When it comes to accounting tasks, not all are created equal. There are bookkeeping tasks, month-end tasks, and accounting that requires the expertise of a CFO or Controller.
If you own a business, then you know what it’s like to wear many hats, and your time gets pulled in many different directions. When it comes to finance, there is an easier way to handle your internal accounting by having an outsourced team perform accounting tasks that need to be completed on a daily, weekly, monthly and annual basis.
At Plumb, we are an outsourced accounting firm with accountants who have various different skill levels and industry expertise. Outsourced accountants can work remotely or onsite to provide an efficient way to handle accounting functions that are considered entry-level, yet critical to the entire process.
Here is a list of the top 10 tasks that can be outsourced for your business.
Top 10 Accounting Tasks to Outsource:
- Bank & credit card reconciliations
- Data entry
- Payroll journal entries
- Timesheet entry for payroll
- Monthly inventory reconciliations
- Accounts Receivable – invoicing
- Accounts Payable – paying bills
- AP & AR aging review
- Filing sales & use tax
- Booking prepaid accruals: insurance, deposits, rent and retainers
Benefits of Outsourcing Accounting Tasks:
Expertise & Guidance:
At any given time, Plumb has over one hundred outsourced accounting clients, and with that line-up comes knowledge of industry-specific needs. You can also be assured that someone on the team is an expert in the accounting software that your business uses.
Another issue to consider when outsourcing accounting tasks is that payroll journal entries will not have to be processed in-house. With this, employees will not know how much staff members are being paid. Having an outsourced accounting firm in place means that your business will not be exposed to accounting errors and non-compliance.
Efficiency & Cost Savings:
What differentiates Plumb from other outsourced accounting firms is that we hire full-time staff who handle multiple clients, so they must be efficient with their time. Since each accounting task is completed in a timely manner this ends up saving clients money. Compare this to an in-house bookkeeper or administrator who is tasked with accounting duties outside of their expertise – it takes longer and may not be accurate the first time.
