How Outsourced Accounting Can Make You More Efficient
Gain an understanding of your accounting processes: Understanding what business events affect your financials is crucial in making sure that your outsourced accounting is set up to meet your needs.
Cloud Based Platforms
With today's technology, make sure you have ability to see your data at all times.
The day of small and medium businesses using a software that requires a download, like QuickBooks Desktop, is no longer a wise solution for your accounting records. There are cloud accounting platforms that can meet your needs depending on what you need and your size. For instance, a software like Xero will allow you log into your accounting data and view your financial data in real-time and from any location. It can also be connected to other platforms like Bill.com or even your payroll provider.
There are larger solutions, like Sage Intacct, for those that may need an Enterprise Resource Planning (ERP) system. Or you may be a non-profit that struggles in fund, where someone like Sage Intacct can help you save time in fund tracking and reporting.
So what system works best for you? First you need to understand your needs. Ask yourself questions like: how do you handle payroll, what is your process in paying vendors, or
Does my organization do invoicing? If so, how. How do I track my accounts receivable
How does my organization approve and handle payroll each pay period?
What is our process in paying vendors?
Does my organization keep track of expenses based on project and customer? If so, how is this tracked?
As you can see, each organization has different processes and different needs. Feel free to contact Intelligent Minds Accounting Solutions to help see how you can improve your financial process.
Read this addition article as another source to see what your needs may be:
Want to learn more, see this post from Forbes.com and what someone else has to say on outsourcing accounting.