Outsourced Accounting

Managing the financial side of a growing business takes time, skill, and the right systems. Many businesses start by keeping the function in-house, often relying on a small internal team or even the owner. Over time, the process becomes harder to manage. Reports fall behind, costs increase, and leadership loses visibility. Outsourced accounting offers a way to manage these demands without building out an internal department. It provides experienced support and greater consistency. Many small and mid-sized businesses appreciate flexibility, with services ranging from back-office support to fractional CFO leadership.

It’s easy for business owners and executives to get caught up in the daily tasks of running a company. The time and attention required to maintain operations, drive sales, and propel growth can be significant. Unfortunately, this often leaves little time for other important tasks, such as regularly assessing the organization’s financial vitality and performance. Regular monitoring of financial metrics through key performance indicators (KPIs) provides access to important financial information and trends.

In May of 2014, a new set of revenue recognition standards were released by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). These two bodies worked together to publish codified guidelines for how companies should report the revenues they earn from contracts with customers.