Why Outsource Your Accounting With WVC RubixCloud?
Many businesses outsource their accounting. As a business grows, so does the need for strict financial controls and day-to-day accounting operations. WVC RubixCloud is unlike any other outsource provider in that we excel in helping you manage the accounting function in a seamless and flexible manner with as little disruption to your business as possible. The decision to outsource your accounting can be the catalyst to achieving scalable growth as you will now have the time that you need to focus ON your business not IN your business.
It’s Time to Consider Outsourcing Your Accounting!
As your business grows, focusing your attention on the strategic aspects of running the business is of primary importance. While your accounting function requires your attention, it does not create revenue and therefore it is a secondary function. However, just because the back office accounting function is secondary does not mean that it should not provide you with valuable insights.
When you outsource with WVC RubixCloud you will gain new efficiencies through the application of advanced technology to streamline workflows and processes. The end result is a single source of truth for your accounting data which can be accessed anywhere on any device so that you have the information that you need to make decisions is at your finger-tips.
4 Reasons to Outsource Your Accounting with WVC RubixCloud
1. Continuous Accounting
General accounting is transaction-driven. The outsourced model is continually recording those transactions using technology and automation so that you and your team have access to real-time information such as bank balances, balances due to vendors, amounts owed on customer accounts, and even net income daily. The traditional bookkeeper model is not continuous. These are often on-site visits to record checks written and revenues received at the end of each month or on some other pre-determined basis. This is a historical transaction recording, so you are not ever receiving up to date information. Once the month has been recorded, you are likely well into another, or even second month past when the transactions occurred.
3. Scalability and Impact
Because we use automation, best in class software, and a team of professionals, we are poised to grow with you, wherever your business plan takes you. The transactional piece is a given, but the insight, technology capabilities, and data that we provide can take you from a $1 million to $50 million-dollar company seamlessly. The traditional bookkeeper is limited to technology (again, typically using QuickBooks or Peachtree), the time constraints of daily tasks, expertise and even checks and balances as described previously. At the end of the day, running a successful business requires information to make decisions. A bookkeeper tries to cram several weeks of activity into a few days, and typically manually enters that data into a software package that is not capable of analysis, and even if it was, the bookkeeper does not have the time or the knowledge to dive into that piece because they are so frenzied trying to get the period end closed in just a few days.
2. Procedures and Controls
Part of the onboard process with an outsourced accounting team is to walk through your processes and document them and work to make them more efficient. As those changes occur, they are also documented. If a turnover occurs, someone new on the team is easily able to pick up and continue the record keeping. The spread of tasks among a team and technology ensures that the duties to separate tasks for compliance with internal control best practices are met automatically. With a traditional bookkeeper, the responsibility typically lies with one individual, which is often worse than having the accounting done in-house. A significant amount of reliance is put on that person, and generally, the only information received back to management is a profit and loss statement and balance sheet.
4. Skill Level
Your accounting data is only as good as the people touching it. The outsourced model consists of a team of providers with deep accounting and industry experience, technical proficiency, and the requirement to continually maintain those skills through training. The outsourced model typically has a transaction specialist with experience similar to a bookkeeper. However, the team members also encompass accounting managers, controllers, and CFO’s, which provide a much different result than simply a transaction specialty. Many bookkeepers are “software” specialists (QuickBooks, Peachtree) and their expertise lies largely the transactional piece and providing the standard reports from the system. In comparison, the outsourced team provides a full range of services, from transactional to acting as your internal controller, and even provide the ability perform CFO functions such as board presentations, budgeting, forecasting, and detailed analysis.
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