In Pursuit of Profit
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 Every day we talk with people who aren’t sure if they should hire an accountant full-time or use a part-time accounting service. As an accounting provider helping them to answer this question is something that we really take pride in doing because it allows us to assist small and mid-sized business leaders in a way that’s truly meaningful to the future of their organizations.
We’re going to walk you through the types of questions we ask and information we provide when having this kind of discussion with business owners and hiring managers to get you thinking about which resource will best fit your needs. If you would like to speak to someone about your specific business needs, reach out to us for a complimentary consultation today! Let’s dive deeper into understanding how a fractional accounting role differs from a full-time accountant and when you need which to achieve your business goals!  As we talk internally as a team and externally with our colleagues, there seems to be one common thread across the conversations we’re having: slowness!
Everything related to bringing in accounting help has slowed down. The prevailing trend right now is business leaders being more cautious with hiring and dragging their feet when it comes to outsourcing. Part of this reduced pace isn’t their fault. A worsening talent shortage in accounting is stymieing the hiring process. But a dearth of accountants isn’t the only factor leading to a slower hiring process. Business leaders are also taking longer to make hiring decisions and/or decide to outsource their critical accounting activities due to concerns of an impending economic slowdown.  Accounting company vs CPA firm – what’s the difference? There’s a lot of confusion regarding this topic among non-accountants, so we’re going to answer it for you by breaking down the differences and explaining the similarities.
While they may sound similar (and some people may even use them interchangeably), an “accounting company” is distinctly different from a “CPA firm.” Often, the confusion results when people refer to a CPA firm as an “accounting firm,” which makes it sound very similar to an “accounting company.” So, how do they differ? The main differences are seen across credentials, regulations, services, and price.  When we talk to prospective clients, we’re always amazed at the types of myths that are going around out there about working with an accounting services provider. After almost two decades of doing accounting work for clients, we’ve heard it all from the silly to the downright bizarre. But throughout it all, the same few myths have stuck around over the years. So, we’re taking the time to address them now to set the record straight.
 Sometimes we have people ask us, “If I’m outsourcing my bookkeeping/accounting to an accounting firm, how do I know if my business is a priority to that company?” The chances are that if you’re asking this, you’ve felt like your business wasn’t the most important client in your accounting company’s portfolio of clients.
If you feel like your accounting company isn’t prioritizing your needs, you might be right!
Similarly, the beginning of the year brings excitement for business planning. Business leaders are filled with optimism over the idea of starting out the year right by getting their financial house in order so they can streamline and improve to avoid the pain points they dealt with in the year prior. But, then just like the people who decide they’re going to start working out and buy a treadmill only to let it collect dust, mangers and executives fall back into the same habits of “business as usual.”
However, employers can do their part to reduce the accounting exodus by recognizing the warning signs of accountant burnout and taking the right steps to find help. Companies that prioritize the needs of their accounting team can not only help keep accountants in the pipeline, but also increase their own revenue and profitability.
Find out what kind of red flags to be on the lookout for that indicate accounting team burnout, as well as how you can offer your accountants the support they need to thrive in their roles.
No matter what the specific scenario is, they always come to us with the same two pain points: cost and fear of making a mistake.
Every decision-maker we talk to is juggling concerns around price (“How much will accounting services cost?” and “Is there room in the budget for outsourced accounting?”) and purchase anxiety (“How do I know what to look for in an accounting company?” and “What if I chose the wrong accounting provider?”) Unfortunately, sometimes we see these concerns derail the research process and the organization chooses to take the “I’ll do nothing for now” approach. Trust us when we say that is never the right solution! If you were at the point of looking for outsourced accounting and bookkeeping services, there was a reason why and that reason will not simply disappear because you feel overwhelmed by your options. If your team is stretched too thin to keep up, does not have the experience needed to do a good job, or has a new situation that they need help with (like an expansion or audit), you need to get someone in to help right away. So, let’s discuss what you should be on the lookout for and how to know when you find it:
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.
 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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10/7/2024