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Have you ever considered outsourcing your finance & accounting? If not, perhaps you should. Outsourcing can not only provide better cash flow, accurate forecasts and more time, but also peace of mind for the small/medium-sized business owner. If you have ever found yourself in one of these scenarios than maybe you should consider the benefits of outsourcing:-You are on vacation and you can’t get internet access to run payroll for your staff.-Your financials show you are profitable but you are struggling to have enough cash to make payroll and pay vendors.-Your long-time bookkeeper came in this morning to give their two weeks notice.-You had a computer crash and you’re not sure when the last time your QuickBooksTM file was backed up.-You are not sure what your staff are working on and can’t easily distinguish between idle time and productive activities.-You have won a government contract and need to get ready for a DCAA audit.
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Operations
Presented By: Sarah Glass
CEO of AimSourcing, Inc.
10 Reasons to Outsource Your
Copyright 2011
Typical Scenarios1. Oh no! You’re on vacation and have no internet
access to run payroll for your staff.
2. Financials show you are profitable… but you struggle to get cash to make payroll and pay vendors.
3. The long-time bookkeeper came in this morning and gave two weeks notice.
4. You’re computer crashed! Uh, when was the last time your QuickBooks file was backed up?...
5. You are not sure what your staff is up to and can’t easily distinguish between when they’re idle and when they’re productive.
6. Congratulations, you’ve won a government contract! Now you need to get ready for a DCAA audit.
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Have you considered outsourcing your accounting operation?
Here are some good reasons to do so…
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Reasons to Outsource Your Accounting
1. Time
• Ability to Focus on Your Business• Back Office Functions are a Distraction• Conflicting Priorities Lead to Lost Business• You are Not in the Business of Doing Accounting• Eliminate Time Spent Managing Administrative Staff
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2. Money
•Lower Cost Operation•Avoid Hiring Full-time Staff for Part-time Tasks•No Employee Benefit Costs•Minimal System Costs•Save Money on Late Fees and Interest•Eliminate Lost Productivity Costs•Minimize Tax and Other Regulatory Exposure
Reasons to Outsource Your Accounting
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Reasons to Outsource Your Accounting
3. Know How
•Highly Skilled Staff•Wide Range of Experience•Understanding of Best Practices•Right Level Staff for Task at Hand•Ability to Manage Projects and Staff•Access to Experts when Needed
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4. Focus
• Service Mentality• Hard Working Staff• Deadline and Deliverable Oriented• Don’t Require “An Office with a
Window”
Reasons to Outsource Your Accounting
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Reasons to Outsource Your Accounting
5. Internal Controls• Reduce Likelihood of Theft
• No longer dependent on a single individual• Periodic rotation of staff• Outside review
• Separation of Duties• Cash handling separate from bookkeeping• Bank accounts reconciled frequently• Manager approves write-offs and adjusting entries• All financial reports reviewed• HR, Purchasing, and Credit functions separated from Accounting
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Reasons to Outsource Your Accounting
5. Internal Controls (continued)• Documentation
• Written company policies and procedures• Month-end close checklists• Authorization and approval charts• Training manuals
• Better Management Control• Clear authorizations• Defined management responsibilities• Timely and accurate financial reporting• Better control of company assets
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Reasons to Outsource Your Accounting
6. Systems• Access to Proven Accounting Systems
• Configured for your Industry
• Customized for your Business
• User Access Security• Only authorized persons have access• Firewalls, user logins and passwords required• Read/write access• Access restricted to select modules and tasks
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Reasons to Outsource Your Accounting
6. Systems (continued)
Data Security• Secure off-site servers• Skilled IT staff to manage files• Stable connectivity• Nightly backups• Disaster recovery plan• Support desk
6. Systems (continued)
Data Security• Secure off-site servers• Skilled IT staff to manage files• Stable connectivity• Nightly backups• Disaster recovery plan• Support desk
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Reasons to Outsource Your Accounting
7. Stability• Hiring a Company and not a Person
• Minimize Impact of Employee Turnover
• Provide Backup for Positions• PTO• Emergencies
• Partner with a Company that Enhances your Business
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Reasons to Outsource Your Accounting
8. Scalability• Ability to Increase Capacity
• Fractional increases in staffing• Fractional increases in systems
• Ease of Adding New Systems Capabilities• Additional systems• Additional functionality• Adding new locations
• Can Adjust Level of Service without Disruptions• Can Act Like a Big Company
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Reasons to Outsource Your Accounting
9. Information• A Senior Finance Professional to Give you Advice
• Reports to Better Understand Performance
• Information to Better Manage Staff and Resources
• Budgeting and Cash Flow Tools
• Dashboards, Metrics, and Ad-hoc Queries
• Strong Underlying Information Management Systems
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Reasons to Outsource Your Accounting
10. Peace of Mind• Reduced Worries
• Better Manage Risks
• Confidence that you will Pass Audits
• Partner Will Protect Your Business Interests
• By Letting Go You Gain More Control
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Questions?
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