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

Day in the life–Financial services

As a financial services professional, your day is likely packed with many tasks; checking your email probably consumes a lot of your day. At Lavoie CPA, we know that you could be saving valuable time in your day by maximizing the potential of your email provider.

Microsoft business-class email and calendaring products help you stay on top of what matters with a clear, unified view of your email, calendar, and contacts.

With Microsoft, stay connected wherever you are. Let us help you integrate this amazing solution, so you can free up time in your day. Contact us for more information.

Microsoft migrates 150,000 mailboxes to Exchange Online

How important is your employees’ time? With today’s workforce spending more time on email, it’s time you prioritize your workers’ email system. Lavoie CPA is here to help you integrate a solution that will help your employees get their time back.

With Exchange Online, your people need less time to support your email system, which frees them up for other projects. The guaranteed business continuity supports workplace flexibility adding to the flexibility of your workforce.

With more time, imagine what important tasks your team could focus on. Contact us today for more information on how we can help.

Empowering your organization to embrace a data culture with Power BI

The decisions you make can have huge consequences on your business. At Lavoie CPA, we know that choosing the right analysis tool can be tough, especially with so many different data analysis platforms on the market.

Microsoft Power BI is propelling digital transformation in manufacturing, allowing retail to gain real-time insights to drive results, solving digital marketing challenges in innumerable industries, and powering mobile apps–enabling data analytics on the go. Use Power BI to inform your toughest decisions.

Contact us to learn more on how we can help you plan your transition to Power BI.

SQL Server 2017 Datasheet

Your business has individual needs and requirements that require customization. Integrate a data platform that can do all that and more. Lavoie CPA wants to help.

With SQL Server 2017, you can develop using the technology of your choice, including open source, backed by Microsoft’s innovations. Easily integrate data into your apps and use a rich set of cognitive services to build human-like intelligence across any scale of data.

We have the tools to help you integrate the Microsoft solution you need to secure and scale your data. Contact us to find out how.

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Security – common mistakes

“43% of cyberattacks target small businesses.” Just because your business is small doesn’t mean it is insignificant to potential cybercriminals. In fact, many hackers specifically target small businesses because they often make simple security mistakes that are easy to exploit.

The time to act is now! Use this graphic as your starting point to proactively identify and address common security problems.

At Lavoie CPA, we know you didn’t start your business because you were an expert in security. Let us help you keep your data safe so you can stay focused on what you do best. Contact us to learn more!

Why Cloud (By Default) Gives You Security You Couldn’t Afford Otherwise

Without dedicated 24/7 professionals and support, fast backup tools and easy-to-use collaboration solutions, your IT infrastructure could probably benefit by moving to the cloud. Lavoie CPA knows that journey can be tough, that’s why we’re here to help.

With a complete, intelligent solution, including Office 365, Windows 10, Enterprise Mobility + Security, and Azure, everyone in your organization is empowered to be creative and work together, securely.

The future of your digital business depends on getting your IT right. Contact us today for our plan to help you along your journey to the cloud.

Customer story: TransBlue

Running back and forth between jobsites can eat up time and resources, especially for a small business. TransBlue was still running their business the old-fashioned way when they updated their business infrastructure. Lavoie CPA can help you update too.

TransBlue now uses Microsoft 365. The mobility enables them to cut out drives to the job that used to eat up an entire day. Now with Skype, they can see the site in real time and upload pictures to Teams for anyone working on the project, anywhere.

The shift to the cloud brought agility to TransBlue. Contact Lavoie CPA to find out how we can help you integrate Microsoft 365 today.

A Customer Data Platform Picks Up Where CRM Leaves Off

If you had access to all your customer data, how would you use it? That’s the question you should consider before you begin to bring your data together; then you can set your organization up for success.

With the Azure data platform, you can take advantage of the efficiency and agility of the cloud by easily migrating to the cloud without changing code. Unlock insights and make predictions faster with Azure.

Lavoie CPA and Microsoft are here to help you get the most out of your data. Contact us today to find out how we can help you transition to the data platform that IT pros trust.

Missing Children Society of Canada

Missing Children Society of Canada uses social media to get the word out about missing children. Everything was going well with their social media push notification system until their system went down. Lavoie CPA knows you can’t afford an interruption in your service, that’s why we’re here to help.

To prevent further interruptions in service, MCSC migrated to Azure. With Azure cloud services, the first responders can immediately push information out on social media.

The applications of Azure services are endless and can be used to scale your data with AI. 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. 

DOWNLOAD FREE eBOOK!

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?

Download this eBook to learn six ways that today’s best-in-class controllers follow to successfully meet and overcome challenges in the profession.