Outsource Accounting

What are Outsourced Accounting Services?

Accounting is one of the most important functions of any business. It is a solid evidence of financial records of your business. The accounting records are available to you as well as your accountant. Your accountant provides the services of keeping these records accurate and up to date.

You can hire someone in-house or a professional team that will help in the management of your business’s financial records.

Why choose outsourced accounting services?

Outsourced accounting services are very helpful in helping grow your business. You can hire a team of experts who will provide the right information and analysis of your financial records. Running your business will get easier if you hire a team of experts that will manage your accounting records. The team will take care of all the financial records of your business leaving you with more time to focus on growing your business.

How to hire outsourced accounting services?

You can hire outsourced accounting services in the following ways:

You can hire a team for a limited time. We always recommend starting with a 3 month trial period so you can test the waters without feeling the pressure of a long term commitment.

You can hire a team for a specific task. We’ve done quite a lot of working helping companies with one-time projects or tasks such as audit support, convertible note calculations, and taking on new funding.

You can hire a team for a long time to provide ongoing services, providing monthly financial statements and analysis. In our opinion, this is where you get the most bang for your buck as a team of financial experts can really help you move the needle optimizing your business for growth and stability.

What are the benefits of outsourcing accounting services?

The benefits of outsourcing accounting services are numerous.

First, you are able to find a quality accounting firm for a fraction of the cost of hiring an in-house staff.

Second, you are free from the hassles of managing an in-house staff. You will never have to worry about hiring, firing, or disciplinary procedures.

Third, you will have increased access to your accounting firm. You can contact them by phone, e-mail, or fax at any time of day or night.

Fourth, you will be given personalized service. Instead of just a single accountant, you will have a team of experts. You will have someone to address your questions and concerns when you need them.

Fifth, you will save time. Outsourcing accounting services allows you to focus on your business, rather than on accounting.

Does outsourcing accounting services save money?

The bottom line is yes, outsourcing accounting services saves money. You pay a flat fee each month to your accounting firm. This fee will cover the cost of preparing & reviewing your financial statements and budgets. With an in-house accountant, you would have to pay a salary plus benefits.


Notes from Balanced Solutions

Exposure Draft: Crypto Assets

On March 23, 2023, the Financial Accounting Standards Board (FASB) issued a proposed accounting standard for crypto assets (ASC 350-60:...

What is an ERP System?

Enterprise resource planning (ERP) is business process management software that allows an organization to use a system of integrated applications...

Accounting for SAFE Notes

Simple Agreements for Future Equity (SAFE) notes have gained popularity in recent years, especially with start-up companies.


Use Cases

Audit Preparation

An early-stage private company approached us to help with preparation for a first-year audit. We assisted them with auditor selection and provided an overview of how a typical AICPA audit works. We reviewed all historical journal entries (5 years) to ensure the opening balance sheet was accurate and complete. Additionally, we reviewed the current year journal entries on a risk-based approach to ensure that the client had sufficient support.

We prepared a reconciliation file in Excel that included reconciliations for all balance sheet accounts. This file also included the trial balance, the roll-up of the trial balance into the financial statements, and cash flow workbook. The file was provided to the auditors, which they used to make selections for the audit. We also prepared the financial statements and footnotes, and assisted the client with auditor questions throughout the audit.