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10 Little Known Things About Accounting Services

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Over the years, we’ve come to learn there are a lot of preconceived notions—and even more misunderstandings—about what accounting services really are. Whether you think you know all there is to know or don’t even know where to begin, check out these little known facts about today’s accounting services.

1. Outsourced Accounting Services Doesn’t Mean Overseas

Concerned about your accounting data getting shipped to a back office in a remote country? Fear not. Though many companies with this structure do exist, more and more U.S.-based accounting services are providing sophisticated, full charge bookkeeping services as well as comprehensive controller services.

2. Not All Accounting Services Are Created Equal

If it looks like AR and it sounds like AR, it must be AR, right? Well, one would hope—but that is not always the case. Find out if you’re talking to professionals by asking about processes and procedures in place for each accounting function. If your accounting services provider can’t account for their tasks, you won’t be able to either.

3. There Are Accounting Certifications For Nearly Everything—And They Matter

Whether you use a simple general ledger program and call it a day or boast a robust suite of accounting applications in the cloud, the integrity of your accounting data rests on the ability of the people in charge of using it to actually know what they’re doing. Training and certifications go a long way in making sure that your assigned accounting services team utilizes the basic and advanced features of a program to the best of its abilities—it will only serve to help you in the long run.

4. Always Have A Back Up Plan

Think you have the very best, rock star level, part-time bookkeeper you could ever find? Kudos to you! That is all you need—until, of course, you don’t have it. Perhaps your bookkeeper retires, or worse, befalls an unexpected tragedy—then what? Whether you keep an “understudy” in place to takeover when the unexpected occurs or you use an outsourced accounting service with internal redundancies, make sure you always have a back up plan.

5. There Is A Spectrum of Server Security

You cannot be too careful about your data security these days. Think you have a solid remote server hosting your data? That may be true—but we hope you know for sure. Otherwise, understand that security measures aren’t the same across every server or platform. Many of today’s cloud accounting programs boast the very latest in server security, offering vast protections past what your own remote servers may be capable of. At the very least, ask your server host for the details on the security measures in place for your data.

6. Tax Accountants, Controllers and Bookkeepers Are All Different Roles

While some businesses do have their tax accountants managing their daily bookkeeping, most recognize that the activities are often very different. Where a bookkeeper is responsible for the day-to-day full charge bookkeeping functions, an accountant is responsible for tax filings and annual tax reports. You could try to merge many functions into one role but you may be much better served by creating a team of experts across their given areas to create a top notch accounting services team.

7. Cloud Accounting Platforms Have Come A Long Way

In just a few short years, the “ugly stepsister” of the robust, incumbent desktop accounting programs has morphed into a growing, all-encompassing suite of cloud-based accounting applications. Everything from expense reporting and management to time tracking and bill management can be done from a cloud accounting application—many of which have comprehensive smartphone applications to enable real-time, round-the-clock access—all without giving up the features and capabilities of legacy tools.

8. Accounting Services Are Eschewing The Hourly Rate

Are you used to thinking about accounting and bookkeeping functions in terms of hours and days? Time to turn your thinking on its head. More and more accounting professionals are embracing the monthly fixed fee model of billing—a direct reflection of the prioritization of skill and intellectual ability over the sheer amount of time it takes to complete a task. With the infusion of so many advanced accounting applications and a major shift in the skillset and abilities required of the operators and analysts, the monthly fixed fee helps protect both the client as well as the accounting services.

9. Virtual Accounting Services Are The Same As Traditional Accounting Services

While there are a few technical differences, for example, your bookkeeper isn’t sitting in a cubicle down the hall; the vast majority of processes, procedures and accounting tasks are completed exactly the same way. You aren’t sacrificing quality for the convenience of virtualization.

10. Customized Accounting Services Can Suit Any Need

There is a misunderstanding the world of accounting services—that it is a strictly all or nothing endeavor. The truth is, you can leverage accounting services to provide as many or as few of your accounting processes as you want. Want to keep your AR in house and outsource your AP? That is fine. Need an outsourced controller or CFO? That is also an option. Whatever your preferred structure is, there is an accounting service option for your needs.

Find Out Whether Accounting Services Are For You

 
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