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04 Sep You Should Outsource Bookkeeping and Accounting

Posted at 19:15h in Blog by

Even if Your Business is an SMB

Written and Edited By Jessie McLaren Jessie McLaren September 4, 2019

 

It’s no secret. We at Siegel Solutions think you should outsource bookkeeping and accounting, even if your business is an SMB. Companies who hire outside experts to manage their bookkeeping and accounting have better success rates and higher profit margins. If you are on the fence about who should be managing these responsibilities for your business it’s worth examining the impact of both keeping this essential business function in-house or outsourcing it. It is always preferable to make informed decisions about money. Therefore, let’s start by exploring some essential questions.

  1. Are commissions and payroll taking up too much precious time?
  2. Is quarterly financial resolution a nightmare?
  3. Are employees entering financial data using completely different nomenclature? For instance, are commuting expenses showing up as fuel, gas, BP, and Dunkin Donuts?
  4. Do you cry over spreadsheets and wonder why you’re still using Excel or Quicken?
  5. Are confrontations or disagreements about bookkeeping and finances a regular occurrence?
  6. Do you resent the effort it takes to enter financial data, even when you’re making money hand over fist?

If you answered yes to even 1 of these questions, you might benefit from the expertise and total relief of outsourcing your bookkeeping and accounting functions to a reputable professional or local firm. Since the new millennium began, a trend towards outsourcing core business functions has been gaining momentum. Now many formerly in-house responsibilities like legal compliance, payroll, and many marketing and sales functions are done by consultants, agencies, and firms. The last major function still being performed within many start-ups and small businesses is bookkeeping & accounting. There are so many reasons that you should outsource bookkeeping and accounting functions.

Benefits of Outsourcing Bookkeeping and Accounting

If you’re open-minded you will quickly see the benefits of hiring an outside bookkeeper or accountant. The manifold perks include saving time, centralizing financial data and oversight, saving money, receiving cutting-edge accounting and accounting software expertise, advanced reporting, greater checks and balances over your financial record keeping, prompt invoicing and consistent monthly financial resolution with accurate reporting. Consistently, statistics show that startups and small businesses that use outside accounting resources from inception have better survival and success rates than those that do not. See what AllBusiness.com has to say about the top ten reasons small businesses fail. Notice number 2 and 3. Or, check out the top 10 accounting scandals of all time, as described by the Corporate Accounting Institute.

Still not convinced? Let’s explore why. Do you feel guilty outsourcing services you believe that you or a staff member can accomplish? Are you concerned about the added expense? If so, ponder the following questions:

  • Is your company an accounting or financial firm? No? That’s what I thought. Why then do you insist upon performing a core function that requires tremendous expertise? Because you know how to use the calculator pad on the right-hand side of your keyboard? Because QuickBooks is so user-friendly? Just because you know where the gasoline, wiper fluid, and oil go in your vehicle doesn’t mean you’re going to perform all the routine maintenance on your car. Right? OK, point made. Let’s say you did decide to perform all routine maintenance and maybe minor repairs to your vehicle. How much research would you have to do first? How much extra time would your maintenance and repairs take because you are not the professional for whom such tasks are routine? What kind of tools would you have to purchase? And lastly, would you need to take a course in order to perform these duties safely and effectively? How much time and money would research, tools, training, and then executing maintenance and repairs cost you? Would it be worth it or would you ultimately prefer to focus on your strengths and let mechanics handle your vehicle’s upkeep?
  • Are you a CPA or do you have CPA’s working for you? I’ll pretend you said, “Yes!” OK, but who oversees your work or theirs? Does an objective person review all of your data and monthly/quarterly/annual financial statements and resolution? If so, is that person as qualified or more qualified than you or the other in-house person? What about compliance? Do you have an attorney regularly look over your financials for compliance? How much money, time, and peace of mind is avoiding legal and financial missteps worth?
  • I’ll assume that you said you have a qualified loyal employee performing accounting duties. Are you qualified to analyze their work? Even if you are, do you ever get anxious wondering if company data is being misrepresented, or money is being misappropriated? If so, it is a completely justifiable business expense to pay an outside firm or expert to work in tandem with the team member who is responsible for the books and taxes. It is wise reasonable to make sure that everything checks out. In so doing you avoid unforeseen expenses, hassles, and audits later on.
  • Are you a software or IT expert? No? Me either, but I work with people who are. How do you know that the software and technology you’re using to manage bookkeeping, accounting, and client/vendor/employee data is the most efficient, comprehensive, current and user-friendly for your industry? Are you working in a cloud-based environment or require hosting? Or are you still functioning off desktop-only applications that do not share data unless you manually update and share? Are the platforms you use customized to your specific business? Unless you answered a resounding, “YES!” to most of the questions above, you should probably considering hiring us or another qualified accounting firm who also does software consultation. We will help you choose the best software solutions, convert and clean your data, and train your team in best practices on software that we customize for your business.

The Hazards of In-House Bookkeeping

The potential pitfalls of keeping bookkeeping and accounting in-house are numerous. The hazards only begin with decentralized processes and inconsistent data. These issues lead to extra communication and hyper-vigilant oversight of departments, and individuals’ financial record keeping.

Additionally, the loose ends of decentralized record-keeping and resolution cause manifold issues. Overdue invoicing, outstanding invoices, duplicate or missing purchase orders, miscalculated payroll and commissions, inaccurate timekeeping and services entries for projects and purchases, inaccurate inventory, inefficient and inconsistent parts, and supplies ordering all negatively impact manufacturing and sales timelines, corporate revenue. Also, such issues usually result in over-time pay for team members tasked with resolving the fallout of the aforementioned issues. EXPENSIVE! I could go on, but you get the point.

Paying an In-house Bookkeeper vs an Outsourced Contractor

Finally, consider how much it costs to hire, train, pay the salary and benefits for, and spend time managing an accounting team. Even just one in-house, entry-level bookkeeper salary starts at about $40K/year plus benefits and that doesn’t include training and management. So, for about $60K/year you hire a person who comes with a resume that needs tremendous fact-checking for a person who perhaps possesses 3-4 solid references. Or, for about $10-15K/year you can hire a firm or an outside expert accounting consultant who comes with countless client references, examples of their work, and a short-term contract which obligates the firm to achieve specific results. Plus, there’s no obligation to socialize with contractors or consultants over the water cooler and at holiday parties.

In conclusion, maybe you love gambling. Maybe you have so much money you tend not to worry if some of it is unaccounted for. Maybe you aren’t planning on your business succeeding either. However, on the off chance that you like so many other hard-working people, want your company to grow and succeed you should outsource bookkeeping and accounting. Otherwise, you face a good possibility of many sleepless nights fixing reports, resolving company books, and gathering documents for auditors. For a free consultation, give us a shout. (781) 487-7000 or email us at info@siegelsolutions.com. Accounting problems solved. Break-time:

 

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Aimee Garneau
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Aimee joined Siegel in 2022 as the Accounting Manager overseeing the accounting and bookkeeping team. Aimee brings 18 years of experience with increased responsibility with privately and publicly held companies. Her experience lies with SaaS-based companies as well as in healthcare, consulting, education and nonprofits. Prior to joining Siegel, she held accounting leadership positions with Waban Projects, Elastic Path, Moltin, and Ned Davis Research. Aimee loves partnering with business owners to establish financial reporting and results that promote growth and expansion. When Aimee is not working, she loves spending time with her family and friends and exploring all New England has to offer. She is also an avid Red Sox fan and enjoys going to Fenway Park when she can.

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CPA, CEO

Jeff has spent the last twenty years working providing solutions to emerging growth businesses. After graduating from Northeastern University, he spent five years working with two multinational CPA firms in an auditor capacity building a foundation for understanding how business work. He later went on to work in various controller and CFO roles before starting Siegel & Associates (previously Siegel Financial Group) in 2000. In those roles, he sold a company to ADP, raised funds for a major expansion of a large regional IVF clinic, and helped set up accounting and financial structures for dozens of companies. Since starting Siegel & Associates, Jeff has worked with hundreds of clients providing accounting system solutions. Those solutions include setting up QuickBooks in a single-user environment putting in QuickBooks Enterprise in a 30-user environment and integrating various add-ons including inventory, CRM, and e-commerce. He is a Certified Public Accountant, a QuickBooks Pro Advisor, a QuickBooks Advanced Pro Advisor, and an Intuit Solution Provider certified in Enterprise Solutions, Point of Sale & QuickBase. Jeff is also a Microsoft Certified Systems Engineer

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After graduating from Boston University, Lori spent eight years working in various managerial positions for two national companies. In those positions, Lori developed the skills necessary to manage multiple projects, clients, and resources. She later went on to work for a management company that handled over 25 real estate properties with multiple tenants. Lori joined Siegel Solutions in 2003 as a client services manager where she utilized her skills developed to manage multiple clients and multiple staff. She recently moved into the client support manager role where she is responsible for meeting with and onboarding new clients, managing and maintaining our technology stack along with QuickBooks setups, conversions, training, and consulting.

In her free time, Lori enjoys spending time with her family. She loves to travel, music, and theater.

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Associate

Kristin has been with Siegel Solutions since 2008 when she started as a part-time Office Administrator. In addition to the administrative work for Siegel Solutions, Kristin also assists with bookkeeping for a handful of clients, and manages and processes payroll for about 25 clients. Kristin has been working in administrative roles for many years in various fields, including from an academic department in a local university, a start-up biomedical company, to recording and pricing inventory for a small gift shop. Kristin has also held customer service positions in food service, department stores, a local Boys & Girls Club, and a nursing home.

Outside of work, Kristin enjoys hanging out with family, friends, and the family’s black lab named Clyde. Kristin is a New England Revolution fan and goes to as many games as possible each season.

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Senior Associate

Kathy graduated from Framingham State College. She then attended Bently College in their Accounting Certificate program, while also working as an Assistant Payroll Supervisor and Compensation Specialist in the corporate offices of a large contract employer. After many years of experience as a Full Charge Bookkeeper for a private investment firm, and various small CPA firms, Kathy joined Siegel Solutions in 2001. She enjoys learning about different types of businesses working for Siegel and the satisfaction of tailoring our role to best serve each client's needs.

During her free time, Kathy loves spending time with her family and her dog. She also enjoys DIY projects and exploring the beautiful New England coast.

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Janet Jodoin
Bookkeeping Associate

Janet joined Siegel Solutions in May of 2022 as an Associate Bookkeeper. In her younger years, while raising her family, she completed her degree in Business and she spent 20 years in the trades as a custom designer. Janet also has 16 years in corporate management. Her strong team support, training, and development led her to support and manage Human Resources. Janet's desire to change careers has led her to return back to bookkeeping at Siegel Solutions. In Janet's free time she enjoys spending time with her growing family. Her personal favorite is creative landscaping in her yard. She also enjoys working alongside her partner in construction and remodeling.

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Tricia Gullage
Associate

Tricia Joined Siegel Solutions in 2022 as a bookkeeper and works with our clients to keep their day-to-day bookkeeping in order. Tricia has 12 years of bookkeeping experience working for a large construction company for 10 of those years handling all their accounting and Payroll. She met Jeff our CEO while working there and decided she wanted to join our team.

When not working Tricia enjoys spending time with her family and friends. She recently moved up to the lakes region in NH and loves going to concerts, enjoying her time boating and snowmobiling.

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Professional Services Manager

With over 21 years of corporate experience at PeopleSoft Consulting, Sun Life Financial, and KPMG, Ed brings a big business approach to small business solutions. Prior to joining Siegel Solutions in 2022, Ed helped small businesses get the most out of QuickBooks for 21 years as a co-founder of SMB Partners and the founder of Solutions for Office Software.

Ed is an Advanced Certified QuickBooks® ProAdvisor, a Certified QuickBooks® Point of Sale ProAdvisor, a Certified QuickBooks Enterprise Solutions ProAdvisor, and a Certified SOS Inventory Consultant. Ed holds an MS in Computer Information Systems from Bentley University and a BS in Business Administration from Northeastern University.

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Debby Mono
Firm Administrator

Prior to joining Siegel Solutions in March 2023, Debby had been working in administrative and executive assistant roles for many years in various fields. Her extensive background in these positions has provided her with a range of skills and knowledge that are valuable in her new role as a Virtual Administrative Assistant. She graduated from Suffolk University with a Bachelor's Degree.

Outside of work, Debby can be found at football fields or dojos cheering for her sons. She also enjoys hikes with her dog, Sawyer, reading, sports, and live music. She and her husband also love to entertain family and friends.

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Senior Associate

Letitia has an accounting degree and has been working in the Accounting/Bookkeeping industry for over 25 years. Tish is also an Acumatica Business Consultant. Outside of work, Tish has 4 grown children and 5 grandchildren, she loves to ski, hike, bike, and be outdoors. Tish has worked with Jeff for over 10 years.

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Senior Associate

Ashley joined Siegel Solutions in April of 2023 as a Senior Associate. She has worked in accounting for 10 years, working her way up from an associate to a Senior Accountant/Controller at her previous jobs. Ashley loves working with numbers, helping clients out specifically with budgets and financial forecasting. She has an extensive background in Construction Finances including AIA billings, WIP schedules, and financial forecasting public and private construction projections.

When Ashley is not working, she loves spending time with her husband and 2 kids, extended family, and friends and watching her Boston Sports Teams!

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Alison Pickwick
Associate

Alison joined Siegel in 2023 as an Associate. She enjoys producing a product that assists company owners in seeing the big picture of their company. Previously, she put this passion to use as an auditor and as a financial advisor traveling the country to various companies in many different industries. With her passion, she also brings years of experience and vast knowledge to Seigel. After hours Alison doesn't stop working. She gardens, has chickens, teaches her godkids carpentry and small engine mechanics, fishes, makes maple syrup, and even brews her own wines and beers. Whenever she can, she goes to her family camp in northern New Hampshire where you can find her working on a project from planting blueberries to building a shed.

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Andrea Alencar
Associate

Andrea graduated from Bridgewater State with a Bachelor's degree in Accounting. Andrea joined Siegel Solutions in 2022. Andrea has gained accounting experience working in various industries including a CPA firm, legal, hospitality, and telecommunications. Before coming to Siegel Solutions Andrea previously worked as a bookkeeper and staff accountant.

Andrea has 4 kids which keep her busy. Outside of work, Andrea enjoys spending time with her kids, being outside, cooking, and going to softball/baseball games.

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IT

I started my career in 1983 when I designed and built a device to share a computer program, written by the president of a local bank and his son, running on an Apple Lisa computer. The device allowed the large and expensive Lisa's computer to be shared with bank employees. With this program, and with my device, we started a company to market this unique solution to banks. At this point, computer networks were just starting to be used in businesses. I transitioned my efforts to providing support for migrating banking terminal/mainframe functions to the emerging Personal Computer networking platform. For the next decade, I worked with, and beta tested, numerous technologies to integrate the banking functions from dumb terminals into the now smart desktop computers. After working with a few small consulting firms, I started my own company focusing on providing I.T. support to SMBs. More recently I am now doing the exact opposite by helping customers migrate their PC applications and data from their local computers to The Cloud. A few years ago, I joined Siegel Solutions to add my years of I.T. experience to their firm.

In my spare time, I like to travel, fly my drone and, most importantly, spend time with my family. I also still enjoy tinkering with technology.

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Pat Jaworski
Associate

After spending most of her corporate career in the insurance industry, Pat joined a QuickBooks consulting firm providing bookkeeping services to several small companies. Late in 2022, that firm merged with Siegel Solutions, Inc., bringing Pat and her clients to the group. She provides services to clients in a variety of industries: fitness, construction, beauty, equine care, and medical billing, to name a few. She enjoys supporting her clients by keeping their financial records in good shape and allowing them to focus on growing their respective businesses.

Pat resides in the 495/MetroWest area with her husband Ed, daughter Abby and Duffy, their lovable, energetic golden retriever.

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Noah Tan

Associate

Noah has over 12 years of experience in accounting and graduated from the University of Bedfordshire in the UK. Prior to joining Siegel Solutions in August 2023, he has worked with clients in Asia and Europe across a variety of industries, including manufacturing, software, e-commerce, and education. Noah specializes in real estate, property management, and construction enterprises.

Noah is a passionate and results-oriented individual with a proven track record of success. He is skilled in financial planning and analysis, budgeting, forecasting, and reporting with expertise in business process improvement and risk management. Noah is committed to helping his clients achieve their financial goals.

Noah loves to travel and has been to over 50 countries and 4 continents with his wife. He is passionate about financial market analysis and enjoys using stock charts to identify trends and patterns.

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Tari Crowley

Administrative Assistant

Tari Crowley joined Siegel Solutions in September 2023 as a part-time Administrative Assistant. She actually wears many hats not just in her position, but in her every day life! She is also a real estate agent, softball coach, wife and full-time mother. When she isn’t busy with everyday life activities, she enjoys spending time with her chocolate lab, Bailey, as well as having fun and laughing with her family.

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DeeAnna Keyes

Sales and Marketing Associate

DeeAnna Keyes, has been our Sales and Marketing Associate since December 2023. She brings a wealth of experience, having worked at Intuit with a focus on Quickbooks Online and Quickbooks Desktop. With a robust sales history and a license as a real estate agent in Virginia, DeeAnna is a versatile professional. Outside of work, she cherishes family moments, indulges in camping with friends, and finds joy in entertaining at home with her husband and four children.

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Janice Kats

Associate

Janice Kats graduated from Carl Sandburg College with an Associate Degree in Accounting in 1992 and has been working in the accounting field ever since in various jobs doing AR, AP, payroll, office management, and bookkeeping before joining Siegel Solutions in late 2023.

In 2022, she made the decision to branch out on her own and started her own bookkeeping business, working from home.

She is a mom to 3 grown children and a grandmother to 5 grandchildren and enjoys spending time with her husband and two dogs and following her grandchildren in all of their sports.

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Roger Hand

Relationship Manager

Roger boasts over 15 years of experience at Intuit, during which he has aided clients and QuickBooks® Solution Providers in building and growing their businesses. He is well versed in the QuickBooks® products and, through the discovery process, knows how we can engage, migrate, and satisfy clients' current frustrations. Roger holds multiple credentials and licenses, including the QuickBooks® Pro Advisor certification. He enjoys working with clients and seeing the satisfaction on their faces when they're achieving their goals without all the confusion! Roger enjoys spending his free time with his wife and two amazing daughters

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Kristina Morin
Senior Associate

Kristina Morin is a Certified Public Accountant from Boston, Massachusetts. She holds an MBA in Management Information Systems from Bentley University and an MS in Accounting and Financial Management from DeVry University. She has been a bookkeeper for 20 years and has spent the last several years teaching QuickBooks and Bookkeeping.

At home, she celebrates her independence, living with her son, father, and two cats, Romeo and Rico. Kristina enjoys old-school hip hop, soaking up the sunshine, and spending quality time watching movies with her family.

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