Entering the U.S. Market? Outsourced Accounting Can Simplify the Process
Expanding into the United States (U.S.) market...
WHY OUTSOURCED ACCOUNTING?
Outsourced Management Accounting Services
Yes, LGA can handle your monthly accounting… AND provide strategic or financial management advisory services on a customized and scalable basis. We help companies focus on growth, strategy, management, and compliance by augmenting your current team as needed or taking over the entire accounting function from top to bottom; it’s up to you!
There are several reasons to outsource your company’s management accounting
You can save money: Outsourcing is scalable in increments that fit your business without the need to hire another full-time or part-time employee, which saves in the expenses of recruiting, salary, benefits, supervisory and training costs.
You can get better financial reporting and advice: Outsourced management accounting teams are often staffed with financially focused, objective, bookkeepers and accountants – which includes CPA’s – who can provide real-time data for better decision making, KPIs, benchmarking, and trend analysis.
You lower your risk of errors and fraud: Business accounting team members often have to wear multiple hats, creating internal control concerns. By outsourcing your accounting, you strengthen independence and separation of duties to minimize the internal risk of intentional and unintentional errors or fraud with the standardization of an external process and quality review.
You can get multiple levels of support: Outsourcing can also include a CFO/Controller without taking on hefty salary costs while gaining the objective analysis of industry experts who are trained in historical and forward-looking analysis.
Our team, which includes QuickBooks ProAdvisors, can advise on the right mix of apps to complement your accounting and QuickBooks Online. After all, we’re all looking for technology to help us be more efficient on-the-go.
4 Questions to Ask About Outsourcing Your Accounting
Learn how outsourced accounting benefits businesses of every size by providing flexible, scalable services and solutions.
4 Ways Your Accounting and Finance Team Can Help Drive Performance
Establish a Close-by Date for the Prior Month – Too often, the books and records of the prior month aren’t closed until the final days of the next month or even later, making the data seem obsolete. A close-date of the 10th of the month is reasonable for most businesses; or up to the 15th depending on the complexity of your company’s accounting data. In addition, you should establish a regular monthly meeting to review the prior month’s results. Sending a recurring calendar invite for the next six months will serve as an accountability tool for the accounting team to have each month closed in a timely manner.
Operate on a Budget – Ensure your business is operating on a budget and measure your results against that budget each month. Too often business owners or accounting and finance departments claim that their business “cannot be forecasted.” EVERY business can and should have a budget as this invaluable tool provides a baseline for performance expectations.
Identify and Measure KPI’s – Work with your department heads to identify the key performance indicators (KPI’s) for your business. These KPI’s can be quantitative or qualitative and will enable the management team to quickly assess whether the business is achieving its goals. Develop dashboard reports that are distributed periodically throughout the month to enable your management team to proactively make adjustments if the trends appear unfavorable.
Change the Conversation Based on the Results of Implementing the Above – All of the historical data provided by your accounting and finance team has limited value if it doesn’t change leadership’s behaviors moving forward. Use the information to alter the course of the future and ensure your team is more focused on driving results than rationalizing past performance, good or bad.
We care deeply about business owners and genuinely want to support them in leading healthy organizations that are built to last.
Still Not Convinced?
Download our guide
10 Reasons Why You Should Outsource Your Bookkeeping and Accounting Functions
Certified QuickBooks© ProAdvisors
Our management accounting team is comprised of Certified QuickBooks© ProAdvisors and qualified staff who possess the knowledge and experience to assist with bookkeeping setup or clean-up, advise on report customization, and provide troubleshooting and support. We can recommend or implement processes for organizing, cleaning and maintaining your QuickBooks© data file, as well as implementing new features such as inventory or job costing.
Outsourced Management Accounting Resources
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Outsourced Management Accounting Team Leader
Janine is a Partner at LGA focused on serving businesses located both domestically and internationally with forward looking accounting guidance and tax planning. Janine recognized that her clients were not able to make timely, well informed strategic decisions as a result of their difficulty in attracting and retaining accounting personnel with the appropriate skillset. As a result, Janine built the LGA outsourced management accounting practice group.