The Top Six Benefits of Managed Accounting

Join us as we explore the benefits of managed accounting and how Decimal can help you to achieve those benefits. If you are considering outsourced managed accounting, you should achieve all six benefits!

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Is there a smarter, easier, and more efficient way to run your business? Is there a way you can actually do less, while completing more – and at the same time perhaps even save more money? There is – and we call this managed accounting.

There are many potential benefits to managed accounting. Among others, it should reduce the amount of time you spend with administrative and accounting tasks, free your time for more important business activities, and be affordable.

Let’s more closely explore the six benefits of managed accounting and how Decimal can help you to achieve those benefits. If you are considering outsourced managed accounting, you should achieve all six benefits!

• Time
• Reliability
• Specialization
• Immediacy
• Quality
• Cost

Time

If we were to survey hundreds – or even thousands! – of business owners about their greatest daily challenges, we bet most of them would list ‘time’ as a primary concern – there just isn’t enough of it. And when you, as the business owner, are juggling competing priorities, time becomes even more important. Managed accounting addresses the key need to “make more time”. First, outsourced managed accounting quickly and effectively moves the day-to-day accounting needs outside your organization. This results in three tangible outcomes: One, it removes the burden from you to deal with day-to-day administrative tasks, like booking debits and credits and keeping track of documents. Second, if you have an in-house accountant, it frees up the time of the accountant to focus on critical financial tasks (like obtaining a line of credit or purchasing equipment) and allows the accountant to function at their intended level of specialization. Third, switching to managed accounting provides additional internal time (“opportunity costs”) to focus more on acquiring new clients and increasing revenue.

Reliability

Reliability is the benefit produced by one of the pillars of managed accounting – that pillar is cloud-based software automation. Your outsourced managed accounting solution should ensure that transactions are properly identified and categorized; this is particularly important if you are relying upon machine learning and artificial intelligence. The same transaction should be treated the same, time after time – RELIABILITY! Furthermore, you should have the comfort that the financial information produced is accurate and can be relied upon by others who may look at your financial information – for example, a bank, loan officer, or even a tax authority. Finally, reliability means you have a dedicated managed accounting team assigned to you and your business. Every time you need help or information you should get the same team who is familiar with you and your business – not a call center.

Specialization

Naturally, you expect any managed accounting solution to provide your business with the right information – transactions correctly recorded and financial information that reflects the state of your business. But what if you need to answer new questions about your business? For example, can you qualify for tax credits? What are the advantages and disadvantages of buying versus leasing? What if you want to expand to new states or even overseas? And what if you get audited by the tax authorities? Your managed account team should be able to readily answer these questions. At Decimal, we have an experienced team of accountants that know where to get the answers. If you have questions or issues that require very specialized knowledge this vast team of people is available to you.

Immediacy

Many outsourced accounting services focus on the preparation of your business’ monthly financial statements. Of course, this is important. But ask yourself – when are your financial statements available? Does it take weeks or even months to get those statements? It shouldn’t! Those financial statements should be available today – or any day you need them. A strong managed accounting service provides the information in real time. Real time means you can pull an income statement and balance sheet on any day for any time period (one week, one month, one quarter – even a period of 42 days if that’s what you need!). Finally, immediacy means that your outsourced managed account team is available to you in real-time as well – 365 days per year!

Quality

While this is the fifth benefit we discuss, it does not mean that quality is less important than the other benefits. Quality is critical to growing your business. Your customers rely upon your high-quality products and services – and if you deliver high quality those customers will return again and again. Quality is something we strive for with all our clients – our goal is to deliver exceptional quality in all that we undertake. And that is true when we support you with managed accounting services. Any outsourced managed accounting solution you select should be able to deliver the same quality you get with Decimal – and a team that looks to deliver excellence at every point and improve on that excellence.

Cost

Last - but not least – you care about cost. Remember that hypothetical survey we talked about above? We imagine cost would be very high on the list as well. Most businesses use traditional accounting services which are delivered on an hourly rate. That means the more you use accounting services, the more money you pay. Budgeting and planning can be difficult if the costs are unknown. A powerful managed accounting service provides all the benefits discussed above (and more!) at a predictable price; you should know the monthly or annual cost in advance and take comfort that the cost won’t vary from month to month. And this should help you to reduce your monthly accounting costs. Decimal can help you to realize a lower monthly cost with greater quality, service, and benefits. 

What if I need help?

Taxes, bookkeeping, and accounting at times can be both complex, uncertain, and time-consuming. When you outsource your business’s accounting to Decimal, we help with all points. 

Grow your business built on data – but let us handle the data. Spend your time building! Contact us today for a free consultation for your business!