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What is Outsourced Accounting? FAQ

 

1) What is outsourced accounting?

Outsourced accounting is the practice of using an outside accounting firm to handle most, if not all, of your accounting activities that have traditionally been performed within a company. Outsourced accounting is a rapidly increasing field and is highly recognized as an effective management tool designed to cut overhead costs and shift the primary focus of your business back to your core competency. Many companies are turning to outsourced accounting knowing that the day-to-day accounting operations are better left to the professionals. Our available services include the following:

• Accounts Payable (Bill Pay)

• Accounts Receivable

• Maintain General Ledger

• Reconcile Bank Accounts

• Reconcile & Track Credit Card Activity

• Prepare Sales/Use Tax Filings

• Prepare Tailored Financial Reporting Package

• Prepare Annual Operating Budgets

• Manage Cash Flow

• Process Payroll & Payroll Tax Filing

• Timesheet Management

• Administration of Workman's Compensation, FMLA, Short and Long-Term Disability, 401k, and Child-Support Deductions

2) What are the benefits of outsourced accounting?

The primary benefit to almost any outsourced field usually begins with the issue of saving money. With outsourced accounting, not only should you recognize cost savings, but the significant long-term benefits will have a huge impact on the success of your business. Utilizing the expertise from trained accounting professionals, you should notice increased efficiency, reduction in labor costs, and more insight into your financials to make informed financial decisions. Most importantly, you will have more time to focus on your core business.

In addition, when you outsource with us, you won't have to worry about software and hardware upgrades and maintenance. And you won't need a dedicated IT person to support these new cloud tools. Our cloud technology platforms are state-of-the-art and offer the highest levels of security in the industry.

Best of all, a whole new world of business collaboration will open up between you and us as your outsourced accounting firm. With real-time access to your data, we can generate custom reports, forecasting, benchmarking, and real-time data analysis. Why settle for financial reports and analysis that are out of date the day they are printed? Now you can be sure you are always working with the latest information at your fingertips.

3) How does outsourced accounting logistically work?

Legacy Tax & Resolution Services will coordinate with you the most effective way to share your financial documents using cloud-based technology and an online payables management system. We leverage technology throughout our processes, but we are very cognizant not to allow the technology to overwhelm our clients. Our use of technology is an effective way to keep our processes simple. Even the least "tech-savvy" person can master the exchange of information with Witcher CPA. You share your data with us, and we process your information. It is as if you have an entire experienced accounting team in your back office.

The process is simple. You send us the bills, bank statements, credit card statements, deposits, and other source documents or better yet, many financial instructions offer limited access.  Using limited access allows us to obtain the statements directly

4) How does Legacy charge for outsourced accounting services?

Legacy charges a flat monthly fee on most of our outsourced accounting engagements. We are not your typical CPA practice, and our fee structure reflects this. Our goal is to provide a more economical solution for managing your accounting needs than you would normally experience if performed with in-house accounting staff. We want to promote long term beneficial relationships with our clients and the flat monthly fee model fits perfectly with this approach. Our clients gain peace of mind knowing exactly what the fee will be each month

 

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