Maximizing Business Efficiency with Sage Intacct Implementation by Lavoie CPA

Maximizing Business Efficiency with Sage Intacct Implementation by Lavoie CPA

Lavoie CPA is proud to announce its role as a direct implementer for Sage Intacct. You can now purchase Sage Intacct for use in your business through our team, and our proficiency with this software will take your financial operations to new heights.

Sage Intacct is a leading cloud-based financial management software solution designed for small and midsize businesses. It offers a comprehensive suite of tools to streamline and automate various accounting processes, including general ledger, accounts payable, accounts receivable, project accounting, and more. Sage Intacct enables businesses to make informed decisions, enhance financial visibility, and improve overall operational efficiency.

Choosing the right CPA accountant partner for Sage Intacct implementation is crucial due to the unlimited customization abilities of the platform. To put it simply, a CPA partner can help your business leverage Sage Intacct to its full potential.

The Importance of a Knowledgeable Sage Intacct Partner

A deep understanding of both your business and accounting software like Sage Intacct by an implementation partner brings significant value to the entire process. This familiarity allows for a tailored configuration of Sage Intacct to precisely match your business needs, ensuring the software is optimized for your specific industry and operational processes. 

Some of the key benefits that a Sage Intacct partner can provide are:

  • Efficiency: A knowledgeable partner can reduce the time it takes to integrate Sage Intacct into your operations and minimize disruptions.
  • Decision-Making: They can make choices about certain features that align with your long-term business goals.
  • Ongoing Support: They can provide targeted training sessions and assistance tailored to your unique needs, ensuring that your team fully utilizes Sage Intacct’s capabilities.
  • Future Growth Planning: A partner familiar with your business can anticipate changes and ensure that Sage Intacct is configured to accommodate your evolving needs.

Lavoie CPA is an ideal implementation partner for your business, as we use Sage Intacct for our very own business. The experience we have with this software shows in our ability to maximize its services for your use, and that experience has been built over time as we developed our own understanding of Sage Intacct and monitored the ways it has impacted our accounting operations.

Why Choose Lavoie CPA for Sage Intacct Implementation

Lavoie CPA has always been an implementer of Sage Intacct through their Accountants Program, but we’re now proud to be a direct implementer, able to handle all the setup of the software for you one-on-one. But we’re not just implementers, we’re users. We know the work that goes into implementing this system because we’ve done it. 

Here’s how Lavoie CPA can leverage Sage Intacct in specific ways for the industries we work with best.

Accounting for Healthcare Technology Companies

The healthcare industry is undergoing rapid changes, marked by cost reduction, a consumer-driven shift, and evolving regulatory requirements. To address these needs, automated and precise reports from a true cloud financial management solution like Sage Intacct is crucial.

Sage Intacct is purpose-built to empower healthcare technology companies to anticipate the future. From individual products to entire healthcare systems, it offers detailed insights while presenting a high-level overview of organizational performance.

Accounting for Software Companies

As SaaS companies grow, understanding crucial metrics becomes vital for optimizing business operations. Throughout the company’s lifecycle, the significance of these metrics evolves, along with the underlying processes that generate them. 

Sage Intacct offers real-time SaaS metrics beyond traditional financials, incorporating operational metrics essential for board reporting. These metrics are as comprehensive and accurate as GAAP financials.

Accounting for Professional Services

As a professional services leader, you understand that effective financial management is particularly impactful, influencing project estimations and various metrics like client expectations and project duration. Seamless and real-time access to project information is vital for professional leaders to focus on financial aspects. The more up-to-date the data, the higher the quality of decision-making.

Sage Intacct Certified Implementation Specialist badge

Common Challenges in Sage Intacct Implementation

Selecting an implementer without a deep understanding of your company’s specific needs or Sage Intacct can lead to various challenges in the implementation process. 

  1. Lack of Alignment: An incomplete understanding of your business processes, industry nuances, and growth objectives prevents effectiveness.
  2. Inefficient Implementation Timelines: Delays can occur as the implementer grapples with adapting the software to meet your needs or resolves issues that could have been anticipated.

Lavoie CPA has a wealth of experience when it comes to healthcare technology, software, and professional services businesses. Our specialization in these areas provides us with a fundamental understanding of your industry we can utilize when implementing Sage Intacct. Areas where we’re particularly effective are charts of accounts management, dimensionalization of data, and optimizing accounting process flow.

Effective Chart of Accounts Management

The chart of accounts is the foundation of your business’s financial structure within Sage Intacct.

Setup may involve creating accounts that reflect different revenue streams, cost centers, or other key performance indicators relevant to the business; or setup may involve incorporating dimensions of your business such as departments, projects, or locations to enable more granular reporting and analysis.

We’ll ensure that the chart of accounts is organized in a logical and intuitive manner, facilitating easy navigation and data entry for you, no matter the level of your financial knowledge. This optimization not only enhances the accuracy of financial records but also improves the efficiency of your day-to-day accounting tasks.

Dimensionalization of Data in Sage Intacct

Dimensionalizing data in Sage Intacct is a process that involves incorporating customizable dimensions into financial transactions for more nuanced analysis and reporting. Lavoie CPA will help you set up these dimensions based on your business’s structure and reporting requirements, creating categories like departments, projects, or product lines.

Sage Intacct’s reporting tools enable users to generate highly customized reports by organizing data based on different dimensions. This flexibility allows for a detailed examination of performance across various business aspects, such as profitability by department or sales by product line.

The insights derived from these tailored reports empower you and your stakeholders to make more informed decisions, identify trends, and optimize strategies for improved overall performance.

Optimizing Accounting Process Flow

Lavoie CPA utilizes Sage Intacct for our very own outsourced accounting services because we know its value to a business. The platform especially excels in:

  • Automating Routine Tasks: Alleviate time-consuming data entry and reduce the potential for human error when developing precise financial records.
  • Real-Time Financial Visibility: Snapshots of your organization’s financial health empowers you to monitor cash flow, track expenses, and evaluate overall financial performance.
  • Customizable Workflows: The software aligns seamlessly with your existing business practices, reducing the necessity for manual workarounds and further promoting efficiency.
  • Integration with Business Systems: Enjoy a cohesive business ecosystem where information flows seamlessly across different functions, such as CRM or payroll systems.

Sage Intacct’s robust reporting and analytics tools empower you to derive meaningful insights from your financial data. Customizable dashboards and reports enable you to monitor key performance indicators and gain a deeper understanding of financial trends, enhancing overall decision-making and reinforcing the accuracy of financial information.

The Business Benefits of Sage Intacct

Implementing Sage Intacct offers businesses several key advantages that contribute to enhanced financial management and operational efficiency.


As your business grows and evolves, the platform can easily adapt to your changing needs. Whether expanding operations, adding new entities, or entering new markets, Sage Intacct provides a flexible and scalable solution that can accommodate increased transaction volumes and complexities. This scalability ensures that the software remains a valuable asset for you throughout different stages of growth without the need for significant overhauls or system changes.

Streamlining Tasks

Tasks such as accounts payable, accounts receivable, and general ledger management can be automated, reducing manual errors and freeing up your valuable time so you can focus on more strategic activities, ultimately boosting overall efficiency and productivity.

Implement Sage Intacct with Lavoie CPA

Partnering with Lavoie CPA for Sage Intacct implementation will streamline, expand, and grow your business’s capabilities. This efficient software can take your financial processes to the next level, especially with an experienced CPA accountant who knows how to best utilize Sage Intacct to meet your business goals. Our commitment to understanding and meeting client needs allows you to reach true, long-term success. Learn more about how Lavoie CPA can implement Sage Intacct for you by signing up for a free consultation with our team today.

Lavoie CPA offers Sage Intacct implementation. Sign up today for a free consultation!


Managing Multiple Entities: A Guide to Effective Accounting

Managing Multiple Entities: A Guide to Effective Accounting

Businesses struggle with numbers all the time, and for multiple-entity businesses, this struggle is complicated as there are lots of financial statements to consolidate. This article will serve as a guide to help you learn the challenges of multi-entity accounting, the benefits, and the best practices for outsourced multi-entity accounting.

Multi-entity accounting is defined as the consolidation of the financial statements of the different entities of a business. It involves analyzing the finances of every division or part of a business to produce a general statement that gives insights into the financial aspect of a business.

Multi-entity accounting is more than maintaining financial records which is similar to bookkeeping.

An example of a multi-entity business is Meta, owned by entrepreneur Mark Zuckerberg which comprises entities like Facebook and Instagram.

Another example of a multi-entity business is Microsoft as it has branches across America, Europe, Asia, and Africa. Each of the branches in these regions is an entity.

Importance of Multi-Entity Accounting for Organizations

Multi-entity accounting enables a business to focus on its core processes and be able to make informed decisions about them. This is because the accurate financial data of each entity helps businesses to streamline their financing and accounting operations as a whole to be able to expand and maximize profit.

Outsourcing multi-entity accounting simply involves allowing an experienced third-party firm to handle all multi-entity operations.

Benefits of Outsourced Multi-Entity Accounting

Access to Professional Accounting Services: outsourcing multi-entity accounting provides access to high-quality services since the team is usually comprised of subject matter professionals dedicated to balancing finances and helping a business grow.

Reduced Operational Costs Compared to Hiring In-house Accountants: This is a no-brainer as hiring an in-house team means more expenses for the business which can include remuneration, training, and equipment. Outsourcing accounting can save as much as 50% on accounting costs.

Scalable Accounting Solutions: Outsourcing accounting provides a business with the room to easily scale for expansion. This means the expansion of a business doesn’t affect the quality of service, unlike in-house where more team members will need to be hired to manage operations.

Enhanced Financial Reporting and Transparency: With outsourced multi-entity accounting, there’s more financial transparency as financial data is more consolidated and consistent. This means there are readily available multiple reports that can be compared side by side which are also readily available. It is essential to be able to show complete and accurate financial reports for transparency and enhanced quick decision-making, especially for investment opportunities that can help the business.

Streamlining Workflows and Processes: Outsourced multi-entity accounting helps a business streamline its work and be able to focus on other aspects of the business such as gaining more visibility, seeking expansion opportunities, and attracting and retaining customers They also find areas to improve internal controls during a financial audit or automate specific processes to be more streamlined.

Improved Government Compliance: Outsourced multi-entity accounting can identify non-compliance areas with Internal Revenue Service regulations. They can pinpoint exactly where compliance efforts are lacking which an internal team may not be privy to, thereby improving financial compliance with the government.

Fraud Prevention: outsourced multi accounting ensures a proper vetting of financial statements. The extensive examination and audits of the account by an experienced third party provide a common ground for assessing financial health and detecting fraud which prevents the business from taking a significant loss.

Challenges of Multi-Entity Accounting

Managing Financial Data for Multiple Entities: It can be difficult to manage financial data, especially for businesses that have a large number of entities. This is because each entity has to be treated as a separate legal establishment and the data has to be tracked. This can be hard for many businesses to manage.

Accurate Financial Information: The higher the number of entities the more difficult it becomes to report financial information accurately and consistently. This can cause errors and reduce the accuracy of the collected data which can hurt business finance.

Ensuring Compliance with Different Accounting Regulations: Multi-entity considerations require balance across the financial statements of the entities. Regulations such as different currencies, tax laws, and accounting standards especially for businesses with international or interstate entities can make compliance difficult to achieve.

Balancing Autonomy and Control of Entities: Multi-entity accounting can make it difficult for autonomy to be balanced as the entities are treated as separate businesses and independent of others. If this is not properly managed, it can cause a business to lose control of its entities and decline in team/work culture.

Best Practices for Outsourced Multi-Entity Accounting

Choosing a Reputable and Experienced Accounting Firm: It is important to choose a reputable firm to prevent data compromise and ensure top-notch service. To be able to choose a reputable firm, study their customer reviews, testimonials, and case studies to make sure you’re entrusting your business to safe hands. This accounting for start-ups guide details everything about partnering with an outsourced firm.

Establish Clear Communication Channels with the Accounting Provider: For any business relationship to thrive, there has to be clarity on goals, objectives, and mission. It is ideal to have similar values on business ethics as this ensures compliance with set rules. Establishing clear communication channels also saves time as both parties communicate on the required channels at required times removing unnecessary back and forth.

Developing a Customized Accounting Plan for Each Entity: Both the service provider and the company need to have a customized accounting plan as the foundation for all operations. This makes it easy to trace accounts and check for accuracy. If accounting plans are constantly being changed, it makes it difficult to monitor accounts and detect errors on time. Hence, it’s necessary to consider the flexibility of the firm to adjust to the customized plan and eliminate friction.

Regularly Reviewing and Analyzing Financial Reports: A single oversight can be detrimental to a business hence, reviews should be done as often as required. This is to incorporate changes and trends in the industry for keeping financial records up-to-date according to standards.

Leveraging Cloud-Based Technology and Tools: Modern-day accounting is constantly improving as it’s mostly software based. A good firm should have a good understanding of software competency as they have access to newer and more effective technology. The use of cutting-edge accounting software for operations improves accuracy and work quality.


It has become imperative for multi-entity accounting to be employed by medium-sized and large-scale businesses. Not just for improving workflows and promoting financial transparency, multi-entity accounting provides but for even more room for a growing business to expand.

Outsourcing multi-entity accounting helps to mitigate challenges such as the accuracy of financial reports and ensuring compliance. However, not just any outsourcing firm can be trusted to perform effectively. And following the best practices may simply not be enough to meet your desired target. Such a process should be left in the hands of specialists who understand the impact of business financial health.

Bookkeeping vs Accounting: Differences & Benefits

Bookkeeping vs Accounting: Differences & Benefits

As a business owner, managing finances and staying on top of financial obligations is crucial for success. To achieve this, businesses need two important financial services: bookkeeping and accounting. In this blog, we will explore the differences between bookkeeping and accounting services and discuss how each service can benefit businesses.

What is Bookkeeping?

Bookkeeping is the process of recording, organizing, and maintaining financial transactions. A bookkeeper is responsible for managing accounts payable and accounts receivable, reconciling bank statements, and preparing financial reports.

There are two types of bookkeeping systems: single-entry and double-entry. Single-entry bookkeeping is a simple system where each financial transaction is recorded once, either as income or expense. Double-entry bookkeeping is a more complex system where each transaction is recorded twice, once as a debit and once as a credit, ensuring that the books are always balanced.

What is Accounting?

Accounting is the process of analyzing, interpreting, and summarizing financial data. An accountant is responsible for preparing financial statements, analyzing financial data, providing tax advice and planning, and performing financial audits. There are different types of accounting services, including financial accounting, managerial accounting, tax accounting, and auditing.

Bookkeeping vs. Accounting

While bookkeeping and accounting are both essential financial services for businesses, there are key differences between the two. Bookkeeping is focused on recording and maintaining financial transactions, while accounting involves analyzing and interpreting financial data. Bookkeeping is typically more transactional and repetitive, while accounting is more analytical and focused on providing insights to help businesses make decisions.

Bookkeeping Services

Bookkeeping services include maintaining financial records, managing accounts payable and accounts receivable, and preparing financial reports. For small and medium-sized businesses, bookkeeping services can be especially helpful as they allow business owners to focus on running their business instead of spending time on financial record-keeping. Bookkeeping services can also provide insights into financial trends and identify areas where businesses can improve.

Accounting Services

Accounting services include tax preparation and planning, financial analysis, and audit support. Larger businesses may require accounting services to help with complex tax issues, financial analysis, and audit preparation. Accounting services can also help businesses make informed financial decisions, reduce tax liability, and improve overall financial performance.

Bookkeeping and Accounting for Healthcare

For healthcare businesses, like any other type of business, bookkeeping and accounting services are essential to ensure financial stability, compliance with regulations, and strategic decision-making. However, there are specific considerations for healthcare businesses when it comes to these services.

Bookkeeping services for healthcare businesses typically include the management of accounts payable and accounts receivable, payroll processing, financial statement preparation, and tax preparation. Bookkeepers in the healthcare industry must have knowledge of industry-specific regulations, such as HIPAA, and be able to manage financial data related to patient care, insurance claims, and reimbursements.

Accounting services for healthcare businesses involve more advanced financial analysis and strategic planning. These services include financial statement analysis, budgeting, forecasting, tax planning, and audit support. Accountants in the healthcare industry must have knowledge of healthcare regulations, such as the Affordable Care Act, and be able to analyze complex financial data related to patient care costs, insurance claims, and reimbursements.

One key consideration for healthcare businesses when it comes to bookkeeping and accounting services is the need for accurate and detailed financial records. Healthcare businesses must comply with strict regulations related to patient privacy and data security, so it is important that financial records are managed in a secure and confidential manner. Additionally, healthcare businesses must be able to track and report on patient care costs accurately to comply with regulations and ensure financial stability.

Another consideration for healthcare businesses is the need for specialized knowledge and experience when it comes to financial management. Healthcare regulations and industry-specific financial practices can be complex, so it is important to work with bookkeepers and accountants who have experience in the healthcare industry and understand the unique financial needs of healthcare businesses.

Bookkeeping and Accounting for SaaS

For SaaS businesses, bookkeeping and accounting services are just as important as they are for any other type of business. SaaS companies deal with a unique set of financial challenges that require specialized experience and knowledge.

Bookkeeping services for SaaS businesses include maintaining accurate financial records, managing accounts payable and receivable, and preparing financial reports. Since SaaS businesses often operate on a subscription-based model, bookkeepers need to be able to track recurring revenue and monitor changes in subscription levels. Additionally, bookkeepers may need to manage revenue recognition for SaaS businesses, which can be complex due to the nature of subscription-based revenue.

Accounting services for SaaS businesses can include tax planning and preparation, financial analysis, and audit support. SaaS businesses may have unique tax considerations, such as sales tax compliance across multiple states. Additionally, financial analysis can help SaaS businesses identify trends in customer behavior and usage, which can inform product development and pricing strategies. Audit support can also be important for SaaS businesses seeking to raise capital or undergo a merger or acquisition.

When choosing a bookkeeping or accounting service provider for a SaaS business, it is important to consider their experience and understanding of the unique challenges facing SaaS businesses. Look for a provider who has experience working with SaaS businesses of a similar size and complexity. Additionally, it can be helpful to choose a provider who uses up-to-date technology and software to streamline processes and improve accuracy.

Bookkeeping and Accounting for Private Equity and Venture Capital

Bookkeeping and accounting services play a crucial role in the success of private equity and venture capital businesses. These businesses face unique financial challenges that require the proficiency of experienced professionals to manage their financial operations effectively.

Bookkeeping services for private equity and venture capital businesses involve maintaining accurate records of financial transactions, managing cash flow, and preparing financial statements. These services help businesses keep track of their financial performance, identify potential risks, and make informed decisions.

In addition to basic bookkeeping services, private equity and venture capital businesses may require more advanced accounting services, such as tax planning and compliance, financial analysis, and audit support. These services help businesses manage complex financial issues, reduce their tax liability, and make informed investment decisions.

One area where accounting services for private equity and venture capital businesses are particularly important is in managing their investment portfolios. These businesses typically invest in a wide range of companies and assets, which can create complex accounting and reporting requirements. Accounting professionals can help businesses manage these requirements, including tracking investment performance, valuing assets, and preparing financial reports for investors.

Another important area where accounting services are essential for private equity and venture capital businesses is in managing their fundraising activities. These businesses often rely on raising capital from investors to fund their operations, which requires careful financial planning and reporting. Accounting professionals can help businesses develop and implement effective fundraising strategies, prepare financial projections and forecasts, and provide guidance on how to meet investor reporting requirements.

Choosing a Bookkeeper or Accountant

By outsourcing your financial operations to a trusted service provider, you can achieve greater success and focus on growing your business. Once you have decided whether your business needs bookkeeping or accounting services, it is important to choose the right service provider. Factors to consider:

Cost: Bookkeeping and accounting services can vary greatly in cost, depending on the provider, the level of service, and the complexity of your business. It is important to choose a provider that fits within your budget, but also provides the necessary level of service.

Experience: Look for a provider with experience in your industry, as well as with businesses of a similar size and complexity. You want a provider who understands the unique challenges and needs of your business.

Availability: It is important to choose a provider who is available when you need them, whether it be for monthly bookkeeping tasks or year-end tax preparation. Consider their response time and availability during peak periods, such as tax season.

Technology: Technology has become increasingly important in the world of bookkeeping and accounting. Look for a provider who uses up-to-date technology and accounting software to streamline processes and improve accuracy.

Referrals and reviews: Ask for referrals from other business owners or professionals, and read online reviews to get a sense of a provider’s reputation and level of service.

Communication: Choose a provider who communicates clearly and regularly with you, and who is willing to explain financial concepts in a way that you can understand.

Tips for Selecting a Service Provider

You should schedule an initial consultation to discuss your business needs and ask questions about their services.

Ask for references and follow up with those references to gauge their level of satisfaction.  Look for certifications and affiliations with professional organizations, such as the American Institute of Certified Public Accountants or the National Association of Certified Bookkeepers.  Request a detailed proposal or engagement letter outlining the scope of services, fees, and terms of the engagement.

Both bookkeeping and accounting services are essential for businesses of all sizes. By outsourcing your financial operations to a trusted service provider, you can achieve greater success and focus on growing your business. Contact us today to learn more about bookkeeping and accounting services.

Bookkeeping and Accounting FAQs

Q: Are bookkeeping services necessary for all businesses?

A: Yes, bookkeeping services are essential for all businesses, regardless of their size or industry.

Q: Are accounting services necessary for all businesses?

A: Accounting services are typically more necessary for larger businesses with more complex financial needs.

Q: Can outsourcing bookkeeping or accounting services save businesses time and money?

A: Yes, outsourcing bookkeeping or accounting services can save businesses time and money by allowing them to focus on running their business instead of spending time on financial record-keeping, and by providing insights into financial trends and identifying areas where businesses can improve.

Guide for Start-Ups Looking to Partner With an Outsourced Accounting Firm

Guide for Start-Ups Looking to Partner With an Outsourced Accounting Firm

For investor-backed companies, like start-ups, an outsourced accounting firm, also known as a financial operations management and outsourced accounting firm, offers many benefits that allow start-ups to scale, save time, and reduce operational costs and risk. Learn how to leverage a financial partner to help you and your team keep up with the demands of expansion, regulators, and investors.

What is Outsourced Accounting?

An outsourced accounting firm is a professional firm that provides financial services to client businesses. These firms are hired to provide specific services like cost reduction, financial reporting, payroll processing, and system and process assessments. An outsourced accounting firm can provide more comprehensive and reliable services than an in-house accounting team.

Common functions that investment-backed companies outsource include:

  • Bookkeeping
  • Managerial accounting
  • Tax accounting
  • Financial Audits
  • Controller services
  • Outsourced CFO services
  • Financial analysis
  • Payroll services
  • Compliance
  • Human resources

How Investor-Backed Companies Can Benefit from Outsourced Accounting

In the early stages of development, start-ups don’t usually have an established or consistent revenue stream, making growth and long-term financial stability essential goals.

As start-ups do grow, they need the right financial infrastructure in place to handle the rising cash flow, regulation requirements, and overhead costs.

This is where an outsourced accounting firm can deliver immediate value by offering these benefits:

Build Trust With Investors

Outsourcing accounting services can be a smart move for start-ups looking to impress their investors. By working with a reputable accounting team, start-ups can demonstrate to investors that they are serious about their financial management and have taken steps to ensure accuracy and financial transparency.

Additionally, an experienced accounting team can provide valuable insights and recommendations that can help start-ups make informed financial decisions and optimize their cash flow. All of these factors can contribute to a more positive perception of the start-up by investors, increasing the chances of securing funding and building long-term partnerships.

Access to Specialists Without Overhead

No one in business disputes the value of a quality CFO, but affording one with a start-up budget can put this essential role out of reach. Outsourced accounting firms make industry-leading proficiency financially accessible. Trust our knowledgeable outsourced CFO professionals, who possess industry-specific insights and a wealth of experience, to guide your financial decision-making.

They bring a level of experience to the table that start-ups may not have in-house or cannot afford to bring in-house. By leveraging the knowledge and skills of an external accounting team, start-ups can ensure that their financial management is accurate, compliant, and up-to-date without diverting internal resources away from core business activities.

Improve Internal Controls

Without a CFO in place, investor-backed businesses have no one to spot signs of fraud, like unusual transactional or billing activity. This puts companies at greater risk, which can be eliminated with an outsourced accounting partner.

Enhanced Data Security

Financial operations management firms protect business data with encrypted cybersecurity programs. This can be a real point of confidence for a start-up’s investors and employees, knowing that personal customer or employee information is safe.

Flexibility to Scale

A good outsourced accounting firm will tailor its services to meet its clients’ most immediate needs. This is good news for investment-backed companies who need to stay financially lean. By outsourcing financial duties, a start-up can save money by limiting spending to critical areas only.

Start-ups only pay for the services they need. Plus, start-ups can scale and decrease services with the ebb and flow of businesses. With an in-house team, you have to pay salary and benefits regardless of the workload.

More Time For Growth

Outsourcing can also free up time and resources for start-ups and their leaders, allowing them to focus on growth strategies.

First and foremost, outsourcing allows start-ups to delegate time-consuming and complex accounting tasks to an external team of specialists, freeing up internal resources. This can be especially important for start-ups, which often have limited staff and resources.

Outsourced accounting for start-ups can also provide access to advanced accounting tools and technology that they may not be able to afford or implement in-house. This can help to streamline accounting processes, reduce errors, and increase efficiency, making growth an attainable reality for start-ups.

Advanced Services You Can Expect from an Outsourced Accounting Firm

In addition to the benefits above, a financial operations management and outsourced accounting firm can provide these added perks to your invest-backed business.

Cash Flow Management

Use your outsourced partner to run an analysis of your expenses and profit statements. With this information, your partner can plan effective strategies to deal with potential roadblocks.


Leverage your partner firm’s forecasting experience to map out strategies that address performance needs in the short and long term.
Growth and Exit Strategies

Let your outsourced accounting firm prepare business plans, forecasts, and other essential documents needed to raise more capital for growth.

Business Systems and Process Improvements

Who better than an outside financial specialist to advise on areas where your start-up can improve efficiencies? This includes things like month-end reporting, credit and collections, and even your business strategy to maximize returns.

Potential Cons of Partnering With an Outsourced Accounting Firm

While there can be some potential obstacles when working with a financial partner, most can be avoided with good communication up-front and by finding a firm that feels like a natural fit.

Outsourcing for the First Time

If you’re not familiar with using an outsourced accounting firm, you may not know how to fully leverage the firm’s capabilities. To avoid this, start-ups can ask potential partners to walk them through their typical work process.


While using an outsourced accounting firm can save investment-backed companies money, if not carefully managed, the partnership can cause costs to soar quickly. This can be prevented by asking potential partners for a detailed estimate and factors that would impact the price. Also, be upfront about your budget. A good financial partner will tailor a solution to match it.

Poor Communication

Bad communication can result in many of the issues above. From the start, make sure you and your outsourced accounting firm are in agreement on the process and modes of communication, as well as goals and objectives.

Bad Fit

Just as there are numerous types of investment-backed businesses, there are also numerous investment firms that specialize in niche sectors. Look for a firm that has experience with a company similar to your size, structure, and industry.

Tips to Help You Choose the Right Financial Partner

As we mentioned, many of the potential risks of hiring an outsourced accounting firm can be avoided if you’re able to find a firm that understands your culture, verticals, and goals. Here are questions and considerations that can help you find the best fit.

What Are Your Short and Long-Term Business Needs?

Start by taking into account your specific business needs to determine if they’ll be met in your partner’s tailored package.

What services or support do you need?  What type of data is being shared with external personnel, and which tasks should remain in-house because of their confidential nature? For instance, if your company requires tax accounting or bookkeeping but not payroll processing, these duties are ideal for outsourcing.

What Is Your Budget?

If you are unsure about how much it will cost to outsource your finance and accounting services, don’t fret. You can make an educated guess based on some key factors.

Ask yourself:

  • How much can my organization afford to spend on outsourced services?
  • What specific services does my organization need?
  • What value will the services bring to my organization?
  • Are the costs of an in-house team and technology stack cheaper than the cost of an outsourced team and technology stack?

Keeping these questions in mind can help you make an informed decision about the cost of outsourcing your finance and accounting services. You can also compare and contrast pricing between your top picks.

Check the Firm’s Reputation & Experience

It is important to do your research when looking for potential providers. Check out what previous customers have to say about them, and make sure they have experience in industries or with clients similar to yours.

It is important to find a financial outsourcing partner that has experience in the industry and understands the complexities of your business. Make sure to ask for references from previous or existing clients.

Ask Questions

Here are a few questions to get you started, but you’ll likely have questions specific to your business structure.

  • What experience do you have working with start-ups?
  • What accounting software do you use and what features does it have?
  • What services do you offer, and what is your pricing structure?
  • How do you ensure the accuracy and timeliness of your services?
  • How do you communicate with clients?
  • Are you familiar with any tax regulations specific to start-ups?
  • What is your experience with raising capital?
  • What other services do you offer that may be beneficial to a start-up?
  • Are you willing to provide references from other start-up clients?

Next Steps

If you’re ready to start your search for an outsourced financial partner, here are a few to-do’s to complete before you begin your search:

  1. Are you open to new and updated accounting practices?
  2. Are you willing to share access to your financial data with a partner?
  3. Is your team ready to adopt process improvements your financial partner may recommend?

Contact Lavoie

If you answered yes to the questions above, it’s time to find a partner you can trust. With the right partner, you can gain the knowledge, skills, and experience required to optimize your financials and reach the goals you have for your start-up.

Contact Lavoie today to learn how their experienced team of financial professionals can provide you with the support you need to successfully manage your finances. We have extensive experience supporting investment-backed companies.

Contact us online or by calling 704-644-0235.

Due Diligence Checklist 101: What Venture Capitalists Need to Know

Due Diligence Checklist 101: What Venture Capitalists Need to Know

Before investing in a company, venture capitalists run what is called a due diligence checklist. This is a rigorous process that looks closely at all aspects of a company, including assessing business legal, financial, and human resources status. By performing a thorough review of the company, investors can move forward with their investment with confidence.

Additionally, the due diligence process helps investors gauge the potential risks and rewards of the investment. If the due diligence results are sound, usually the investors will move forward.

To help you understand exactly what company details are reviewed closely, we discuss each part of the checklist.

What is Due Diligence?

Venture capitalist firms use due diligence to ensure that potential investments are sound and will generate a good return. This process allows venture capitalists to evaluate the potential risks and rewards associated with any given investment, as well as gain a better understanding of the company and its operations.

This process looks at a variety of sources, including the company’s financial documents, legal documents, market research, and other related material. Additionally, venture capitalists may consult with specialists such as lawyers, tax advisors, and industry analysts to gain a better understanding of the company and its prospects.

Ultimately, due diligence can help venture capitalists make informed decisions about which investments to pursue.

Types of Due Diligence

Venture capitalists will look at more than just a company’s financials to get a comprehensive view of the company’s standing.

Financial Due Diligence

Financial due diligence is a process in which an independent third party reviews the financial records and operations of a company to assess its value, financial strength, and potential risks. The goal is to provide an informed opinion on the company’s financial position and future prospects. It is typically conducted prior to a merger, acquisition, or other business transaction.

This step looks at the market, top competitors, required permits or permissions, and who the company can or can’t conduct business with.

Regulatory Due Diligence

Regulatory due diligence evaluates a company’s compliance with applicable laws and regulations. Existing shareholders, certificates of incorporation, existing contracts and/or arrangements, and other rights pertaining to the company capital are all examples of what investors will evaluate. A look into these areas makes sure that any investment made in the company will be in compliance, especially if the company has had any previous legal disputes.

Tax Due Diligence

Tax due diligence is a process of assessing the tax compliance of a company by reviewing tax laws, tax returns, and financial audits. Venture capitalists use it to guarantee that any investments they make follow tax regulations and that the company’s taxes are being paid properly.

Tax due diligence gives investors greater insight into the tax implications of their investments and identifies any potential liabilities.

Legal Due Diligence

Legal due diligence evaluates a company’s compliance with legal requirements, again, to make sure everything is compliant with regulations. Investors will look at shareholder resolutions, a certificate of incorporation, previous capital charges, and any contracts that could be terminated. Legal due diligence helps identify any potential issues that could affect the investment.

Intellectual Property Due Diligence

Intellectual property due diligence is a process of assessing the patents, copyrights, and trademarks held by a company. It ensures that investments don’t violate existing intellectual property rights and helps identify any potential IP issues that could affect the investment.

Information Technology Due Diligence

Information technology due diligence evaluates a company’s IT systems, processes, and procedures, as well as if the company is exposed to cybersecurity risks. Venture capitalists use it to ensure that any investments they make are supported by a strong IT infrastructure.

Human Resources Due Diligence

Human resources due diligence is a process of evaluating a company’s human resources policies and procedures, including its workforce mix, benefits, salaries, and bonuses. It’s not uncommon for investors to request organizational charts, stock options, and benefits packages, the details of past disputes with employees, and contact information with all third-party vendors.

Operational Due Diligence

Operational due diligence is a process of evaluating a company’s operations, including current processes, supply chains, logistics, procurement efficiencies, and risk management. Venture capitalists use it to make certain that the business is running well and can support any future investments.

Risks of Not Performing a Complete Due Diligence Check

If venture capitalists fail to use a due diligence checklist, they may expose themselves to unnecessary risks with costly outcomes. Without a thorough review of the company’s financial records, management team, industry trends, competitive landscape, and other operational matters, the venture capitalist may not have a full understanding of the company and its prospects. This can lead to poor decisions and a potential loss of funds. Additionally, it can increase the risk of legal and financial issues associated with the investment.

In Summary

The due diligence process is one of the most important steps that venture capitalists take, and working with a financial partner like Lavoie, can ensure the due diligence findings are as accurate as possible.

An outsourced accounting firm like Lavoie has the resources and experience to evaluate the potential company’s financial statements and financial health and provide guidance on potential risks and rewards associated with the investment. Additionally, a venture capitalist accounting company can provide advice on tax liabilities and other financial matters associated with the investment.

Consult with Lavoie to prepare for your upcoming investment. Contact us online today.

How Outsourced Accounting Benefits Your Private Equity Clients

How Outsourced Accounting Benefits Your Private Equity Clients

Today, more than half of market private equity firms use an outsourced accounting partner, and for a good reason. Working with a financial operations management and outsourced accounting firm benefits both your firm and your clients.

Instill Confidence in Your Investors

Investors like funding good ideas, but only if they know an experienced team will manage that good idea to its full potential.

Investors will be looking at how well your team works as individuals and as a group before trusting your firm to source, negotiate, monitor, and exit fund investments.

So, when meeting with potential investors, you want your team laser focused and ready to answer every question investors throw your way, like:

  • How forward-thinking is your team on issues that impact private equity?
  • How comfortable is the team managing a complex portfolio like mine?
  • Describe the technology you use to implement proactive portfolio strategies.
  • How quickly can the team produce high volumes of customized reports?

Your team’s biggest barriers to making a good impression?

Admin Distractions

If your team has to manage basic accounting tasks or stay on top of regulation changes, their focus will be split between essential and non-essential business functions.

An unfocused team has a greater risk of delivering reactive and lackluster strategies or accruing costly regulator penalties.


When your team doesn’t have a central platform to store, view, and extract financial data, it’s easy for teams to mistakenly (and unknowingly) work off of inaccurate or dated information. Without a centralized location to store client data, your team is more likely to stumble over unnecessary redundancies and inefficiencies.

By outsourcing your firm’s financial operation management and accounting, you let your fund admins focus on improving investment strategies, reports, and client dashboards – tasks that have a direct impact on the business.

Furthermore, your team will all be able to leverage accurate data, the bedrock of effective and proactive investment strategies.

Preserve Your Reputation to Attract Investors

As private equity firms grow, it gets more difficult to maintain a high growth rate. But a high growth rate is exactly what attracts investors.

In response, private equity firms are eager to find efficiencies and cost savings that don’t impact core business functions.

Outsourcing your financial and accounting processes is an excellent way for firms to reduce overhead costs while maintaining transparency and accuracy. Plus, private equity firms can still maintain management fees this way.

Additionally, you can retain a penalty-free track record by relying on your financial partner to monitor regulatory changes and how they impact your business. Plus, your financial partner can make sure your firm is always financial audit-ready.

Broaden Your Proficiency

The very best outsourced accounting firms are the ones that can explain the meaning behind the numbers.

At Lavoie, we go a step further by also identifying:

Think of a company like Lavoie as an extension of your team that you can tap when, for example, you don’t understand why cash flow is low when the business is performing. Your financial partner has both the time and experience to investigate the problem and deliver a list of actionable next steps.

Finally, there is a degree of credibility you can achieve with investors when they know that a professional team is overseeing all the nitty-gritty details of their investment. This also reassures investors that your team’s focus is on their funds.

Free Up Cash Flow to Reinvest in Teams & Tools

There is a multitude of ways to enhance the investor experience at your firm, but very few of them are free.

An important benefit of partnering with an outsourced financial operations management and accounting firm is that it can free up more cash flow. This allows you to reinvest in other things such as team training, hiring new team members, or purchasing industry-leading tools.

When private equity firms experience rapid growth, they are suddenly inundated with heavy cash flow. A partner like Lavoie ensures that you can manage those funds efficiently.

Your financial partner can also manage your accounts receivable, allowing your company to collect payments faster or identify clients who are behind with payments.

They also have the time to carefully review invoices before they’re paid to check for any inaccuracies that can cost you.

The biggest cost savings come from not having to staff an in-house accounting team. With a financial partner, you only pay for additional financial support when you need it.

Meet Expectations of Digital-Savvy Investors & Regulators

Today’s most successful firms leverage the speed and accuracy of financial software to deliver superior client experiences and abide by current regulations.

All client investors expect financial transparency and accuracy and – with the emergence of technology – they expect them at a moment’s notice.

The Securities and Exchange Commission (SEC) also expects greater transparency and accuracy. The surge in private investments, plus the fact that private companies aren’t required to file information with local regulators, drew enough attention for the SEC to tighten regulations.

Today, regulators are more likely to request a report on performance or economic activity. All signs point to more regulations, re-emphasizing the importance of accessing financial information at a moment’s notice.

Financial software could easily alleviate these issues — but the software can’t do all the work by itself. Someone from your firm has to research and select the right product, learn the tool, and train other employees.

Realistically, private investors do not have enough time to do this, but the good news is that they don’t have to. Not when they partner with a financial operations management and accounting firm.

At Lavoie, for example, we make software recommendations to our clients based on the functionalities they need. We are proficient with several programs that satisfy a range of accounting needs.

We also:

  • Set up the software for you
  • Create custom dashboards for your clients
  • Show you how to maximize the tool in ways that add value to your strategy

In Summary

Private equity firms of all sizes can glean deeper insights at a faster pace and with greater accuracy when they have the support of a financial operations management and an outsourced accounting firm.

Firms like Lavoie can reduce operational costs, streamline inefficiencies, and introduce your team to the right software. The resulting improvements in accuracy, communication, and transparency will only enhance the client experience at your firm.

If you’re a private equity firm looking for financial support, contact Lavoie today!