accounting services

Outsourcing Your Accounting Services to Maximize Business Growth

Starting a Business

Accounting might not be the most thrilling aspect of a business. You would perhaps prefer to babble about the products you manufacture and how you will market them rather than tackle your accounting responsibilities.  Managing cash flow is one of the core principles of any business. The accounting department takes the center stage when finance is concerned. For one, it helps in evaluating the business status with the financial reports they present. It says a lot on the resource utilization, budgeting, and projections. A company also needs to worry about legal business compliances as well as filing for financial statements. All these functions handled by the accounting department are paramount to the survival of any business.

That is why, it would be best if you acknowledge that accounting is crucial to managing your finances efficiently. It is one of the central forces in your business. It is not just one of the business aspects. It is valuable to make the business unsinkable. So, the next thing you do is to work on the bookkeeping tasks.  

Outperforming Bookkeeping

Bookkeepers are insightful in managing A/R, collections, A/P, deposits, bank account reconciliation, payroll, basic financial statements, and sales taxes. As they make sure that your financial books are updated and managed properly as they do you will still find yourself engaged in the accounting department. Also, in an unforeseen business challenges such as health crisis (i.e. COVID-19 pandemic) and natural calamities, having a solid bookkeeping team will secure your assets and inventory while overcoming any economic wounds. 

Why? Because there is a need for management accounting. Management accounting requires a higher level of responsibility as it prepares management and fiscal reports for business conformities. Management reporting is utilized to make business decisions clearly supported by real-time data and other indispensable indicators of performance.

But time will come that you are no longer capable of being too engaged in every facet of the business. Or when your business expands, you will realize that your time and effort will be more substantial if you concentrate on the core business management than dealing with the accounting responsibilities.

This is where you will find outsourcing to be the best thing to do next. Here are some reasons that outsourcing your accounting would aid you to reduce the hassle and allow you to maximize resources to more critical business aspects.

Cost Savings

Hiring a regular employee is a high investment in your operational cost. While these employees are vital in making the business thrive, your investment to make the business ball rolling must substantiate their efforts. Plus, the fact the regular employees are the cream of the crop, this means you also give them the cream of the crop benefits like bonuses, medical insurance, and even their retirement package which your company should contribute to.  All these equate to an expensive investment. 

Whereas, if you outsource, you will deal with your partner company. Your partner will take charge of all employee relations, compensations, and benefits. Another strength that you can bank on with a quality outsourcing partner is that they already have established domain expertise, so you can trust that they know what they’re doing.

Reduce Potential Business Vulnerability

In essence, it is critical to delegate tasks to your employees; even so, the back-and-forth needed to manage bookkeeping and accounting could result in some security concerns. A professional accounting company would seriously take your fiscal safety, and there is no need to turn over the invaluable tasks to an unqualified apprentice. 

Outsourcing accounting firms could cover payroll, bookkeeping, and invoicing requirements, along with comprehensive accounting services. They generally guarantee commitment to flexibility, visibility, and transparency to skip out on extended contracts in the event the services do not work well for you. They can also be your saving grace as a business continuity team during an emergency or disaster by overcoming financial threats.

Another two key factors that will fuel you in avoiding the risks are the ISO certification and SOX compliance. Being certified will help you align your business goals to the demands of your business partners and consumers. An ISO certified company has high regard to excellent customer experience by reducing errors and leveraging efficiency. A SOX compliant company meanwhile ensures that there is a strong financial reporting landscape by maintaining data integrity and credibility of financial disclosures.

financial plan

Be at Peace as you Avoid Accuracy Issues


Although you may be adept at tracking the finances of the firm, it is reasonable to feel distressed when it is not your field of expertise. So, do not allow constant hesitation or jitters for a huge accounting mistake to dwell inside your head.  Get rid of that fear by merely paying a professional and well-experienced firm that could successfully handle your fiscal record keeping. With the right team, you are allowing your business to breathe seamlessly by not worrying about your financial concerns.

Incorporate Global Best Practices

When you have to point out how to arrange and track the business finances more efficiently, you may opt for counting on established processes and practices. And an outsourced accounting company would already have those processes figured out. So, you could imagine how much more composed your workers would be realizing that they would be compensated in time, all because you employed an outsourced firm to cater to everything, including the payroll.  

And when it comes to the financial aspect of the business, the next thing you’ll consider is perfection. It is not impossible to attain this if you have the right policies and processes that will be the organization’s lamp as you journey to success. However, establishing that is taxing that it may drain your analytical juices. So instead, let the right outsource company handle that for you.

So now, why would you consider outsourcing your Accounting Department? 

Not to mention, one of the most excellent perks of outsourced support is personalizing a superiorly functioning staff with additional resources and know-how. Outsourced specialists who have a deeper grasp of industry-specific outstanding practices could generally improve processes and productivity and, most importantly, integrate the current staff. 

Substantially, their fiscal reporting capabilities are commonly updated with industry standards and utilize the most advanced technology. Many a time, this concentration could assist in underscoring the needs of the business and its opportunities for growth.

The bottom line is that through outsourcing your business’ accounting requirements, you are able to concentrate on what you do best – operating a business that you genuinely love, and at the same time, saving yourself a considerable amount of money, time, frustration and potential distress.

Now is the Best Time

The best time to look for a partner company is before it becomes urgent. If you only sought financial assistance during the occurrence of a crisis, say a pandemic, the tendency of work is recovery from a financial loss rather than preventing it. Having a team of finance professionals will help your company identify these unforeseen events and create financial mitigation measures that suit best for your business.

Of course, you wouldn’t want to end with a company that is just good at babbling their accomplishments. Instead, you want a track record that stands out. While many outsourcing companies are excellent in the field of Finance and Accounting (as they claim), very few are bona fide.

Infinit-O is a trusted F&A outsourcing partner and we can help you save upto 70% on operational cost. We have collaboratively built high performance teams performing to excellent results over the past 15 years. Our teams comprise competent F&A professionals such as certified public accountants in the field of internal auditing, bookkeeping, and other critical accounting functions. We endeavor to enable our clients to meet their goals in terms of business growth, better productivity, and most importantly, cost efficiency.

At Infinit-O, we build great teams. Our goal is to create long lasting partnerships with our clients; rendering a strong combination of business consultancy, process optimization, and outsourced services; all utilizing the latest technology to provide excellent value for our clients. We are ISO-certified,  GDPR and Sarbanes-Oxley compliant, so your company and data are safe with us because information security is also our priority. All these applied, your financial growth and continued profitability are sealed.

Let’s Build a Great Team for you – starting with Finance & Accounting.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

Thinking it’s time to partner up? Go and make the call.

3 months ago No Comments Views

Difference Between Accounts Payable and Accounts Receivable – Infinit Accounting

When one thinks of how successful or unsuccessful a business is doing, it’s natural to lean towards the strategic elements of an organization that ensure profits come in: investments, funding decisions, and risk management. While these elements are important, the success of a business, especially how it runs its day to day operations, is highly dependent on the effective management of operational cash (or commonly called cash flow or cash on hand). This comes in the form of accounts payable (A/P) and accounts receivable (A/R).

Accounts Payable VS Accounts Receivable

Accounts Payable

Accounts Payable (A/P) refers to the money that the company owes to others, usually because of purchased goods or services on credit from a vendor or supplier.

Accounts Receivable

Accounts Receivable (A/R) refers to the money that others owe to the company and are amounts the company has a right to collect because it sold goods or services on credit to a customer.

What’s the Difference Between Accounts Payable & Accounts Receivable?

In accounting, the nature of transaction dictates how it is recorded in a company’s general ledger (or financial books).

  • Accounts Payable (A/P) is recorded as a liability, while Accounts Receivable (A/R) is considered an asset.
  • Accounts Payable (A/P) will decrease the company’s cash while the opposite will happen with Accounts Receivable (A/R).
  • For money to go under Accounts Receivable (A/R), an invoice should be generated and delivered to a purchaser of goods or service, with payment usually expected within agreed payment terms. Accounts Payable (A/P) appears on business ledgers when an invoice is approved for payments.

Accounts Payable (A/P) = CASH OUT
Accounts Receivable (A/R) = CASH IN

The Importance of Having a Balanced A/P and A/R

The keen management of account payables and receivables has a major impact on how liquid a business is. Liquidity in a business refers to a positive net working capital, which simply means that there is enough cash on hand to keep the business operational.

The working capital (WC) of a business is the difference between the current assets and current liabilities. The collection of assets in a timely manner and a balanced settlement of liabilities ensure a healthy and positive net working capital.

Management of Working Capital (WC)

To effectively manage one’s working capital, the Days Sales Outstanding (DSO) of accounts receivables should be less than 45 days. DSO refers to the average number of days accounts receivable payments are collected. Accounts payable are analyzed by the average number of days it takes to pay an invoice (Days Payable Outstanding or DPO).

How do You Increase Working Capital?

Reducing DSO and increasing DPO can increase working capital. Simply put, businesses collect payments from customers faster and delay vendor payments. However, increasing working capital isn’t as easy as it looks as delaying vendor payments can tarnish a business’ reputation and faster payments collection can turn off customers, as they usually prefer businesses that aren’t too strict about getting paid on time.

Ideally, you should always have more accounts receivables (income) than payables (operational business expenses). This is where having a positive net working capital means business profit.

For effective management of operational cash, some businesses hire companies that offer accounting outsourcing services. This way you can focus on the core business decisions while your outsourcing partner takes care of accounting operations so you won’t need to worry about anything.

Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth. Learn more!

6 months ago No Comments Views

Accounting Personality Traits & Qualities of a Good Accountant

An accountant’s work requires a high degree of precision and a certain degree of level-headedness.  Their’s is a detail-oriented environment where minor oversights can have huge consequences on a client’s business. A single digit carelessly added or absentmindedly removed will have a domino effect on how the accounting books will look like, how decisions will be made, and what those books say about the financial health of a company.

With so much riding on these professional’s shoulders, clients must be careful in selecting an accountant who will do the bookkeeping for them. Accountants should possess certain characteristics that will allow them to do their jobs well. We’ve compiled ten traits of an accountant that we believe are very important. Take a look at this list and see if you agree.

Infinit-O Accounting Outsourcing Blog Trends

1. Updated with the Latest Accounting Trends

It’s not enough to have a solid grasp of the basics. Accountants must constantly stay abreast with the industry’s generally accepted accounting principles or GAAP, as well as any changes in tax laws. Attending refreshers, going to conferences and seminars will help keep her up to speed on the latest in accounting trends. Technological advancements are also evolving at lightning speed, and turning away from these changes will be a huge disservice to clients and the business.

2. Organized and Structured

Staying on top of all the figures, paperwork, and data that accountants deal with daily requires good organization skills. It saves time because they have a system that allows them to find the information they need efficiently. Having a manageable structure to follow during their day to day work week frees up their energy and resources to analyze, research, and do their number-crunching duties without unneeded distraction.

Infinit-O Accounting Accurate Paperwork

3. Accurate and Detail-Oriented

These traits are crucial in the work accountants do. At the very least, the numbers they are working with have to be accurate and correct. Doing due diligence should be second nature to them, and not something that they need to be reminded with constantly.

4. Accountable

No surprise here: accountants must be accountable. No finger-pointing allowed; they know that whatever the outcome of their work turns out to be, the buck stops there, exactly where they are. Let’s face it: even the most detail oriented accountants who always do their due diligence are also human, and are, therefore, also fallible. There’s no shame in making an honest mistake that’s attributable to human error, just as long as these are not deliberate mistakes that happen too often. Keeping detailed accounts and accurate reports will come a long way in spotting where and how such inaccuracies came about (see trait no. 3).

Infinit-O Accountant with Clients Outsourcing

5. Client-Centric

It’s not enough to have a knack for numbers. Accountants must also understand their clients and the type of business their clients have. Having a solid grasp of your client’s business requirements and goals will enable you to decipher what types of economic methods or accounting rules will meet your client’s business needs. An accountant’s views and advice will make them even more valuable to their clients, and give them a good reputation that will earn positive recommendations and more clients down the road.

6. Team Player

The stereotypical image of a lone accountant doing their number crunching in their own cubicles is an inaccurate picture of what accountants actually do. They typically work in teams and have face to face meetings with clients and other decision makers on a regular basis. They are therefore required to be generous with what they know; sensitive to other’s needs, and be supportive of their team’s goals. They have the ability to work with different types of personalities.

Infinit-O Accounting Blog with Bars and Charts

7. Creative

They’re not solely left brain thinkers. The ideal accountants use their creative sides, too. They make use of right brain thinking to come up with fresh ideas and creative strategies to solve client dilemmas that don’t always show up in textbook cases. Paradoxically, being organized and structured in how they approach their day to day responsibilities frees up their minds for out of the box thinking, which are solutions that benefit clients.

8. Trustworthy

The information accountants work with are confidential in nature. This is why professionalism is an important trait that they must always abide. Not only is this the right and ethical way to go about their business, but having a reputation for trustworthiness will win them more clients in the long run. Trust is something that is not easy to build, and it’s a trait that must be taken seriously in order to earn good feedback from clients.

Infinit-O Accounting Outsourcing Blog Communication

9. Top-Notch Communication Skills

Having the ability to interpret jargon and complicated accounting concepts into ideas that can easily be grasped by clients is an invaluable trait that an ideal accountant should possess. An accountant that is able to interact easily and get their ideas across clearly to anyone is a major asset that clients and employers always look for.

10. Ethical

A strong sense of integrity and an inclination toward honesty are traits that inspire confidence in an accountant’s work and professional practice. This is a trait that should extend into their personal lives as well, because an accountant who has the ability to be morally upright and live as an upstanding citizen is someone who will most likely obey the rules of law. Being a law abiding citizen means that this trait will show up in how they do the accounting books as well: one that is within generally acceptable accounting laws and one that is obedient of all relevant laws.

Make sure the person who handles your finance and accounting has these accountant personality traits!

Infinit-O is a trusted F&A solutions partner that can help you build and operate a dedicated team of accounting professionals of every level including certified public accountants designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.

6 months ago No Comments Views

9 Blogs Every Accountant Should be Reading – Infinit Accounting

As professional accountants, it’s important to be kept up breast on the latest news and information about what’s new in the industry. Getting a different view and reading about thought-provoking insights on topics ranging from auditing, fraud, tax accounting and regulations will keep you on your toes and help you make informed decisions in the workplace.

Here’s a list of 10 must-read blogs by experts, associations, former college professors, and members of professional networks that are geared specifically to provide accountants and auditors fresh insights and updated news and regulations on all matters accounting-related.

Get Ahead in Business with Finance and Accounting Outsourcing | Infinit-O

1. Accounting Coach

If you need straightforward, no-nonsense guide on all your accounting questions, the Accounting Coach is an excellent resource. It houses info that dates back to 2003, and has a wide readership of over 80,000 newsletter subscribers and 14,000 Facebook fans.

2. Accountant By Day

Kellen, the woman behind this popular blog, writes musings about accounting, personal finance, and everyday life of an auditor and tax accountant. Her blog used to be called AccountingElf.com, where she wrote about her experiences as an accounting student.

3. Accounting Principals

An overview of all accounting career-related topics, including helpful tips on how accountants can leverage social media to boost their careers, job reports, updated news, among others.

4. The Accounting Onion

The tagline succinctly sums what the blog is all about: “peeling away financial reporting issues one layer at a time”. Tom Selling holds a PhD and CPA license and is a former Accounting professor with a solid academic background and author of numerous books. He finds blogging the perfect platform to educate and inform.

5. Bloomberg BNA Accounting Blog

Comprehensive coverage of topics ranging from accounting, taxes, business and auditing.

6. AccountingWEB blogs

If you don’t have time to sift through the internet for accounting blogs, this is a great selection of useful blogs and websites that focus on accounting-related topics, all compiled in one page.

7. Accounting Tomorrow

This blog covers news and articles about the accounting profession and is a useful resource for current and aspiring CPAs of all levels. There’s something to be offered for various accountants here, regardless of experience or lack thereof.

8. AICPA Insights

This is a straightforward accounting blog with with news about the industry, plus various way to maintain productivity and creativity in the workplace. If you’re an accounting professional who’d like to share your thoughts about the topic, you can apply as a guest writer for the site.

9. Accountex Report

Teach yourself about cloud management and other new accounting trends with the Accountex Report, and transform your processes quickly and efficiently.

10. CPA Practice Advisor

This is one of the most most popular technology and practice management resource for accounting professionals. Get the latest news about payroll, tax, and accounting from several experts in the field.

Want more blogs to follow? Check out our other post, 10 Must-Read Blogs on Financial Management.

Do you have any accounting blogs in mind that we missed in this list? Share them with us in the comments below!

Small businesses are making their ways into the commerce through some trials and errors along the journey. While budget is somehow limited among them, know that our services are reasonably priced, ensuring that you can reach your goals. Outsource your needed facilities and we’ll gladly assist you with all your concerns. Learn more!

6 months ago No Comments Views

When to Outsource Your Accounting Processes

Though not the most exciting part of a business, accounting is an absolute essential. It is well known that managing a business’ finances can be quite tedious and time-consuming. In fact, accounting goes beyond simply counting expenses and revenue and even acts as a guide for complying with laws and regulations, analyzing your business’ financial health, and give you data to improve growth strategies.

Continue Reading

10 months ago No Comments Views

4 Ways to Improve Your Accounting Process

Improving your accounting processes leads to less time wasted by accountants. It can also result in increased loss prevention and improved revenue flow.

Continue Reading

10 months ago No Comments Views

Top 4 Challenges Facing the Accounting Industry Today

It’s quite evident that the accounting sector has undergone some major changes over the years… and changes are still taking place. Advancements in technology and changes to the tax system are some big trends shaking the industry.

Continue Reading

11 months ago No Comments Views

Newsletter

Subscribe to our emailing list and get notified of the top stories on the web.

Scroll to top