How does ‘Outsourced Accounting’ work?
CoEfficient migrates your software to a secure Cloud environment so your team and our team can access the same data from different locations. This allows our team to perform accounting transactions remotely ranging from reconciling bank statements to paying bills. Much of this work can be done with digital documentation. Any paper documents needed can be scanned and entered into our Enterprise Content Management system that allows your team and ours to access all source documents from any location or any device with an Internet connection.
We also leverage our larger team across many clients so we can separate certain critical duties in a cost effective manner.
Is there a risk of fraud or mistakes with outsourced accounting?
When engaging an expert team of 3rd party resources, companies lower risks when compared with the typical small business setup, which entails having a single bookkeeper taking care of all transactions.
CoEfficient also reviews all transactions with the client monthly to make sure there were no honest mistakes.
Why should we outsource our Accounting and Finance functions?
- Scale – add and remove personnel with greater ease
- Efficiency – you focus on running your business, let the Accounting and Finance experts focus on those functions
- Professionalism – we engage only experienced Accounting and Finance professionals to perform work for our clients
- Fraud protection – through a combination of a Cloud-based system that enables secure access anytime and anywhere, and a monthly review of all transactions, set up of proper accounting controls and separation of duties, your company has a high degree of fraud protection
- Cutting edge tools – through our partnership with Fluid IT Services and use of the QuickBooks software system, we are using the cutting-edge tools
Will I lose control of my books if I outsource?
No, you will actually have a more accurate set of books in a timely basis. This will give you more control of your business.
Do I need to layoff my entire accounting staff to work with CoEfficient?
No, often we can tailor our offering to help your people take on additional responsibilities and work with your team.
For cost savings, headcount reduction is possible using our service, but often clients re-allocate their former bookkeeping staff towards more value-added activities.
Am I stuck once I join?
No, we use industry standard software solutions that make it easy to migrate away from our service should you chose to make a change. In fact, once your business grows to the point of having a proper in-house team, we can help you recruit and train those individuals so you have no disruption.
You still own your data and still have a valid software license of your own.
Is my data secure?
What about turnover?
Since our services are highly process based, you won’t feel any effects of staff turnover. This is one great advantage if you’ve ever experienced losing a bookkeeper once you’ve invested some training in that person. We manage by process, not tribal knowledge.
Do I have to change accountants/CPAs?
No, we typically don’t provide the same type of services they provide. They will still be available to provide you tax, audit and other advice.
Your accountant will actually have an easier time working with your books once they are virtualized. We can help avoid the headaches that can come from managing multiple copies of your accounting file (both electronically and offline).
Will I save money?
We’d love to just say you will “always”, but that might not be accurate. It really depends on how robust your current processes are. Often clients save money by switching to us. However, we also have many clients that spend about the same amount each month with us, but they have a better set of books with a scalable solution and proper fraud protection. If you’ve been skimping along, we might not save you much on the expense side, but we’ll certainly save you some frustration and fraud exposure.
How long does it take to start using your service?
That will depend on how much we are doing for you and what kind of condition your current processes are in. Typical clients can transition over within 1 month of signing up. Some clients require running in parallel for a few months to make sure we have the right process captured.