Accounting Services
Outsourced Accounting

Expertly trained accountants with a deep understanding of the software and your industry,

Family Office Accounting

High-touch technology family office accounting services that ensure security and privacy.

Bill Pay

Outsourced bill pay solution with cash flow reporting and tracked expenses.

What Are Outsourced Accounting Services and Do I Need Them?

If you are asking yourself these two questions, you've come to the right place.

What’s the Difference Between CFO and a Controller - and What Do I Need?

Although these two important roles are sometimes viewed as interchangeable there are important differences between them.

Industry Expertise
Our Key Industries

Expert knowledge and high-quality software solutions for our 5 key industries.

Construction & Real Estate

Real-time financial data and integrated job costing to generate reports and improve accountability.

Manufacturing & Distribution

Track billing of materials, implement inventory control systems, manage supplier base, and reduce unnecessary costs.


Our team has the expertise needed to navigate deposits, refunds, chargebacks, and processing fees to maximize efficiency.

Professional Services

Streamline financial operation and increase overall profitability to enable faster and smarter decisions.

Family Office Accounting

High-touch technology family office accounting services that ensure security and privacy.

Why does industry expertise matter?

Industry focus allows us to be experts in the accounting needs of the companies that operate within these industries.

Why Plumb Works With These Industries

This is another one of our favorite questions. The answer is easy: we know these industries.

Software Expertise
Sage Software

Innovative software to manage your accounting, people, payroll, payments, and more.

NetSuite Software

Integrated cloud business software suite, including business accounting, ERP, CRM and ecommerce software.

QuickBooks Software

Scalable solutions for reporting, transactions, month-end close, analysis, and more.

QuickBooks to NetSuite Migration: A Comprehensive Guide

Migrating from one accounting software platform to another is a critical undertaking for businesses. This is especially true when considering a transition from QuickBooks to NetSuite.

How do I know which Software is right for my company?

Selecting the "right" software for your company might seem like an overwhelming task, but we'd like to help make this process easier for you.

Sage Software

Innovative software to manage your accounting, people, payroll, payments, and more.

Sage Intacct

Automate the critical processes, reduce the spreadsheet headaches, and get greater visibility into real-time business performance.

Sage 300 CRE

Sage 300 Construction & Real Estate connects finances and operations to help ensure maximum profit.

Sage 100 Contractor

The all-in-one construction software that goes beyond basic accounting to put you in total command of your projects.

Sage Estimating

Build bids quickly and precisely, plus integrate with other Sage software solutions to streamline operations.

Sage Paperless

Easily store, retrieve, and route documents for accounting and operations.

Sage Service

Streamline service calls and construction projects from start to finish with web-based real-time information.

Additional Solutions

Add-on these services to improve workflow and enhance data and analytics.

How and When to Choose Construction Accounting Software?

The right tools can help you manage your construction projects efficiently, provide clarity of your finances, and ultimately help improve profitability and job success.

5 Types of Visibility Every Construction Firm Should Have.

Here we list 5 key elements to help capture insights that are pivotal to running an efficient and lucrative constriction firm.

About Plumb

Plumb seeks to empower business owners and leaders to gain clarity about their financials to grow their business.

Case Studies

Learn more about our work with clients in a variety of different industries.

Meet the Team

Learn more about the Plumb leadership team.

The Plumb Promise


Want to join us? Check out our current open positions and apply today.

What can Plumb Do for Your Business?

At Plumb we pride ourselves on providing "clarity in accounting and stewardship in service." But what does that actually mean?

What's the Plumb Promise and What's in it for You?

We're on a continuous journey to go above and beyond for our clients. Here's how we do that.

A 5-Step Guide To Perform Risk Management Accounting

Posted on May 21, 2024 at 1:42 AM
Written by Plumb

Understanding risk management in accounting is a huge necessity for mid-sized business owners aiming to protect their assets and ensure long-term success. This strategic process involves identifying, analyzing, and taking precautionary steps to mitigate financial risks. Implementing a systematic approach to risk management in accounting can significantly reduce potential financial losses. Here's a 5-step guide to effectively perform risk management in accounting for your business.

Identify Potential Risks

The first step in risk management accounting is to identify potential risks that could impact your business. These risks can range from financial uncertainties, legal liabilities, to accidents and natural disasters. Mid-sized businesses, in particular, must pay attention to:

  • Equipment Breakdown: Assess the condition and maintenance schedules of your critical machinery.
  • Employee Liability: Understand the risks associated with human error and the potential for workplace accidents.
  • Product or Service Liability: Evaluate the risks your products or services pose to consumers.
  • Financial Instabilities: Be aware of the risks related to market fluctuations, investment losses, or defaults on loans.

Assess Risk Magnitude

After identifying potential risks, the next step is to assess their magnitude and the likelihood of their occurrence. This involves analyzing how each risk can impact your business operations and financial health. Consider both the financial and non-financial aspects of risks, such as reputational damage or loss of key personnel. Tools like risk matrices can be helpful in prioritizing risks based on their severity and likelihood.

Determine Risk Tolerance

Every business has a different capacity to absorb risk, known as risk tolerance. Determining your business's risk tolerance involves understanding the trade-offs and opportunity costs of mitigating certain risks. This step requires a strategic evaluation of your business goals and financial stability. Deciding which risks are acceptable and which require immediate action is crucial for effective risk management.

Implement Risk Management Strategies

With a clear understanding of the identified risks and your risk tolerance, the next step is to implement risk management strategies. These strategies can include:

  • Risk Avoidance: Altering business practices to avoid risks altogether.
  • Risk Reduction: Taking steps to lessen the probability or impact of risks.
  • Risk Transfer: Shifting the risk to another party, such as through insurance.
  • Risk Retention: Accepting the risk and allocating resources to manage it.

Choose the strategies that best align with your business objectives and risk tolerance.

Monitor and Review Risks

Risk management is an ongoing process. Regularly monitoring and reviewing your risk management strategies is essential to ensure they are effective and to identify any new risks. This includes revisiting your risk assessments, evaluating the success of implemented strategies, and making necessary adjustments. Keeping your risk management plan up-to-date with your business growth and changes in the external environment is critical.

Risk Management in Accounting

Risk management in accounting is an essential practice for mid-sized business owners seeking to protect their enterprises from potential financial losses. By following this 5-step guide, you can establish a robust risk management framework that supports informed decision-making and contributes to the stability and growth of your business. Remember, the goal of risk management in accounting is not just to prevent losses but to ensure that your business is well-prepared to face uncertainties and seize opportunities for success.

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