Local Accounting Firm Helps Businesses Through Financial Outsourcing
CB Smith & Associates, CPA is part of a growing business trend: providing outsourced financial services. Not just bookkeeping, QuickBooks services or tax planning— but the duties of an entire accounting department, including those of the chief financial officer— are now done virtually, in the clouds.
To stay ahead of industry trends Chris Smith, a Certified Public Accountant and former corporate controller who is owner of CB Smith & Associates, P.C., began offering remote accounting services in 2006. He knows firsthand how small to midsize businesses can reap financial advantages by outsourcing. Here are five:
Cost savings. Businesses can save money on the health insurance, payroll taxes, physical office space and other costs a full-time employee would incur.
Convenience. Having a virtual accountant means online filing, which can be done remotely by business owners on the go. It also contributes to a paperless office environment.
Staffing Concerns. Business owners know their industries, but they don’t necessarily know much about accounting — and that makes it challenging to hire a qualified accounting professional. Outsourcing provides services offered by qualified professionals without having to hire additional, highly paid personnel or worry about any inefficiencies that may be discovered later.
Peace of mind. Issues of fraud is a big concern for business owners. Outsourced accounting firms should perform background checks on its professionals and be covered with fiduciary insurance to protect client’s from any fraud.
Shared infrastructure. Businesses gain access to business management software, like customized SharePoint solutions and off-site backup of financial information.
“We enjoy being trusted financial advisors,” said Smith, who has been in the financial industry since 1990. “Our primary goal is to save our client’s money.” Smith’s two service offerings for businesses include the Accountant’s Special Business Package™ and the Complete CFO Package.