5 Myths around Outsourcing Finance Functions

5 Myths around Outsourcing Finance Functions

Outsourced Accounting or Accounting as a Service (AaaS) provider can be the catalyst to take your organization to the next level.  For some SMBs, accounting is not looked at as a strategic function of the organization, but it should be.  It also shouldn’t take focus away from growing your core business.  Lots of SMBs don’t consider Outsourcing.  Here are 5 main reasons why.

1) They think it is too expensive

By using Accounting as a Service, you have access to shared service center.  Providers have put a lot of investment, thought, and execution into their model and have staffed accordingly.  With an AaaS provider you now have access to a full accounting department that often is less expensive than one full-time FTE.  This doesn’t even figure in technology costs that come with the service.

2) It is the same as bookkeeping services

Bookkeepers are responsible for recording daily financial transactions.  Controllers are responsible for financial reporting, internal audit and internal controls. CFO are responsible for financial planning, financial data analysis and strategic planning.  By relying only upon a bookkeeper you are stuck looking in the past and cannot see into the future to effectively make critical decisions for your business.  AaaS providers ensure daily transactions are done correctly but also greatly reduce risks and provide necessary forward-thinking strategy to help growth your business.

3) We can just do the same in-house

For most SMBs it is hard to justify the expense of having a bookkeeper, controller, VP of finance and CFO.  All positions have importance.  You don’t want to pay a senior level person to do daily transactions and you definitely don’t want to ask an entry level person to manage financial risks.

4) We cannot have any finance staff in-house

Often AaaS providers work with internal staff to fill voids.  Yes, providers can function as the entire finance department but often work with existing staff to help maximize their production.

5) We have more control and stability by utilizing in-house staff

Employees turnover and training are always on the minds of companies.  If you don’t have a defined professional develop plan for each employee, you are at risk of losing your top talent to other opportunities.  By using an AaaS provider you eliminate the risk of employee turnover.  You also will not miss a beat when people people are out sick, on vacation, or on leave.

What do I get with an AaaS?

  • Enterprise software platform (workflow, automation, dashboards etc)
  • Vendors paid on-time
  • Customers billed on-time and accurately
  • Employee expenses captured and reimbursed
  • Cash transactions reconciled
  • Timely payables collection
  • Accounts analyzed and reconciled on an ongoing basis
  • Financial and management reports delivered on-time and accurately
  • Scalability and rapid deployment, when needed
  • Regulatory compliance delivered
  • Audit ready
  • A finance and accounting function that is STRATEGIC
Our CPA Day of Service

Our CPA Day of Service

For the last six years, the North Carolina Association of Certified Public Accountants (NCACPA) have challenged its members to give back to the community by participating in the CPA Day of Service. The idea came originally from one of NCACPA’s Board of Directors to allow members to “take to their communities and give back in some way”.

As a member of the NCACPA and the Charlotte community, we have made it a priority to participate in this event every year by volunteering with Habitat for Humanity, one of the global nonprofit housing organizations in the US. The organization works toward helping people in the community to build or improve a home and they rely on volunteers to be able to do so.

“Everyone deserves to have a place to call their own regardless of their income level.  Affordable housing is pivotal to reducing poverty in Charlotte and beyond.  Habitat for Humanity Charlotte provides the hand-up needed by thousands of local and global families.   We always look forward to spending the day with the wonderful people at Habitat ReStore and doing our part towards being a part of the solution. Shopping afterwards is always an added perk!  I always find something there!”

– Sharai Lavoie, CEO and Managing Member at Lavoie CPA.

Habitat for Humanity ReStore

On Friday, September 22, all our employees met up at one of the two Habitat ReStores, which functions as the fundraising division of Habitat for Humanity of Charlotte. The ReStores accept donations of new or used items and resells them to the public at a reduced cost. Consequently, Habitat can use the proceeds to build Habitat homes with their local affiliates. There are currently two locations in Charlotte, NC, which allows Habitat to build approximately 10-12 new homes every year.

Volunteers are necessary for Habitat’s success and when it comes to the ReStores they are mostly in need to people to help them with unloading donated items, organizing and cleaning donations, placing the items on the sales floor, and aiding customers with carry-outs of purchased items.

“We had a very rewarding time helping the community and bonding with our Lavoie CPA Team. Habitat is a great organization that helps struggling family’s get on their feet through volunteers and the family working together”

– Doug Burkhart, Senior Financial Consultant at Lavoie CPA

Thank you to Habitat for Humanity for letting us be a part of your mission and giving back. If you are interested in volunteering please visit the Charlotte ReStore website or email the Volunteer Coordinator of Retail Operations at volunteer@charlotterestore.org.

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Cloud Accounting Software: Ultimate Guide

Cloud Accounting Software: Ultimate Guide

What is Cloud Accounting?

Intuit’s eBook “The Appification of Small Business” projects that 78% of small businesses will depend on cloud technology in 2020. Furthermore, Technavio’s report on the global business accounting software market 2017-2021 estimates that the market size will grow to $4.1 billion by 2021 at a CAGR of more than 6% over the period. Hence, the cloud is growing at a rapid speed, and the accounting industry is not an exception.

So what is cloud accounting? Cloud accounting simply refers to accounting software that sends, processes and stores data off-premises (in the cloud), rather than the traditional accounting software approach with on-premise hosting. Thus, the cloud is essentially a metaphor for the Internet. There are many benefits with this approach, but one of the main ones is that it allows an employee to access data from anywhere, anytime and any device, granted that you have access to the Internet.

Cloud accounting software can be used in-house by employees, purchased from a third-party or outsourced in a hybrid model. Additionally, the most common model that cloud providers offer is “pay-as-you-go”, subscription based, where businesses only pay for the services they use and can upgrade to meet their needs as they grow.

Related: A Beginner’s Guide to Cloud Computing

What are the Main Functions of Cloud Accounting Software?

Cloud accounting software can perform many different functions, depending on the needs of your business and what type of software provider you choose. Most commonly though, accounting software can perform the following functions:

  • Accounts receivable
  • Accounts payable
  • General ledger
  • Billing
  • Stock/inventory
  • Purchase order
  • Sales order
  • Bookkeeping

Moreover, cloud accounting software providers can also offer a mix of the following functions:

  • Expense reporting
  • Time-sheet tracking
  • Sales tax
  • Payroll
  • Reconciliation
  • Reports

Types of Cloud Accounting Software

Cloud accounting software is a solution that works for many different types of businesses; startups, early-stage companies, small and mid-size businesses (SMBs), and high end market corporations. One of the main advantages of cloud software is that businesses can choose what services they need and easily scale if they have growing needs. On the low end, businesses may simply need the software for basic accounting tasks, while on the high-end, corporations invest in accounting software that is ultimately an integrated part of an extensive suite of software called Enterprise Resource Planning (ERP).

What are the Benefits of Cloud Accounting Software?

1. Remote Access

As Internet access continues to grow worldwide, remote access is becoming an especially important benefit of cloud accounting software. Visual Networking Forecast (VNI) has been tracking Internet growth for over a decade, and estimates that by 2020 over 4 billion people will be using the Internet. While forecasting is difficult, VNI has historically predicted within 10% of actual growth rates. The cloud allows employees to access data, via the Internet, from basically anywhere. This is a huge advantage for businesses who have employees that work in multiple locations or are often travelling.

2. Automated Processes

Automation is a huge benefit and opportunity for accountants because it allows them to focus on more important business tasks than manual and time-consuming processes such as data entering. Technology has disrupted manual processes and made the profession more efficient and strategic. As a result of automation, data is collected faster, which ultimately allows employees to have more insights and make quicker decisions. Accountants that are willing to embrace technology will, consequently, be able to take on more strategic roles in the future and benefit from automation.

3. Cost Saving

The cloud is disrupting the software industry. Since you only pay for the services you use, most providers offer clients a subscription model with monthly payment installments. As a result, customers are able to get the latest software for a minimal cost and the ability to scale if they have a growing demand of services. With cloud software, customers don’t have to worry about maintenance and update costs because those are managed by the provider. The cloud has essentially empowered customers by giving them a more affordable way to access the latest software.


In conclusion, cloud accounting software is an incredibly powerful tool that can give any business, regardless of size, a huge advantage in decision-making, efficiency and cost reduction. If you are interested in learning more about technology in the accounting industry, check out the related blog posts below.

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Will Robots Replace Accountants?

Will Robots Replace Accountants?

Artificial Intelligence (AI) Predicted to Takeover

Forrester reported last summer that they estimate that cognitive technologies such as robots, artificial intelligence (AI), machine learning, and automation will replace 7% of US jobs by 2025. Additionally, Gartner has predicted that one in three jobs will be converted to software, robots and smart machines within ten years. Moreover, McKinsey & Co found in an analysis that “as many as 45% of the activities individuals are paid to perform can be automated by adapting currently demonstrated technologies.”

AI Takeover – What Does it Mean?

AI takeover is not a new concept; it has served as the main theme in many movies over the last decades; such as the Terminator and Matrix film series. However, science fiction films have mainly focused on true AI takeover (taking control over the planet over the human race).

There are mixed opinions on to what extend of AI takeover will happen and whether it is good for the labor force or not. Stephen Hawking, one of the world’s most known scientists, said in 2014 that he believes that “computers will overtake with AI at some within the next 100 years. When that happens we need to make sure the computers have goals aligned with ours”. Whether it will happen in that time frame or not, one cannot argue with how technology has disrupted the labor force in the past decade.

Does AI Remove or Create Jobs?

Technology has, in the past 10 years, created jobs that never existed before; such as app developer, social media manager, and cloud computing services. Technology has also allowed humans to become more productive and created more opportunities for consumer empowerment. But is this going to be the case with AI?

Fully developed AI systems will essentially perform tasks that would normally require human intelligence. Thus, machines would be able to learn autonomously, make decisions and interact with the world via sensory capabilities.

Related: 3 Key Tech Benefits in Healthcare

Will Robots Replace Accountants?

Accenture predicts that 80% of accounting and finance tasks will be automated in the next five years. What does this mean for the future of accounting professionals?

AI is going to change the accounting profession. But rather than replacing accountants, it is simply going to alter the tasks of accountants. Bernard Marr, an author specializing in business, technology and big data, wrote in a recent article for Forbes that “it is high time for every accountant to reflect on their job, identify the opportunities machine learning could offer to them, and focus less on the tasks that can be automated and more on those inherently human aspects of their jobs”.

Ultimately, accountants need to stay ahead of the technology curve and figure out what tasks they can automate. This, as a result, will allow for more time on tasks that still require human intelligence. Robots will not replace accountants anytime soon; however, AI will definitely disrupt and change the profession.

Related: Cloud Software – The Competitive Advantage

What are you doing to stay ahead of the technology curve?

Re-branding: New Look for Lavoie

Re-branding: New Look for Lavoie

As you may have noticed, we recently launched a new website in addition to a new brand look in the form of an updated logo, colors and tagline. We embarked on this re-branding journey a few months ago because we wanted our brand to better represent our unique position in the market as a nontraditional accounting firm that also focuses on cloud-based software solutions. We believe that our new brand better displays our role as a strategic and innovative partner to our clients.

Updated Website

The website has been entirely re-designed to aid visitors in navigating through our offering. First of all, the design is simpler and thus easier to navigate. Additionally, we have focused on improving content to better educate visitors on our offering and company information. Our solutions are now listed in our main three categories: software, outsourced accounting and projects. Additionally, visitors can also navigate through the industries we work with (software companies, business services, private equity and venture capital, and healthcare).

Re-designed logo

Since 2009, our main focus has been to help our clients in accounting and technology solutions; however, our old logo did not tell this story. Therefore, we are very excited with our new logo that has specifically incorporated design elements from accounting and technology. The “o” in Lavoie is interestingly based on the design of an abacus; a counting frame that was used as a calculating tool before the Hindu-Arabic numeral system was adopted.

New Tagline – “Efficiency Reimagined”

“We are very excited to reveal our new and fresh look and tagline, which speaks toward our innovation and ability to help clients reimagine new ways to accomplish their goals,” said Sharai Lavoie, CEO and Managing Member.

Needless to say, we are excited for our new look and hope you enjoy browsing our new site!

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Technology Drives Accounting Efficiencies

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Accounting the Key Strategic Advantage?

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10 Benefits of “Accounting as a Service”

Small and medium-sized businesses (SMBs) are often driven by a passion or cause – not spending hours on accounting and financial management. SMBs face many financial challenges that affect cash flow including hiring new employees, increasing profits, employee...
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5 Myths around Outsourcing Finance Functions

Outsourced Accounting or Accounting as a Service (AaaS) provider can be the catalyst to take your organization to the next level.  For some SMBs, accounting is not looked at as a strategic function of the organization, but it should be.  It also shouldn’t take focus...
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Our CPA Day of Service

For the last six years, the North Carolina Association of Certified Public Accountants (NCACPA) have challenged its members to give back to the community by participating in the CPA Day of Service. The idea came originally from one of NCACPA’s Board of Directors...
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How to Improve Your FP&A Process Right Now

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8 Signs You Might Need the Cloud

If you haven't already, it is time to consider switching over to the cloud. Gartner recently released a report on cloud computing where they predicted that by 2020, a corporate "no-cloud" policy will be as rare as a "no-internet" policy is today. In order to stay...
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3 Things Millennials Want from Accounting Firms

3 Things Millennials Want from Accounting Firms

Bill.com recently presented results from a survey they conducted with more than 1,000 business owners on services, technology and billing. The 2017 Millennial Business Owner-Accounting Firm Survey primarily focused on accounting expectations from Millennials and other cohorts as it relates to their roles as business owners.

Why Is the Focus on Millennials?

Well, as of the beginning of 2015, they are the largest cohort in the US labor force. Therefore, it makes a lot of sense to figure out how and why this cohort is fundamentally different from earlier generations. Based on insights from the survey we have summarized the 3 main things millennial business owners want from accounting firms.

1. Go Paperless

Paperless is no longer an expectation, it’s the norm. Filing and storing paper is cumbersome. We live in a digital world. Electronic and cloud-based services offers access anytime, anywhere and from anywhere. 82% of respondents said they would be “very pleased” or “pleased” if their accounting firm offered paperless services.

2. Strategic Guidance

52% of millennials in the survey indicated that they need a firm that offers insight as it relates to strategy and guidance. Thus, they want services such as fractional CFO or controller services.

3. Respond in a Timely Manner

An overwhelming majority of millennials (72%) said that the most important trait of an accounting firm was to respond to their communications in a timely manner. We live in a world where businesses no longer have regular business hours. The Internet has extended the hours that businesses are operating and also changed consumers’ expectations. Consequently, millennial business owners expect prompt responses from their accounting firms.

So What?

The insights from Bill.com’s survey are not surprising. Cloud-computing is predicted to continue growing at a steady rate. Additionally, consumers continue to expect more as the digital climate continues to develop and empower consumers. Thus, the takeaway from this should be that accounting firms need to be experts on what their customers expects. The bottom line is – you want your customers to be happy – and to do so you need to make sure you are meeting their expectations. If your main customer base consists of millennials, then three things you should consider doing are going paperless, offering CFO services and oversee your processes on response time with customers.

To learn more about what millennial business owners want from their accounting firms, download the 2017 Millennial Business Owner-Accounting Firm Survey special report or infographic.