In the accounting industry, outsourcing has gained massive popularity. While more and more accounting and CPA firms are using these teams of expert professionals to advance and accelerate their services, they often see outsourcing as a means to offload their additional tasks. As a result, one of the most common services they seek is bookkeeping. But the accounting profession is changing and it is not enough to just offload what you have on your plate. Firm leaders need to use outsourcing as a strategic tool to leverage their business. While bookkeeping is an important part, it is not the only part of the big picture. To truly succeed, CPA firms need a holistic approach that covers that falls under the umbrella of accounting and finance.
This is where Finsmart Accounting comes into the picture. We offer holistic accounting services that is beyond the mere balancing of books.
Why is standalone bookkeeping not the right choice for CPA firms?
Bookkeeping is the foundation for accurate financial records. It helps ensure compliance with tax regulations and aids in day-to-day financial decision-making. But bookkeeping, alone, doesn’t give CPA firms the full picture they need to advise their clients effectively. Without integrated, end-to-end services, CPA firms may struggle to offer the strategic insights that businesses rely on to grow and succeed.
Moreover, managing multiple vendors for different accounting services can lead to inefficiencies, miscommunication, and errors. CPA firms often find themselves bogged down by the administrative burden of coordinating between different service providers. This can hamper their ability to focus on client relationships and strategic planning.
Benefits of availing holistic accounting services from your outsourcing partner
- Allows Seamless Integration:
By consolidating all accounting services with one provider, CPA firms can get all aspects of a client’s financial management seamlessly integrated. This reduces the risk of errors and discrepancies that come when different aspects of accounting are handled by separate entities. - Enhanced Financial Insights: Availing holistic accounting services provides CPA firms with the data and insights they need to offer more strategic advice to their clients. This also gives them a complete view of the client’s company’s finances. CPA firms can help businesses make more informed decisions, plan for future growth, and mitigate risks.
- Improved Efficiency: Managing all accounting services under one roof can reduce the administrative burden on CPA firms. With fewer teams to manage, firms can streamline their processes and focus more on delivering value to their clients.
Cost Savings: Consolidating accounting services can lead to cost savings for CPA firms. By working with a single provider, firms can often negotiate better rates and avoid the extra costs associated with more than one external team.
Finsmart Accounting – Your Holistic Accounting Partner
At Finsmart Accounting, we understand the unique needs of each of our client personas. Our services are carefully curated to meet the needs of each of these clients. When they partner with us, we integrate seamlessly with their teams, becoming an extension of their internal teams. From basic bookkeeping to complex financial analysis, Finsmart Accounting provides everything a CPA firm needs to offer comprehensive financial services. Here’s a closer look at the services Finsmart offers:
- Bookkeeping: The foundation of any accounting service, Finsmart’s bookkeeping solutions ensure accurate and up-to-date financial records. This includes tracking daily transactions, managing accounts payable and receivable, and ensuring compliance with financial regulations.
- Monthly Closures: Finsmart Accounting helps CPA firms streamline their monthly closures, ensuring that all financial data is accurate and up-to-date. This service is crucial for firms that need to provide timely financial reports to their clients.
- Tax Preparation: The tax preparation services ensure that CPA firms can offer their clients comprehensive tax solutions, including tax planning, compliance, and filing. With Finsmart Accounting, firms can be confident that their clients’ taxes are handled efficiently, accurately, and on time.
- Clean-up and Catch-up Services: We have often heard our clients say that they refrain from taking up new clients because they dread the clean-up work. But now you can take on more clients confidently as the clean-up and catch-up work gets taken care for. This includes organizing and updating financial records, correcting errors, and bringing accounts up to date. These services are essential for ensuring that clients have accurate financial data, which is crucial for making informed decisions.
- Accounts Receivable and Payable Management: Managing accounts receivable and payable is a time-consuming task. This makes it tiring and prone to errors. Finsmart Accounting offers comprehensive management of these functions, ensuring that payments are processed accurately and on time, reducing the risk of cash flow issues for clients.
- Auditing: Our auditing services are specifically designed to help CPA firms provide clients with the assurance they need that their financial statements are accurate and compliant with regulations. This includes internal audits, external audits, and special-purpose audits.
- CFO Services: CFOs act as the guardians of data and other financial aspects. For clients who need more strategic financial guidance, Finsmart offers outsourced CFO services. This includes financial planning and analysis, budgeting, forecasting, and strategic financial advice. CPA firms can leverage these services to offer their clients the expertise they need to drive business growth.
A holistic approach to accounting helps CPA firms look at their outsourcing partners and their own services in a different light. By consolidating all accounting services with a single, reliable partner like Finsmart Accounting, firms can ensure that their clients receive comprehensive, accurate, and timely financial management. When you partner with us, you get everything you need while saving costs, getting access to global expert talent, and ensuring security.
In the end, bookkeeping is just the beginning. With Finsmart Accounting as your partner, you can offer your clients a full spectrum of accounting services that go beyond the basics and help them achieve their financial goals. Don’t settle for half the solution—choose Finsmart Accounting for a holistic approach to accounting that delivers results.
Want to partner with us? Write to us at connect@finsmartaccounting.com.
Maanoj is Co-founder & Director of Growth Strategy & Alliance at Finsmart Accounting. He is an Outsourcing Expert, a People Champion, and a Dynamic Leader with strong Business Strategy and Scaling-up experience. He has incubated businesses, sold & exited ventures; helped build strong enterprises in very diversified verticals like Fintech, HR & Consulting spaces in various CXO capacities over the last 20 years.
