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?
Our Accounting Department Responsibilities
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:
WHAT IS THE ROLE OF AN OUTSOURCED ACCOUNTING MANAGER VS A CONTROLLER?
Do you need an accounting manager vs. controller? Accounting managers and controllers have separate yet related responsibilities. An accounting manager is responsible for delivering complete, accurate, and timely financial statements to the controller. The controller analyzes and interprets these statements before communicating their content in a way that the rest of your leadership team can understand.
This means that an accounting manager is well-equipped to prepare accurate financial data, but a controller will aid you in making data-driven decisions that propel your company forward. That’s why at TGG, an outsourced controller (TX) serves as the client lead to help you align your company vision with your finances.
DO WE OFFER CFO AND CONTROLLER SERVICES?
TGG offers both outsourced CFO and controller services. Outsourcing controller services can help you achieve strategic insights into various parts of your organization’s financial management. But an outsourced CFO can provide a comprehensive analysis of your company’s financial health, which can guide your decisions for the future.
Most typically, consulting controllers serve as the client leads at TGG. These financial professionals aim to increase your organizational efficiency and deliver a new standard of excellence. And by outsourcing your CFO and controller services to us, you’ll get access to industry-leading expertise at a fraction of the cost of a full-time employee.
HOW CAN TGG HELP YOU IMPROVE YOUR BUSINESS PLANNING?
The best decisions depend on data. That’s why TGG emphasizes delivering timely, actionable financial reports, cash flow forecasts, and more. These insights will give you a better understanding of your company’s past, present, and future financial performance so that you can plan your business goals accordingly.
But data is just the start. By partnering with a team of financial experts, you’ll benefit from our unique knowledge and skills. A consulting controller can help you make sense of your most valuable data so that you can make the most informed decisions for your business.
READ OUR CASE STUDIES:
Case Study – A Private EMS Company Brings in Outsourced Team to Assist with Significant Growth
Due Diligence Leads to Successful Sale
Case Study – A Media-Buying Agency Reaps the Benefits of Having a Team of Financial Experts
Case Study – How One Ecommerce Company Transformed Their Business and Gained Superior Visibility into Their Financial Performance
Case Studies – Scaling an Online Platform
Case Studies – Preparing for Exit
Case Studies – Start-up Concept Validation
Case Studies – Ready For Growth Phase
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.
What Types of Accounts Do We Specialize In?
At TGG, we offer expert-level guidance for businesses of any size and industry. Our goal is to remain flexible and adaptable while always delivering superior financial services to your business. We can offer assistance with anything from:
- Accounts payable
- Accounts receivable
- CFO services
- Reconciliations and closing
- Tax planning
Do you need input in a particular area of business? We have that covered, too. By tapping into a financial team, you’ll enjoy the benefits of controllers and accountants who keep up with business trends and the best accounting practices, executing all of your accounting department responsibilities with superior accuracy and performance.
How Do I Know When I Should Outsource My Accounting?
It’s never too soon to think about outsourcing. For most business owners, outsourced accounting teams are beneficial when:
- Taking care of the books is preventing you from focusing on your business
- You need additional accounting support but can’t afford an in-house staff member
- Your business reaches 10 or more employees
- You need access to in-depth insight and analysis
Many small business owners discover that the best time to outsource their accounting needs is “yesterday.” The sooner you partner with a professional team, the sooner you and your staff can get back in the game and focus on growing your core business — without worrying about how to organize your accounting department.
How Does Accounting Outsourcing Work?
What is outsourced accounting? Typically, an accounting firm will partner with you to handle your basic accounting and bookkeeping needs. This means you’ll have access to a CPA or bookkeeper on a fractional, part-time basis. At TGG, we go the extra step and pair you with an entire team of finance professionals, including a:
- Accounting manager
- Staff accountant
Your team will help you understand your most important business data so you can make strategic business decisions. Plus, you’ll have direct access to your financial information, so you always have a finger on the pulse of your company.
By partnering with an outsourced accounting department, you’ll pay only a fraction of the cost of a full-time employee, even while gaining access to expertise and experience that helps streamline and accelerate your business.