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
Outgrowing QuickBooks?

Outgrowing QuickBooks?

Congratulations, you’re outgrowing QuickBooks

When your business grows, you should celebrate—not suffer. Try telling that to the finance team that’s still trying to make QuickBooks work. It’s just too basic to handle growing organizations with evolving needs. So your team might be compensating with inefficient workarounds and spreadsheets. And you may realize you can’t rely on your basic reports to be of any strategic use. That’s a lot to pay for a “low cost” solution. Find out what makes Intacct the top solution for QuickBooks graduates.

Make the “day to day” easier

If your team is spending hours on spreadsheets, your entry-level accounting solution isn’t doing you any favors. Ditch the extra data entry with Intacct’s feature-rich cloud accounting solution. Automate multi-entity close and reporting, revenue recognition, project accounting, and more. Save team time today and be prepared for tomorrow with a solution that can handle almost any accounting process you can imagine.

Flex your reporting muscle

Intacct was uniquely designed to give you endless reporting flexibility. Unlike QuickBooks, Intacct enables you to track both financial and operational data in real time. You can easily drill from top-level results down to the performance for a specific entity or location, then down to individual transactions. And you can access your reports from any web browser, on any device. Integrate without IT, and other cloud benefits Organizations that are outgrowing QuickBooks can expect high ROI when switching to cloud accounting. You don’t have to worry about system availability and security—that comes guaranteed. Plus, it’s instantly easier to connect with other cloud-based best-in-class business systems, like Salesforce CRM, so you can share data between systems without human data entry or errors.

Key outcomes:

  • Improve productivity by eliminating manual processes and spreadsheets
  • Get instant visibility into business performance, anytime, anywhere
  • Integrate with your other applications to eliminate data re-entry and information silos
  • Save money, increase security, and reduce IT headaches

Finance’s Elevated Role and Other Critical Trends for 2019

The beginning of a new year always signals a time for trend spotting Which financial opportunities, challenges and changes should companies prepare for now? Below are six soon-to-be realities that you should consider for 2019.  .   CFOs take on more responsibility....

Modern Digital Workplace: 5 Current Trends Making Waves In The Office

Improving workflow is guaranteed to improve morale and modernize your workplace. But with all the tech on the market, it’s tough to know which solution is right for you. At Lavoie CPA, we know it’s a tough decision. We’re here to help.

With Microsoft cloud solutions, increasing employee connectivity–not only to each other but to the many Microsoft services offered–is a key element in being able to maintain flexibility while accessing data wherever you are.

With a little help, you can leverage Microsoft cloud solutions today. Contact us to find out how we can speed your transition to the cloud.

Customer story: Hershey

Hershey built their brand with data, using insights to come up with creative ideas. But to foster that creativity in the digital age, they needed to modernize their IT infrastructure. Doing so can seem daunting, even for a company like Hershey. At Lavoie CPA, we want to help your business make that change so you can begin to create.

With Microsoft cloud services, Hershey was able to connect employees together with insights gained from Azure, creating an agile modern workplace. Your business can leverage these same tools to modernize your workplace.

Contact us today to find out how we can help.

3 ways to protect yourself from a ransomware disaster

There’s no cure for ransomware. As the attackers grow more powerful each day, it’s up to every business to fight back by being prepared and keeping important data safe. At Lavoie CPA, we can help you do just that.

Microsoft’s approach to privacy and data protection is grounded in their commitment to customers’ ownership of and control over the collection, use, and distribution of information.

Leverage the security of Microsoft tools to safeguard your business and the data that makes it run. Contact us today to find out more on how we can help.

Customer Story: Taylor Wessing

International law firm Taylor Wessing needed the flexibility to scale, develop, and deploy where and how they want so they adopted the only consistent hybrid cloud on the market. At Lavoie CPA, we know you have a lot of the same needs, and we have the solution.

With Azure, you can easily connect data with applications, and devices by taking advantage of over 150 out-of-the-box connectors, all while meeting a broad set of international and industry-specific compliance standards, like GDPR.

You know where to find the tools, now you need to integrate them. Contact us today to find out how we can help.

5 key areas to focus on while integrating cloud-based strategies

Moving to the cloud does not happen overnight, and the road there can often appear winding and poorly marked. It may not always be clear which move is the right one for your company.

Advisors can help a business navigate this path, ensuring they are achieving the desired result and avoiding complications.

We here at Lavoie CPA want to ensure that your business is making the best possible choice when starting out on your cloud journey. Contact us to learn more about making the right choice.

Customer Story: Goodyear Tire and Rubber Company

As a business, your greatest assets are your people. Their hard work and ingenuity have gotten you to where you are today. But in order for each employee to best serve your company into the future, they need the right tools.

Microsoft 365 keeps people connected across the globe, allowing them to come together and collaborate in real time to solve business problems faster and more effectively than ever before. Microsoft 365 keeps them agile, productive, and most importantly, secure, wherever they are logging in from.

Contact us to learn more about how to ensure your greatest assets–your people–have the right tools to propel your business to success.

Office 365 helps secure Microsoft from modern phishing campaigns

Phishing attacks are relentless. What are you doing to help prevent them from hitting your business? At Lavoie CPA, we want to help make sure your modern business has the tools you need to stay protected.

Office 365 works in near real-time to protect against phishing threats and safeguard data and intellectual property. It provides advanced security and reliability to eliminate known threats before they reach you.

Your information is too valuable not to protect it. Contact us today to find out more on adopting the Microsoft solution you need to stay in the game.

Day in the life Retail

With all the moving parts in your business, you need to stay in sync while maintaining flexibility and speed. At Lavoie CPA, we know that can be tough to do especially for small business owners. That’s why we’re here to help.

Microsoft business-class email gives you access to email, contacts, and shared calendars anywhere. You can work without worries wherever you work best and stay focused on what matters most.

Your mobile business needs the right tools and we can help you get them. Contact us today to find out how we’re poised to deliver the Microsoft solutions you need.

Microsoft uses analytics and data science to enhance the user experience

Whether you need a solution to look for information, attend meetings, or collaborate, you want a great user experience. Your customers do too! At Lavoie CPA, we know this can be tough to deliver.

To enhance user experience for employees, Microsoft employs several data science and machine learning algorithms to provide insight into how people use products and services to achieve their goals, how they perceive an experience, and any issues they have.

With all that data, anything is possible. Imagine what your business could achieve with the right tools. Contact us today to find out how we can help.

Save Time and Capital With Managed Accounting

Save Time and Capital With Managed Accounting

What is Managed Accounting?

Free up internal staff to focus on your core business while saving time, resources, and capital. Managed Accounting is simply shifting the functions and tasks of basic and critical business processes, traditionally managed inside your company, to an external provider, such as an accounting firm. By taking advantage of the power of secure cloud-based technologies, your business would receive a comprehensive range of managed business services for its clients, from A/P and A/R to controllership and virtual CFO services and we provide the ERP system to scale with it all.

Related: 5 Myths About Outsourced Accounting

Benefits of Managed Accounting

Besides saving your company precious time, resources, and money by utilizing managed accounting services, you’ll also be able to free up and redirect your internal staff and resources to supporting revenue-generating core business functions, including strategic planning.

In addition, when you partner with a third-party, you won’t have to worry about software and hardware upgrades and maintenance, or security! And you won’t need dedicated IT staff to support an in-house ERP system. Cloud technology platforms are state-of-the-art and offer the highest levels of security in the industry. Your financial data and business information is always safe and secure. Most importantly your data is always accurate and in real-time.

Related: A Beginner’s Guide to Cloud Computing

With real-time access to your data, we can generate custom reports, forecasting, benchmarking, and real-time data analysis. Why settle for financial reports and analysis that are out of date the day they are printed? Now you can be sure you are always working with the latest up-to-date information at your fingertips, 24/7. Get a better picture of your business in real-time. 

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Financial controllers are increasingly taking on the role of financial operating officer. You’re ensuring that finance runs smoothly and that there are not surprises on audit day.

But what does “running smoothly” really mean?

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