The Emergence of Outsourced Accounting & What to Expect from a Provider
The COVID-19 pandemic has changed the way we do many things. It’s changed the way we go out for dinner, the way we travel, the way we do business and the way we work, to name just a few. While some would like to go back to “normal”, or the way things used to be, there seems to be a consensus that in many ways we aren’t going back. Some of these changes are here to stay.
As trusted advisors to businesses across many industries, Gilmore Jasion Mahler (GJM) is seeing some of these changes within client businesses. Those looking to hire for internal accounting positions, for example, say there are simply no candidates out there. And some are turning to a different solution: GJM Outsourced Accounting.
Outsourced Accounting (OA): What is it?
Outsourced Accounting isn’t a new concept. For those who aren’t familiar with the service offering, its exactly what it sounds like: handing over the entire accounting function within your business to outside experts. New software platforms and other technology pushed the idea more into the mainstream. The pandemic, remote work, and hiring issues have further contributed to what’s emerging as a significant shift in the way businesses view the accounting function.
“There’s no question, many business owners are taking a closer look at outsourced accounting,” says Judy Anderson, CPA, who leads GJM’s Outsourced Accounting team. “These services solve a major problem, removing the need to fill that internal role, but more importantly, outsourced accounting at GJM brings experts to your team, and checks and balances.”
Clients say the service brings peace of mind, knowing that capable CPAs and other GJM professionals are on the job. Technology offers real time numbers 24 hours a day, 7 days a week to business owners and managers. They get to choose how involved or uninvolved they are in the accounting function.
“It’s the best of all worlds”
Retina specialist Dr. George Rosenthal has transitioned his medical practice to GJM Outsourced Accounting and says it allows him to do what he does best: care for his patients.
“One of the great things about this,” says Dr. Rosenthal, “It’s not just an accounting service. It’s a business administration service. I want to spend my time being a doctor and its nice on so many levels to have somebody who’s a business expert help... It’s the best of all worlds.”
Equally important: knowing that GJM professionals are part of your team. They could spot a trend in your numbers or see an opportunity for tax savings that you missed. Should you need other specialists, they’re at the ready to be pulled in as your business needs change.
“I can’t overstate enough the importance of having trusted experts as part of the extended team who can be pulled in as needed,” says GJM Partner Matt Cavanagh, who is also part of the firm’s Outsourced Accounting team. “Things come up, such as tax strategy, a merger or acquisition, the need for a valuation, or cyber risk assessment. Our team can also see from a high-level view something that you might miss.”
The GJM Outsourced Accounting team has seen businesses in many industries pursue the service offering, including health and medical practices, nonprofits, law firms, real estate businesses and other professional services firms.
What to Expect
If your business is considering looking into outsourced accounting services, be sure you understand the offering and most importantly, what you need. Here are some of the services/capabilities you should expect from a provider:
State of the art technology/software platform featuring:
- Real-time numbers
- 24/7 dashboard access
- Safe and secure financial information
- Easy, secure document sharing
- Integration with other service providers
- Monthly payment format with no large financial investment
- Team of specialists, including a partner
- Professionals who become an extension of your team
- Direct access to your account team leader
- Access to other specialists, advisors and consultants as needed
Here’s another important piece when considering the team of professionals: make sure you have a good relationship. You should enjoy working with the team, and view them as an extension of your staff, which, after all, they are.
Dr. Rosenthal says of his lead GJM service provider Alyssa: “She’s unbelievable. I’ll email her something at six in the morning. I’ll get a response in 10 minutes. She’s amazing. And she’s good.” He jokes with Alyssa that she needs to get better sleep, but you can hear it in his voice that he’s sleeping better with Alyssa on his team.
In the end it’s simple: you need to trust that you’re in good hands, and you need to enjoy the working relationship. If that’s the case, you’re well on your way to saying, “problem solved.”
If you’d like to learn more about GJM Outsourced Accounting, here’s a short video featuring GJM’s Judy Anderson with a high-level explanation of the service. To reach out to our team directly, email firstname.lastname@example.org.
Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.