Welcome to the BELAY service spotlight series, where we share the details on each outsourced accounting service. Find out what we offer, how it can help, and see if it is a good fit for your business.
This service represents some of the most important aspects of business management and can heavily influence the outcome of a company in a positive way.
When a client engages our outsourced accounting services, they get a dedicated accounting team designed to become a seamless part of the company.
Acting as their full-service accounting department, they provide the timely insight required to make big, forward-moving business decisions with confidence. With a team dedicated to the ins and outs of accounting, the business owner is now free to focus on the parts they love and excel in.
The end result?
More time spent growing the business. All of this is accomplished with an accounting team whose services and pricing levels are designed to scale alongside the company as its needs evolve. Win Win.
The trap we see many business owners fall into is taking on an important aspect of their business with zero passion or skill. They think that they can “DIY it until they make it”.
This robs them of the time they need to focus on the core parts of their business, and typically results in delayed and shoddy results. On the other hand, many small businesses opt for a part-time bookkeeper who may be affordable, but is likely not providing timely data. All of the bookkeeping is done after the fact, and does not provide a current look into the financial health of the business.
Failing that, some more ambitious business owners will attempt to hire an in-house accountant or CFO. Typically, they can’t truly afford one, and they don’t have the amount of work to keep said hire busy or motivated. These common scenarios are why a small business needs an outsourced solution that can provide what they truly need to scale their business: timely financial data that allows those big decisions to be made to grow, not just survive.
Once this baseline of consistent, accurate accounting is established, it allows a business to seamlessly engage additional BELAY services like finance and advisory, income tax prep and planning, and any other tax compliance needs–1099s, for example. We already have all of the information at hand, and can easily get any additional, critical accounting support up and running quickly.
We manage your books, reconcile banking and credit card statements, post information to your accounting system, invoice clients, assist with collections, and pay your vendors. We also run payroll and process payroll taxes so you can rest easy knowing that your employees are taken care of, and there are no surprises at tax time. If you have sales tax for your business, we can also file that for you. Month-end financial statements, such as profit and loss and balance sheet preparation, are also a part of our ongoing work with our clients.
Any business that needs regular accounting support and insight into its business finances will benefit from outsourced accounting. Typical benchmarks that point toward the need for outsourcing your accounting are:
On the more complex side are things inventory-based businesses will experience. Buying, managing, and selling inventory, selling and holding inventory in multiple locations, and more.
Keep in mind, the most accurate pricing depends on your specific situation and/or current service level with BELAY. Here is a general overview of what to expect:
Generally speaking, clients can expect a monthly retainer based on the complexity of their needs. Pricing can vary depending on the complexity of your business model, service level requested, volume of transactions and accounts, and level of segmentation in reporting (P&L by customer, class, etc.).
Onboarding a new client typically takes 20-60 hours, depending on the scope of work to be completed. This one-time, customized fee is determined based on the scope of work.
For those seeking a more ad-hoc, or hourly/project-based option, we can provide you with custom service levels. Tell us about your needs, and we will chat through a solution.
Each new client will start with a thorough onboarding process, where our Client Onboarding Team will establish the foundation from which to make informed decisions and scale your business.
For new clients, we will start by learning about your business and addressing the service level that meets your needs. You can start by sharing the basic details of your business and scheduling a call on our contact page.