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In Pursuit of Profit

Experts sharing tips about business, money, taxes...
to support your mission and improve profits.
​See our most recent article below.  

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10/19/2022

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The Pros and Cons of Outsourced Accounting

 
When you are considering outsourcing your bookkeeping or accounting needs it is natural to wonder what the pros and cons are as you try to find the best solution for your needs. Typically, business owners and hiring managers will ask questions and do research to try to help them decide whether to outsource or keep the role internally. 
The Pros and Cons of Outsourced Accounting
An employee contemplatively looking at a wall that has “outsourcing” written on it surrounded by business icons
In some cases, holding onto the role internally means hiring an in-house accountant, but at many small businesses, the alternative is simply tasking other employees with these kinds of functions. And, to no one’s surprise, the lucky person who gets the accounting work added to their to-do list tends to be the business owner. 

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6/8/2022

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Do You Need an Interim Accountant?

 
Do you need an interim accountant
As fractional accountants, we have experience with a wide array of “less than full-time” accounting engagements ranging from ongoing part-time work and extra assistance during busy periods to short-term project work and interim roles while a new accountant is hired. Of these, interim work is notoriously underutilized, which is disappointing because it is an area where bringing in help expeditiously can have a huge impact.


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5/2/2022

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The Many Roles of an Accountant Consultant

 
Roles of an Accountant Consultant
When you hear “outsourced accounting services” what comes to mind? Typically, business owners and managers think of times when they might utilize project-based accounting help or hire a short-term accountant to bridge a hiring gap. And while these are common times to use accountant consultants, they are by no means the only types of roles that these kinds of accountants play. Accountant consultants (also called fractional accountants) can fulfill a number of different roles to help drive organizations forward. 


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4/18/2022

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Accounting and the Gig Economy: What You Need to Know

 
Accounting and the gig economy
Gig work can trace its origins to before the creation of the internet. However, over the last decade companies like Uber and Lyft have steadily led the push in the mass acceptance of the gig economy. In 2020 as lockdowns swept the nation, hundreds of thousands of new gig jobs became available virtually overnight thanks to Amazon, DoorDash, Grubhub, Instacart, and Shipt. The pandemic accelerated a shift that was already well on its way to becoming the next big trend in work.

But the quickly burgeoning gig economy was not isolated to takeout and grocery delivery. Professional gig work also grew exponentially as workers were laid off and left their traditional office jobs to manage personal responsibilities. According to a Harvard Business Review article on Thriving in the Gig Economy,

Approximately 150 million workers in North America and Western Europe have left the relatively stable confines of organizational life — sometimes by choice, sometimes not — to work as independent contractors. Some of this growth reflects the emergence of ride-hailing and task-oriented service platforms, but a recent report by McKinsey found that knowledge-intensive industries and creative occupations are the largest and fastest-growing segments of the freelance economy.

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2/22/2022

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Keys to a Successful Fractional Accounting Engagement

 
keys to a successful fractional accounting engagement
There is no doubt the US workforce landscape continues to experience significant changes. The business challenges of the last few years have caused many companies to rethink how they can best execute their operating plans. With more and more companies outsourcing their accounting functions, there are a few important things to keep in mind to ensure a beneficial outcome.


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11/8/2021

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What to do when Your Controller Leaves

 
Hire a Controller
When your controller leaves, the logical next step is to find someone to fill the vacant position. Right?

Maybe not.

Simply hiring another controller may not actually be the best decision for your business.

We work with companies everyday who are looking for accounting and finance leadership roles and it is not uncommon to have clients tell us they need a controller and then listen to them define the role only to discover that what they are looking for is a different position entirely.

Now, some organizations we work with are, in fact, in need of a controller. However, others have needs that better align with more senior financial leadership like that of a CFO, while others have requirements that fit better with a mid-level management accounting position.

Instead of jumping right into hiring a controller, take the time to understand what kind of role will be the best fit for your company.


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9/13/2021

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How Will AI Transform your Accounting and Finance Functions?

 
Will AI Transform Accounting and Finance
​The last decade has ushered in a digital revolution across all business areas. However, many businesses are still dragging their feet when it comes to automating their accounting and finance activities. In fact, 58% of finance teams surveyed indicated that they do not feel their finance back office is “sufficiently automated.”

​Despite a plethora of tools and platforms available to help streamline these critical business areas, it seems many businesses are stuck in the past, relying on manual processes for their daily accounting functions. But organizations can use automation to drive profitability if they understand its benefits and can identify areas where AI will help them the most. 


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9/7/2021

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When Would You Need a Part-Time Accountant?

 
when do you need a part-time accountant
We talk to people every day that are looking for accountants for their companies. And being in the business of staffing organizations through both full-time hires and outsourced accounting services, we have noticed a trend in people’s thinking…

Business owners and hiring managers typically categorize their hiring intentions into one of two buckets: a part-time bookkeeper/bookkeeping service or a full-time accountant hire. But many business leaders overlook the value that a part-time accountant (or “fractional accountant” as they are referred to in the industry) can provide to their organization.

Whether the organization is for-profit or not-for-profit, a fractional accountant can be brought in for a variety of reasons to provide the same level of expertise of a full-time, dedicated accountant. While a fractional accountant from an accounting service provider may work on a less than full-time basis, their experience-level is as high (if not higher) than your average accountant.
​
The reason a fractional accountant may bring a greater breadth of experience the role is because they work with a variety of companies across a different industries and lifecycles simultaneously, which requires that they be well versed in a wide variety of accounting topics and stay abreast of all the latest news. As a result, fractional accountants may offer more accounting acumen at a much lower cost than their full-time counterpart.


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7/20/2021

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Should a Startup Hire an Accountant or Outsource their Accounting?

 
should a startup hire an accountant or outsource
As an accounting recruiting firm and financial services provider, we work with businesses everyday who ask, “Should we hire or outsource our accounting needs?”

This question is especially important for companies in the startup phase because they likely have significant cash flow concerns to consider. However, startups may also have other unique characteristics that make this question more challenging to answer, such as:
  • Interest from outside investors
  • Financing considerations
  • New market development
  • High growth market demands
  • Scalability challenges
  • Patenting needs
  • Family ownership

​While every business will have their own unique needs and challenges, it is generally best for a startup to outsource their accounting activities initially and then hire internally as their needs change. Where does that shift happen? 


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7/8/2021

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Accounting Hierarchy Explained: Which Kind of Accountant do You Need?

 
what kind of accountant do you need
accounting pyramid
The accounting pyramid organizes accounting-related job titles into a hierarchy that ranks them by responsibilities and deliverables, with bookkeepers at the bottom, accountants in the middle, and the Chief Financial Officer (CFO) at the top.

While it is obvious to most people that bookkeepers are the most entry-level accounting team staff and CFOs are the bosses at the top, there is a lot of confusion in the middle.

​Understanding the difference between a Staff Accountant, Senior Accountant, and Accounting Manager, is something many business professionals (even hiring managers) do not understand. Many people assume that Staff Accountants and Senior Accountants are individual contributor roles with varying levels of experience and Accounting Managers and Senior Accounting Managers are the people who oversee teams of lower-level accountants. However, that is not a correct understanding of the stratification of roles. To further complicate matters, some people use the titles of Senior Accounting Manager and Controller interchangeably, which adds even more confusion.

To provide some clarity on the topic, we will explain what each job title means, how it differs from other adjacent accounting positions, and when you need to hire each role:


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