It wasn’t too long ago that the media was abuzz with stories about “outsourcing”, and the loss of jobs that were being shipped overseas. Actually, what we were all so concerned about was really more accurately termed “offshoring”. In the past few years, however, business blogs and websites have been talking much more about another use of the term: the practice of delegating work that falls outside of your company’s core competencies, which frees up your time and resources to focus on what you do best.
Not surprisingly, accounting has become generally accepted as one of the areas in which it makes more sense to outsource the work than to keep it in-house. Accounting isn’t really a part of the core functions of your business, (unless you’re running an accounting shop, of course). It’s expensive to keep employees on payroll. And when your books are managed in your office, it opens up a Pandora’s box of issues relating to security and employee fraud. For these reasons, we’re advocates of outsourcing this work to a virtual accountant.
But, how much of your accounting services can actually be outsourced? Do you still need to manage some aspects in-house to keep control? Is a virtual accountant really capable of essentially taking over your entire accounting department?
Actually, we do recommend outsourcing all of your accounting services. A virtual account like KYB maintains a staff of accounting professionals of diverse backgrounds and skills, and is always ready to manage an equally diverse collection of services. We can start by becoming your full charge bookkeeper, taking over all the typical (and time-consuming tasks) that need to be done on a daily or weekly basis. We’ll maintain your accounts payable, accounts receivable, and cash account ledgers, and are capable of handling all of your invoicing and payment processing.
Here’s a list of some of the accounting services that you can expect from when you outsource to a company like KYB:
- Accounts payable (bills and payments)
- Accounts receivable (invoices and collection)
- Daily General ledger maintenance
- Time tracking & job cost reporting
- Payroll processing
- Expense classification
- Sales commissions
- Sales and use tax filing
- Bank account reconciliation
- Credit card reconciliation
- PayPal reconciliation
- Balance sheet generation and review
- Financial statements & custom reporting
- Fixed asset management
- 1099 forms
- Coordinating with your CPA or tax adviser
- Audit support
Alongside our bookkeeping practice, we’ve developed the ability to manage your HR and payroll needs. Like accounting (and actually, these functions, especially payroll, are often managed by the accounting department in a small company), these are commonly outsourced processes. We can handle every aspect of payroll, including payroll and time processing, new hire reporting, payment of employment taxes, and workers comp audits.
There’s really no reason to keep any of these functions in-house. Why not free up your valuable time and resources by outsourcing it to experts in the field. Give us a call to set up a free consultation to learn what we at KYB can do for you.