Blog

Why Outsource your Business’s Accounting and Finance

February 3, 2022 by Jason Kindseth
Outsourced Accounting and Advisory Services

What does Outsourcing with Copeland Buhl look like?

Outsourcing accounting and finance functions with Copeland Buhl involves cloud-based software and a team of accounting experts from Bookkeeper to CFO level working in harmony with you and your employees. We put in the work on the front end to understand your business and make sure our software and processes will bring efficiency and clarity to your business. We work on predictable timelines (daily, weekly, monthly) and meet with management at regular intervals to ensure needs are met up and down your organization.

Do what you do best

When many small businesses start out the owners (or a spouse) takes on the accounting, and that’s ok! As the business grows there comes a time that the owner or spouse becomes overwhelmed with other duties and the accounting isn’t a good use of their valuable time. That is where Outsourcing can take your business to the next level. If you are still doing the accounting on your own consider the value of using the time spent on accounting tasks for seeing more patients if you are a doctor, working on billable work if you are a lawyer, or better yet, spending time with family and friends. A common concern with giving up these tasks is a loss of familiarity or control with the business and how money is spent. Copeland Buhl uses software that keep the control in your hands and your business financials are available online 24/7 for review if you like to see the details. Focus on what you do best and let Copeland Buhl handle the accounting.

Team of experts with multiple sets of eyes

When your business outsources with Copeland Buhl you are getting a team of accountants at different levels. Each brings expertise at their level and gives the higher-level accountants the ability to focus on the big picture. Just as a nurse does blood pressure screenings and intake tasks before the doctor comes in the room, our accountants take care of the regular accounting before the Controller/CFO interprets the big picture and helps you plan for the future. If your current accounting/finance department is a 1-person operation it may be time to investigate Outsourcing to get perspective on the numbers.

Timeliness of financial reporting

Financial reporting gets stale fast and too many businesses wait over a month for their financials. What is the use of January financials in March, when a whole other month has gone by? If your business is not getting up to date information, consider looking to Outsourcing to bring in the team and expertise to get caught up and stay caught up. Our team can update numbers daily, weekly, or monthly to bring clarity to your situation. Month-end close timing is discussed during the on-boarding process and can be adjusted in the future to accommodate your needs. If your business isn’t getting timely reporting now is the time to consider Outsourcing.

Segregation of Duties

Fraud is real and it can happen to any business. Outsourcing your accounting function allows you to segregate duties and get oversight on personnel that handle company funds. The software we use for Accounts Payable and Payroll has built-in review and approval to make sure company funds are only spent with appropriate approvals. Our team also follows best practices in particular industries for tracking and reconciling Point of Sale systems and making sure bank deposits are made timely and accurately by company personnel. If your business is growing and you need more piece of mind Outsourcing can help safeguard your company’s assets.

Higher expertise, greater insights for the same cost

The average accountant salary in the United States is approximately $56,000 (https://www.indeed.com/career/accountant/salaries) in January 2022. Add in payroll taxes, benefits, and management/training time and that one employee could easily cost $70,000 or more. For that same $70,000 Copeland Buhl has Outsourced the entire accounting function (Accounts Payable, Payroll, Month-end close, financial reporting, and meeting with owners/management) for businesses in the Medical, Service, and Childcare industries with 3+ separate legal entities with multiple locations in each entity. Our fees are tailored to fit each client we service, but we have a track record of providing fractional CFO services included in our Outsourced Accounting that rival the cost of hiring a single employee that would have much less expertise.

Avoid turnover

“The Great Resignation” is an overused term, but it is well documented that employee turnover is at an all-time high and there are many reasons for the trend (https://www.forbes.com/sites/christinecomaford/2022/01/14/new-research-on-the-real-cause-of-the-great-resignation/). If you’ve experienced turnover in your accounting and finance department you know it can create uncertainty and frustration throughout the organization. Hiring a reliable Outsourced Accounting team makes sure your company has a reliable and consistent accounting partner for years to come. Your business processes are documented and with a team of experts you don’t have to worry about 1 key individual leaving you high and dry because they “knew it all”, but never took the time to tell anybody else. If you are looking for the reliability of a long-term partner for your accounting and finance needs, consider working with Copeland Buhl.

Additional resources available on demand

Opportunities pop up all the time in business, don’t you wish you could have more trained staff appear when you need them and leave when you don’t? That is what you get when you outsource your accounting and finance with Copeland Buhl. If you need short term help with a project big or small our team is here to help when you need us. This flexibility is especially popular with seasonal businesses that need several people at peak times and a minimal amount during the off-season. Starting an outsourcing relationship with Copeland Buhl now lets us be ready to assist immediately when waiting for help isn’t an option.

How to explore Outsourcing for your business

Outsourcing a key part of your business shouldn’t be done without due diligence and consideration. Copeland Buhl knows this and follows three general steps to make sure Outsourcing is a good fit for both our clients and our firm:

  1. Discovery
    • Initial discussions about needs, timing, and viability
    • Copeland’s team reviews your company’s accounting records, current reporting framework, and processes
  2. Assessment
    • Copeland Buhl’s team identifies potential improvements, confirms scope and quantity of work, and builds a plan tailored to your business
    • If the accounting records are in poor shape or several months (or more) behind, a plan is made for catching up
  3. Report
    • A proposal is discussed with management that identifies covered services, monthly fees, and a transition date for our services to begin

Questions are welcome at every stage of the process; we want to help identify areas that we can bring efficiency and clarity to your company. The complete process can take several days to several weeks depending on the size of company and the desired timing of transition. The on-boarding process operates very similar to a thorough interview process, with both sides asking questions and making sure the fit is right before agreeing to a long-term relationship.

We are here to help

Copeland Buhl’s Outsourced Accounting professionals work exclusively on accounting and finance services. We are passionate about helping our clients reach their business goals and providing value beyond recording the day-to-day transactions. We want to be a resource and partner to help you make better business decisions every day. If you are looking for accounting and finance leadership, please reach out to the team at Copeland Buhl.