Service Spotlight: Outsourced Accounting

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.

Today, we're shining a spotlight on Outsourced Accounting.

What Is It?

Outsourced accounting includes the following services:

Services and support we provide at the individual level include:

• Transaction coding within QuickBooks Online
• Bank and credit card reconciliations
• Month-end close processes
• Limited “accounting@yourbusiness.com” email management

For inventory-based clients:

• Inventory reconciliations
• Posting sales and COGS
• Reconciling sales portals

So What Makes This Different from Team-Based Outsourced Accounting?

Team-based outsourced accounting provides a more detailed menu of services. 

Tasks like in-depth payroll processing, sales tax filings, bill payment, accounts receivable, and invoicing are done on a regular basis.  Our individualized outsourced accounting is designed to support the minimum requirements of a business as it grows and develops its accounting and bookkeeping systems.  

Team-based outsourced accounting may be a better option for those seeking enhanced support in:

• Paying bills on behalf of the company.
• Managing customer invoicing and accounts receivable.
• Email communication with your vendors and customers.
• Insight into weekly cash flow snapshots.
• Managing and establishing payroll.
• Sales tax support.

When Do I Need It?

Any business that needs regular bookkeeping and accounting support benefits from this service.  If you are on a tighter cash budget and/or have minimal requirements as you are starting out, this is a great fit.

These services benefit a range of businesses in need of a fresh start from the beginning, to an existing business in need of additional accounting support on a smaller budget or operating with fewer complexities at play.

Many of our clients add on more robust outsourced accounting services as they grow and get acquainted with the return on their investment, leveraging an accounting partner.

How Much Does It Cost?

These services are customizable, depending on the level of support needed.  The most accurate pricing depends on your specific situation and/or the current service level required.

New clients will go through a setup phase, which typically lasts between 30-45 days.  During this time, we set up QuickBooks Online, gain access to bank and other important accounts, cleaned up any existing financial records to date, and implement our month-end financial close process.  This typically ranges from 10 to 20 hours, but varies depending on the size and complexity of the business and the scope of work to be performed. 

How Do I Get Started?

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.