Providing dedicated, centralized and specialized accounting support, a full-scale accounting department paves a way for optimized finances, improved cash flow, reduced risk, enhanced profits and more importantly strategic growth for your business.
However, the cost of setting up a dedicated full-scale in-house accounting department always run exorbitantly high. The price that has to be paid in terms of time and money to acquire services of a full-scale accounting department, most times may not be even practical for small and medium business.
But not anymore. If you are a small and medium business looking to reap the full benefits of a full-scale accounting department without having to invest significant capital or your work hours, then full-service back-office accounting by Back Office Accountants is for you.
What is full-service back-office accounting by Back Office Accountants? How does it help small and medium business? And what are its benefits over traditional accounting? All your questions are answered in this blog, read on:
Full-service Back Office Accounting:
A full-service back-office accounting is an outsourced version of a full-service accounting department where every function of an accounting department is perfectly accomplished by a team of bookkeepers, accountants and accounting specialists from Back-office Accountants. In short, full-service back-office accounting is the remote accounting department that can help you with all your accounting needs without having to set up your accounting department.
Small & Medium Businesses & Need for Full-service Back Office Accounting:
Every small and medium business needs a dedicated bookkeeping and accounting department to strategize and execute a solid accounting strategy for the smooth and successful running of the business.
Bookkeepers, accountants, AP specialists, controllers, accounting manager and CFO makes an accounting department that takes care of all the accounting functions – From billings, budgeting, collections, financial statements to internal reporting, payables, payroll & taxes, receivables, and more. Streamlining all the accounting functions, an accounting department can perform accurately, efficiently to help you in the smooth running of your business. But that is not all, a full-service accounting department optimizes and gives a solid foundation for your accounting system. It improves cash flow, reduces risk, increases profit and hence a full-service accounting department is crucial for the growth of any business.
However, the majority, if not almost all small and medium business are from benefit from a full-service accounting department. Given it needs a sizeable investment in terms of time, money and efforts while it may not be practical for them to invest heavily in an accounting department. Some of the common problems of setting up a full-service accounting department are as follows:
Needs sizeable investment: While the majority of small and medium business aims to get more work done with less capital, investing heavily on an accounting department may not be practical for any small and medium business.
Requires time and expertise: Even with capital in hand, assembling a full-services accounting department itself requires years of expertise and experience. From charting an out right strategy to hiring qualified resources, training and procuring tools and software and other overhead expenses are going to cost a lot in time and money too.
Takes time to break even and score high ROI: While small and medium businesses can benefit from the full-service accounting department, most businesses may not have sufficient traction to score ROI right away. As it already involves heavy investment, it may take time to break even when it comes to ROI.
But every small and medium business needs a solid foundation and support of an accounting department which today can be possible only through outsourcing their accounting needs to a remote accounting firm.
Full-service Back Office Accounting by Back Office Accountants:
Outsourcing your accounting needs to remote accounting firms does have its upsides. You can easily delegate all your accounting work to experts and plug the gap in the workforce without having to spend more time or money on hiring. But most of the remote accounting firms offer individual and segmented outsourced accounting services – Accounts Payable, Accounts Receivable, Tax preparation, Bank and Credit card reconciliation services. If you are a small and medium business looking for integrated accounting services that can completely perform all the accounting needs, there are only a handful of back-office accounting firms and Back office Accountants is one of them.
Full-Service Back Office Accounting – A One Stop Solution for All Accounting Requirements:
Bringing together a team of certified accountants, bookkeeping specialists, financial experts and executives we provide complete back-office accounting services that can provide you all the benefit of having a full-service accounting department for your business, if not more.
As Accounts Payable, Accounts Receivable, Reconciliation, and QuickBooks Services, Annual statement preparation is one of our key services we offer complete accounting and bookkeeping services required for your business.
From preparation of financial statements & balance sheet to recording journal accounts, ascertaining business income, finance and bookkeeping assistance, installation and management of QuickBooks Services, tax planning and filing, we offer a simple, comprehensive, and affordable accounting solution for all business looking for full-scale accounting services. For more information on our full-service back-office accounting services, you can contact us here: https://www.backofficeaccountants.com/