G Squared Partners

Key Deliverables to Expect from an Outsourced Accountant

By Gene Godick | November, 28, 2023 | Outsourced Accounting

Effective financial management is a critical element of any business’s operational health. Unfortunately, these often complex and intricate financial tasks can tie up internal resources and employee bandwidth. That’s why so many businesses look to outsourced accounting services for support in this mission-critical area. When a business delegates aspects of its financial processes to a proven and skilled partner, it can open up new avenues for growth and success.

But when it comes to the day-to-day operational experience, what does working with an outsourced financial team look like? To help answer that question, let’s uncover some key deliverables to expect from an outsourced accountant.

G-Squared Partners offers unparalleled expertise and support for businesses searching for reliable and effective outsourced accounting services. Their experience spans decades, with G-Squared Partners’ team of financial experts managing accounts across various sectors and business sizes, from startups and tech firms to commercial real estate funds. Get in touch today to fortify your financial health.

Working with an Outsourced Finance Team: What to Expect

An organization's financial needs are diverse. What works for one company won’t necessarily work for another. As such, outsourced accounting covers a broad selection of accounting tasks. This ranges from outsourced bookkeeping activities to advanced financial forecasting. 

Some outsourced financial firms even offer outsourced CFO services — the most advanced and comprehensive approach to outsourcing financial management.

Typically, these arrangements occur on a long-term basis. At G-Squared Partners, we measure our length of client relationship in years, not months. During this time, financial professionals will integrate seamlessly with internal teams and cover a wide range of financial tasks:

This is only a short list of the operations handled by an outsourced accounting firm. The full breadth and scope of the work depends on the individual business’s needs and the service offerings of the particular outsourced accounting firm. For the most effective approach, businesses should prioritize companies that offer a strategic and bespoke approach that meets the exact demands of their organization and industry.

5 Key Deliverables from an Outsourced Accounting Firm

When working with an outsourced accounting firm, businesses can expect some standard deliverables. It’s worth noting that the key deliverables they’ll handle can change depending on the services and tasks covered by the firm. 

To help you understand the basic scope and what to expect, here are a few standard deliverables common for most accounting firms to manage.

 

Monthly Financial Statements

One essential component of outsourced accounting is the preparation of GAAP-compliant financial statements. These essential documents are a critical component of any growing or mature company. These statements can include:

  • Profit & Loss Statements (aka Income Statement): These demonstrate the company’s revenue and expenses over a specific period, showing profit or loss.
  • Balance Sheets: Offering a snapshot of a company’s financial position, a balance sheet provides a summary of a business’s assets, liabilities, and equity.
  • Cash Flow Statements: A cash flow statement traces the capital inflows and outflows and highlights operational, investing, and financial activities.

Month-End Close

At the end of the month, an outsourced accounting firm will typically perform some key tasks in order to close your business’s books for that month:

  • They review accounts payable (AP) and accounts receivable (AR).
  • They reconcile bank and other accounts.
  • They ensure overall accuracy in reviewing financial documentation.

 

Financial Forecast

Some accounting firms, like G-Squared Partners, offer sophisticated capabilities to help organizations create strategic multi-year forecasts and budgets. 

The goal is to help leadership and other relevant stakeholders better define their goals and build strategies for effective growth. These forecasts are live documents, meaning they need regular review and updates to reflect relevant business and market changes.

 

13-Week Cash Flow Forecast

A 13-week cash flow projection is critical for short-term financial planning. Outsourced accountants will analyze past financial data and forecast future cash flow based on sales, expenses, inventory, and capital requirements. 

This forecast offers insights into immediate cash requirements and can aid in strategic decision-making. This can help businesses enhance cash flow control, gain clarity on working capital, and prepare for potential financial challenges. 

 

Support with Accounts Payable and Receivable

Outsourced accountants can help streamline customer billing processes to ensure timely invoicing. They play an important role in managing accounts receivable and implement strategies that can accelerate collections to maintain healthy cash inflows.

This support also extends to vendor payment. Here, outsourced accountants carefully schedule vendor payments and prioritize payments based on terms and cash flow projections. By balancing receivables and payables, outsourced experts are able to maintain stable cash flow, which is crucial for operational continuity and financial health.

G-Squared Partners: Full-Service Outsourced Accounting Team

An outsourced accounting partner brings a wealth of benefits to any business, regardless of whether they’re a fledgling startup or a mature company. They provide cost-effective approaches to everyday financial operations to enhance accuracy and compliance while delivering expert financial oversight. They’re in charge of many different key deliverables, including cash flow statements, financial forecasts, support with AR/AP, and much more. 

But, as every business’s needs differ, a tailored approach to outsourced accounting is essential. G-Squared Partner's approach to outsourced accounting gives your organization the flexible and scalable financial solutions it needs to master growth for sustained success. Schedule a consultation with the G-Squared Partners team today to learn more about your options.