Skip to main content Skip to search

Latest News

outsourcing accounting

6 Benefits of Outsourcing Accounting


Providing Outsourced Accounting is one of many services we provide at the Bean Team. Complete outsourcing of accounting makes the most sense for business that don’t have enough accounting tasks to occupy 2 or more employees.

Here are 6 benefits of outsourcing accounting to a qualified firm:

  1. Save Time and Focus: By outsourcing, the business owner and management can focus on the operations of the business. They don’t spend time doing accounting tasks that they don’t like to do and are likely not qualified to do. The business owner saves the time and focusses on the business. You are good at your business, we are good at accounting.
  2. Save $: After taking into account the time you would save, the cost to outsource is typically less than an in-house solution, especially when cost of the business owner’s time is considered in managing or doing the accounting tasks. The Bean Team understands that time is money.
  3. Team vs. Individual: When you outsource, the work is done by a team of professionals ranging in skill sets from entry level accounting, up to a seasoned CFO or CPA. This allows a team approach to enable a system of tasks and cross training. The team completes the work on time even if one member is out or if a team member needs to be replaced. The outsourced model provides for a process based on a system instead of the knowledge being possessed by one person a defined skill set.
  4. Customized and Staffed Solution: Clients receive a customized solution that allocates the accounting tasks done by the firm and those tasks done by the client. The firm recruits, vets, hires, and manages the team to deliver the offered services. The client doesn’t need to do any of these HR or management tasks as it pertains to accounting tasks. The end result is less stress and  peace of mind for the client.
  5. Best-in-Class Systems: The outsourced solution offers the best people and the best systems. The outsourced firm tests, vets, purchases, and then rolls it out to clients in a way that spreads the cost and spreads the benefits to all. Systems that are online, mobile, secure, backed-up, and integrated are requirements in the systems used. Knowledgeable, qualified, and conscientious professionals.
  6. Scaled Solutions: The outsourced solution can scale up or down as accounting volume increases or decreases. Scaling can be done quickly without the need for the client to go through a recruiting process or laying off personnel. This is all done quickly and seamlessly by the outsourced firm.
Read more

IRS Phone Scammers Demand Payments — Don’t be fooled!!

Don’t be fooled with what may sound like a legitimate phone call.   Imagine that person on the other end of the phone is actually sitting next to you and speaking to you in person…would you believe them?    The IRS, specifically the Treasury Inspector General for Tax Administration issued an Alert last Friday about this.   Do you know what to do?

 

The Treasury Inspector General for Tax Administration issued an alert Friday warning that it has received information that callers impersonating IRS employees or the Treasury Department are demanding payments on iTunes Gift Cards.

TIGTA noted that the scam callers may also request payment of taxes on Green Dot Prepaid Cards, MoneyPak Prepaid Cards, Reloadit Prepaid Debit Cards, and other prepaid credit cards.  The alert stressed that these are fraudulent calls, and any call requesting that taxpayers place funds on an iTunes Gift Card or other prepaid cards to pay taxes and fees is an indicator of fraudulent activity.

TIGTA pointed out that no legitimate U.S. Treasury or IRS official will demand that payments via Western Union, MoneyGram, bank wire transfers or bank deposits be made into another person’s account for any debt to the IRS or Treasury

[Accounting Today, Michael Cohn, IRS Scammers Demand Payment]

 

Read more

$2.3 Billion Lost!! Don’t be fooled by email SCAMS, no matter how real they look!

The U.S. Federal Bureau of Investigation (FBI) this week warned about a “dramatic” increase in so-called “CEO fraud,” e-mail scams in which the attacker spoofs a message from the boss and tricks someone at the organization into wiring funds to the fraudsters. The FBI estimates these scams have cost organizations more than $2.3 billion in losses over the past three years.

[http://krebsonsecurity.com/tag/ceo-fraud/, Brian Kebs]

 

As I’m sure many of you have noticed, there has been a CEO email scam going around the past few months where the email directs you to send a wire transfer on the orders of the CEO.  The email often appear to come from somebody higher-up but in reality this is just spoofing, or pretending, to be from a legitimate account. 

Here are some details on the scam for your knowledge:  http://krebsonsecurity.com/tag/ceo-fraud/

As always, if something looks IN ANY WAY fishy (even 0.000000000000001% doubt), do not open the email and contact Epyon for all your IT needs.  Epyon Website

Cristian Clements

IT Consultant

Epyon Technologies
2001 Thomasville Rd Tallahassee FL 32308
850.391.3666

Read more

Should Law Firms Outsource Accounting?

Today law firms face many financial-related obstacles that impede their growth and ability to provide a better service.

These issues may include

  • Difficulties with payroll and salaries
  • Partner profitability
  • Financial statements
  • Invoicing
  • Malpractice insurance
  • And trust accounting

As you know, dealing with all of these issues can take up a lot of paperwork and time. Is there an easier way to get around these accounting issues? The answer is yes, and it’s called outsourcing. 

Now the question is, should your law firm outsource its accounting?

What is Outsourcing All About?

Outsourcing can be a cost-effective and efficient solution to delegate tasks that take up so much of your valuable time. One of the best examples of outsourcing is accounting and bookkeeping. Lawyers should focus on what they are good at, and that’s working towards winning their clients cases in court.

It’s not uncommon for law firms to hire a local part-time bookkeeper to keep records and bank statements in order.

But now, there is another option to outsource your accounting and bookkeeping tasks to a company, one that specializes in working with law firms specifically.

What to Look For When You Outsource Your Accounting

You should expect to find, a good accounting firm that will provide professionalism on all levels. A top-notch company will offer multiple services that revolve around accounting such as payroll, HR, bill payments, and tax services.  

Look for accounting companies that offer:

  • GAAP Accounting Services
  • Bookkeeping Services
  • Tax Management Services
  • Human Resources Services
  • Reporting Services
  • Cloud Services
  • Trust Accounting Services

Conclusion

So, should law firms outsource accounting? As you can see, it can be an excellent solution to the countless hour’s of paperwork headaches.

[http://blog.lucidbooks.com/should-law-firms-outsource-accounting – Nicholas Bird on June 18, 2015]

 

Contact the Bean Team today to discuss your Law Firm and how we can help with your Outsourcing Needs

Bean Team – Contact Us

Read more
  • 1
  • 2