current business needs. Because the service provider has multiple clients they can absorb fluctuations in workflow more easily than the average small/medium business can on its own.

      b. A Virtual Accounting Department can integrate with a company’s own accounting department to create a blended solution or provide a full-stack accounting department, including Accounting Staff, Manager, Controller, and Virtual CFO. By using a Virtual Accounting Department Small business owners don’t have to worry about hiring, training, figuring out compensation, and payroll compliance for the internal accounting team. Also as the business grows and new and more complex accounting and tax issues come up, the outsourced Virtual Accounting Department can provide all the needed expertise to facilitate continued business success.
  • What are the benefits of hiring a CPA firm?
    • a. Certified Public Accountants (CPAs) do a lot more than just crunch numbers and prepare taxes. They provide valuable expertise and strategies to help businesses and individuals achieve their business and financial goals. A CPA firm can help small businesses with management financial reporting, tax compliance, strategic business advice, and much more. Firms like Perpetual CPA, that specialize in helping small and medium-sized businesses achieve growth, can also provide Virtual CFO services, that help the business owners have the foresight into the short-term future cashflows and be able to more successfully navigate their business performance.
  • What are the best strategies for small business growth?
    • a. A business growth strategy is, simply, a plan of how a business gets from where it is today to where it wants to be in the future.

      b. Some of the questions to consider when coming up with a growth strategy are:
      i. Where will the business get new customers from?
      ii. How will the business expand into new markets?
      iii. What new products could the business offer?

      c. In reality, what happens with many small businesses, is that they generally achieve a specific level of business activity or sales and then the business growth trend flattens. In those cases, working with a firm like Perpetual CPA, which provides Virtual CFO services, can help small businesses avoid stagnation. Virtual CFO services, aside from providing timely accounting and tax reporting, can also provide valuable insight into the current performance of the business, as well as, foresight into the future cash flows for the business. Perpetual CPA Virtual CFO team helps small businesses interpret their financial information and come up with business strategies to help improve business performance and achieve growth.
  • What are the best strategies for small business risk management?
    • a. A risk management plan helps a business develop a detailed strategy to deal with certain risks that are particularly important for the businesses’ success.

      b. For many small and medium-sized businesses, the easiest way to develop and implement a business risk management plan is to work with a reputable CPA firm, such as Perpetual CPA. Large corporations invest a lot of resources and time into managing risk, which is a material factor that allows those large corporations to continue to generate billions of dollars in revenue every year. Small businesses, however, almost never manage any business risks, which is the major reason that over half of all the small businesses do not survive for more than 5 years. Generally, small business owners are not experienced corporate business professionals and lack the needed business knowledge, yet they often have to wear many hats while trying to get their businesses off the ground. In those situations, a CPA firm such as Perpetual CPA, can help small businesses better manage tax compliance risks, cash flow, internal controls, business administration, financial reporting, and much more.
  • What is Strategic Advisory and Virtual CFO? / How do Strategic Advisory and Virtual CFO services work?
    • a. When small businesses start spinning wheels, it is a good time to consider hiring a reputable CPA firm, such as Perpetual CPA, which can provide both Strategic Advice and Virtual CFO services.

      b. As a strategic advisor, the CPA firm will work with business management to improve the effectiveness and profitability of the business. They will look holistically at the business and find ways to operate the business more efficiently, increase customers through additional or improved marketing or improve customer touchpoints and service.

      c. As a Virtual CFO, the CPA firm is like a part-time version of a traditional CFO or Chief Financial Officer plus a full Accounting support team. They perform the tasks that in a larger organization would be performed by the CFO, Controller, and Accounting Staff such as preparing and overseeing the budget process, identifying and analyzing current and future trends, and developing strategies for the business growth.
  • How can timely financial visibility and management reporting help with better business decisions and growth?
    • a. A simple way to a successful business is to prioritize the timely financial visibility and management reporting as it means:
      i. Timely financial information and analysis are essential for making informed decisions, evaluating your company’s results, improving financial performance, and ensuring you are on the path to meet your strategic goals.
      ii. Management reporting is a source of business intelligence that helps business leaders make more accurate, data-driven decisions. But, these reports are most useful if they are available timely and the management receives proper interpretation of the business financial information.

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