Outsourced Accounting to Support Your Company
What is outsourced accounting? Outsourced Accounting provides a full-scaled accounting department for small businesses which includes a Staff Accountant, Accounting Manager, Controller and CFO. The accounting team handles the day-to-day transactions, accounts payable, accounts receivable, payroll, management financial reporting and other services that are critical to the success of the business. Our outsourced accounting services are different from a traditional bookkeeping service or CPA firm.
Why Do Companies Outsource Their Accounting?
There are many reasons why companies choose to outsource. Some of these reasons include avoiding the risk of employee turnover and costs of hiring more employees, and to gain access to outside expertise that they could not afford otherwise. Companies who choose to outsource are focused on improving the overall performance of the growing business by looking at the financial data and financial reports of how the business is actually performing.
At TGG outsource accounting company, we work alongside companies to understand their goals so their assigned outsourced team can provide a tailored accounting solution.
Learn how an Outsourced Accounting Partner can help you grow
Outsourced Accounting Teams – Why They Work
For Companies with Internal Accounting Staff
An outsourced accounting team does not have to be a replacement for your internal team. Many businesses are concerned that they already have a bookkeeper or a small accounting team and that this may prohibit a relationship with an outsourced accounting firm. Quite the contrary, we enjoy the partnership with your internal people and aim to support them through teamwork and excellence in financial management.
For Companies Looking to Outsource Their Entire Accounting Department
The TGG Way™ provides a team of 4 experienced financial professionals to every client. With this team we can be your entire accounting team. The TGG teams are comprised of a CFO, Controller, Accounting Manager and Staff Accountant. Weekly reports close the loop with stakeholders allowing for full financial transparency.
Benefits Of Outsourced Accounting
We help you improve financial performance by providing an insightful monthly financial package coupled with expert guidance on how to use that information to achieve profitable business growth.
We provide support as either your full internal accounting department or by partnering with your existing team to fill in the gaps and provide confidence in your company’s reporting.
Having a dedicated four-person accounting team outside of your business reduces your risk of fraud, and increases accountability, by incorporating proper internal controls.
With the TGG team approach, our clients receive unmatched accuracy to increase business valuation, lower the chance of overpaying taxes, increase gross profit margins, reduce audit and regulatory risk, while increasing confidence in the numbers.
Other benefits include:
More time and Freedom
If you are currently owning your reporting, free up your time to focus on more important matters. We can take care of this side of the business while you take care of the rest.
Outsourcing your accounting allows you to surpass new hire training costs. Your team of experts is equipped with the necessary skills right out of the gate.
The TGG Way™: Your Superior Accounting Outsourcing Company
We use an objective and measurable system for implementing accounting best practices and quality control. Our professionals bring you superior finance and accounting acumen and experience to ensure your business operations are at optimum efficiency to increase profitability, reduce risk and maximize value.
Lowered Risk of Fraud
With internal team members paying bills and accessing financials without oversight, there is always a risk of theft and fraud. An outsourced accounting firm is accountable not only to each other, to their own CEO but also to your company’s C-suite and management. By outsourcing your accounting, you significantly reduce the risk of internal fraud.
Excellence Based on Years of Experience
The team at TGG has 20+ years of experience building out the TGG Way™. Our processes work because we implement structures onto which all reporting can be scaffolded. Our CFOs, Controllers and Accountants have all been trained in the TGG Way™ and adhere to the highest reporting standards. We insist on it, they rely on it, and you benefit from it.
Systems That Work
The TGG Way™ is a system based on the financial reporting and excellence that allows the largest and most successful companies in the world to thrive. We implement strict reporting standards and hold our team to the highest GAAP compliance standards, so you can focus on your company’s growth and success.
Signs Your Company is a Good Fit for an Outsourced Accounting Team
- You are in a stage of rapid growth.
- You feel you have an under qualified accounting or bookkeeping team.
- You are preparing for an exit.
- You have a lack of certainty around accuracy with your current financials.
What Accounting Services Does TGG Offer?
Outsourcing accounting for small business owners is a game-changer when it comes to efficiency and cost-savings. TGG offers a variety of financial and accounting services for small to medium-sized businesses. These include, but are not limited to:
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How much does outsourced accounting cost?
Your accounting department should cost between 1-3% of your top-line revenue. The amount you spend is dependent on your needs, wants and goals for the business as there is no one-size-fits-all approach. At TGG, we morph our plan to fit our clients’ budgets and work together to create a project plan so accounting work is planned at the appropriate levels each month.
What kind of financial services can be outsourced?
Anything and everything related to accounting and finance. This includes anything from Accounts Receivable (AR) and Accounts Payable (AP) to bookkeeping, CFO services, month-end close reconciliations, etc. It also depends on what role(s) you are looking to fill as different accounting tasks are handled by a Bookkeeper, Staff Accountant, Accounting Manager, Controller or CFO.
Why Outsourced Services instead of Hiring an Employee?
Cost efficiency first and foremost. With one employee, that person is going to have to work up or work down a level depending on the accounting task. With an outsourced team, the work is done at the appropriate levels so you don’t have to worry about incurring high costs. For example, a Controller who is also doing AR and AP which should be done at the Staff Accountant level. At TGG, our team of four Accountants (Staff Accountant, Accounting Manager, Controller, and CFO) provides a multitude of accounting knowledge and expertise at every level. A team of outsourced accounting professionals also ensures continuity in the event of employee turnover since there are already systems and processes in-place to mitigate that risk to your business.
How Can You Manage the Books if You Aren’t in My Office?
There has been a shift to remote work and as a result, there is no longer a need to have someone physically in an office environment to get the job done. QuickBooks Online has become more popular than the QuickBooks Desktop version so the books can be accessed anytime and from anywhere. This is true for other accounting systems that have moved towards cloud-based hosting platforms as well. At TGG, we work with your internal accounting team to establish the appropriate access, processes and procedures so nothing slips through the cracks.
Will I Give Up Control of the Books if I Hire an Accounting Team?
Only if you want to give up control. TGG works well with businesses that have existing internal accounting staff who like to maintain a level of control as well as those that have no internal accounting staff and prefer to be completely hands-off. Either way, you can be confident that our team will deliver timely and accurate financial information.