Outsourced Accounting in Portland OR

Outsourced Accounting Overview

You may have considered doing (or are already doing) your own accounting if you own a small business. Yet, as busy as business owners’ schedules get, accounting may be the last thing you want to do.

Successful business owners know, accounting is an essential part of growing and running a business. However, this responsibility can be outsourced and given to an accounting service to perform.

While keeping track of a business’s financial accounts can seem easy at first, this becomes increasingly harder to do once the business starts to grow.

What is Outsourced Accounting?

Outsourced accounting allows an outside company or firm to handle all your accounting tasks, including accounts receivable and payable, payroll, coding, and so much more.

What Are the Benefits of Outsourcing Your Business’s Accounting?

  • Top-Notch Information

    Accountants are qualified and trained to stay informed about the latest laws. They also have access to all the current technology used in keeping track of your data. Because of this, your business would benefit from the information and technology available to you through your outsourced accountant.

  • Fewer Errors

    Unfortunately, a small accounting mistake can cost you a lot of money and even cause you to lose your business. Outsourced accounting allows you to hand off the stress and responsibility to accountants explicitly trained for the tasks at hand. Therefore, your accounts will have fewer mistakes and less monetary loss.

  • Saving Labor Expenses

    Whichever way you see it, hiring an outside firm to handle your accounting will undoubtedly save you time and money in the long run. The time you spend trying to sort your accounts could be better spent growing your business.

  • Increased Profitability

    Outsourcing your accounting will allow you to remain focused on other business tasks, like sales and everyday functions. So, by giving the task to an outside firm, you will be able to spend more time on other business tasks that could use your undivided attention.

Who Does Outsourced Accounting Benefit?

Anyone and everyone can benefit from outsourced accounting. Whether you are a small business owner who needs more time for other tasks, or you own a multi-million-dollar company with no accounting department, you will benefit from outsourcing your accounting and freeing up more of your time.

When Should One Seek Outsourced Accounting?

It is best to seek outsourced accounting when the business owner no longer has time for all the other parts of their company. Therefore, you should outsource your accounting once you have to handle billing, payroll, collections, taxes, bank account reconciliation, sales, and financial statements.

If nothing else, outsourcing your accounting saves your business a lot of money instead of having your accounting completed in-home. Rather than hiring a full-time employee, you can outsource your accounting to a part-time employee and save on payroll.

Also, with outsourced accounting, you have a better chance of avoiding becoming a victim of fraud.

To learn more about outsourced accounting, contact Perpetual CPA at (503)217-4114 today!

Located in Portland, Oregon, we are a full-service CPA firm working with clients nationwide. We offer a wide variety of services catered to assisting business owners, executives, and independent professionals from all over the country. You can trust our qualified and experienced team to handle your business affordably and efficiently every time. Call us today!

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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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