Knowledge and Insights

As one of the economic engines of the US, the New York metropolitan area is home to a dynamic business environment. Businesses in this region enjoy a wealth of opportunities for success, benefiting from access to local talent, resources, and a thriving business community.

However, for local businesses to reach their full potential, they must have a robust, reliable accounting department. But there’s one problem: finding and retaining qualified accounting professionals has become more difficult than ever. 

Outsourced accounting services help company leaders address this challenge and mold their accounting practices into a more sophisticated, efficient engine. 

WHAT ARE OUTSOURCED ACCOUNTING SERVICES? 

When a business works with an outsourced accounting service, also referred to as client accounting services or CAS, it hires a third-party accounting firm to handle various accounting and financial tasks. Traditionally, there are three core components of outsourced accounting services.

OUTSOURCED BOOKKEEPING

Outsourced bookkeeping allows you to step away from payroll, account reconciliation, managing accounts payable and receivable, and other manual bookkeeping duties so you can reclaim time to focus on growing your business. An outsourced bookkeeper will manage your books so you can spend your time where it matters most: growth, strategy, and other critical business functions.

OUTSOURCED ACCOUNTING

The process of outsourcing your accounting function sees an external accounting firm take over in-house accounting duties. Outsourced accounting services can handle all the tasks an internal accounting department typically performs, including overseeing bookkeeping staff and financial reporting. Often, outsourced accounting represents a more cost-effective, flexible, and scalable solution.

OUTSOURCED CFO SERVICES

Outsourced CFO services offer all of the financial strategy and planning expertise you would receive from a full-time CFO for a fraction of the cost. An outsourced CFO is a part-time member of your team that provides top-tier financial knowledge, streamlines your financial operations, and drives the growth and success of your company.

WHY SHOULD COMPANIES IN NEW JERSEY AND NEW YORK PARTNER WITH AN OUTSOURCED ACCOUNTING FIRM? 

Businesses in New Jersey, New York, and Pennsylvania can significantly benefit from outsourced accounting services. Let’s look into a few of the benefits.

COST SAVINGS AND EFFICIENCY GAINS

Staffing a fully-fledged internal accounting department is an expensive undertaking, but having accurate financial data is unquestionably important to every business. If maintaining a full in-house team isn’t currently possible, business owners can outsource accounting to an external partner and receive all of the functionality of an internal team at a lower cost. 

This approach doesn’t just save money: it also unlocks new efficiencies. Businesses gain access to a streamlined approach to accounting that leverages the latest technologies and best practices, plus all of the resources of a fully-fledged accounting firm.

ACCESS TO FINANCIAL EXPERTISE

Working with an outsourced accounting service can improve your financial performance and results. An outsourced accounting firm ensures your books are accurate and that you’re aware of any financial opportunities or risks. This affords business leaders access to more precise, timely financial information, helping them make better decisions for their business. 

SCALABILITY AND FLEXIBILITY

Partnering with a professional firm focused on outsourced accounting services affords growing companies the flexibility and scalability they require. When scaling your business, having an accounting firm you can lean on for one-off projects and additional support when necessary is beneficial, as is finding a partner that can scale with your business as it grows.

IMPROVED LEADERSHIP FOCUS ON CORE BUSINESS

Accounting is important, but as a business leader, the highest and best use of your time is on core business activities. Tasks like preparing financial statements, ensuring payroll is run on time, and keeping track of cash flow, are undeniably important. By outsourcing them, leaders free up more time to focus on important tasks that move the needle. Outsourced accounting services allow leadership peace of mind to concentrate on the business, safe in the knowledge their financial bases are covered.

MORE INFORMED FINANCIAL DECISION-MAKING

With expert guidance from an accounting firm, you can make strategic business decisions that align with your goals and long-term objectives. 

Outsourcing accounting services means you gain access to financial expertise and accurate data, making intelligent decision-making more straightforward and accessible.

OUTSOURCED ACCOUNTING SERVICES FOR COMPANIES IN NEW JERSEY AND NEW YORK

One key to a successful outsourced accounting partnership is finding a local firm with experience in your industry. Local firms have knowledge of local regulations and tax laws, connections to trusted business advisors such as bankers, attorneys, and insurance professionals, and can support in-person working relationships if that is important to your business.

Mercadien works with clients across the following industries: 

HEALTHCARE AND MEDICAL PRACTICES

Healthcare is a highly regulated and complex industry. Your outsourced accountant should have experience in billing procedures, insurance claims, and compliance standards. 

When choosing an accounting firm to partner with, look for expertise in the nuances of revenue cycle management, HIPAA compliance, and medical billing. Outsourced accounting services can help healthcare organizations and medical practices optimize their financial processes, improve cash flow, and ensure compliance, ultimately enhancing patient care.

LEGAL AND PROFESSIONAL SERVICES

Legal practices and other professional services firms rely heavily on accurate financial management to sustain operations and provide quality services. Lawyers need to focus on cases, not bookkeeping. 

Outsourced accounting services tailored to professional services firms can handle trust accounting, client billing, and managing overhead costs effectively. Accountants with expertise in the legal space understand the importance of compliance with bar association regulations and can help law firms avoid costly pitfalls.

MANUFACTURING AND DISTRIBUTION

The manufacturing sector is built on the basis of complex supply chains, robust inventory management, and optimized production processes. Specialized accountants in this industry have a deep understanding of cost accounting, inventory valuation methods, and tax incentives specific to manufacturing. Outsourced accounting services can help manufacturers optimize operations, reduce production costs, and maximize profit.

NONPROFIT AND HUMAN SERVICES ORGANIZATIONS

With a lengthy track record advising nonprofit organizations, Mercadien understands the pressures of running a mission-driven organization. Regardless of the issue your organization is facing, whether it’s managing its accounting infrastructure in a compliant manner or planning for future growth, our professionals bring the experience required to address a wide variety of challenges. 

Our team has worked with nearly 300 nonprofit organizations, ranging from social and human service organizations to private schools, long-term care providers, and many more. Our professionals play an active role in the local community, with members of our firm serving over 100 civic and charitable organizations through board membership, fundraising efforts, and in-kind contributions. 

TECHNOLOGY AND STARTUPS

Financial management is often a make-or-break factor for a tech startup’s success. Accountants with expertise in technology companies understand the unique financial challenges of the industry, such as managing investor relations, tracking R&D expenses, and handling stock options and equity grants. Outsourced accounting services can provide startups with financial strategies to secure funding, scale operations, and achieve sustainable growth.

HOW TO FIND AN OUTSOURCED ACCOUNTING PARTNER IN NEW JERSEY, NEW YORK, AND BEYOND

Here is a simple five-step process to finding the right accounting partner for your New Jersey or New York business.

1. ASSESS YOUR SPECIFIC NEEDS AND READINESS FOR OUTSOURCING 

Before searching for outsourced accounting services, take a step back to evaluate your current needs and how ready you are to bring in an outsourced accountant. Identify which accounting functions you should delegate: bookkeeping, accounting, CFO services, or a combination of the three.

Make sure your internal processes and data are organized and ready for collaboration.

2. EVALUATE THE OUTSOURCING FIRM’S QUALIFICATIONS AND KEY STAKEHOLDERS

The Northeast United States has many accounting firms to choose from, and due diligence is key in your selection process.

Research prospective firms’ industry expertise, certifications, track record, and community involvement. Arrange a face-to-face meeting with all stakeholders to gauge their communication style, responsiveness, and ability to understand your business goals. 

A trustworthy partner should be committed to the partnership and act as an extension of your team.

3. CHECK CLIENT REFERENCES AND SUCCESS STORIES 

A reliable way to assess an outsourcing partner’s capabilities is to speak with their client references and review case studies. Request references from businesses similar to yours (industry, size, and revenue are all good comparison factors) and ask about their experience with outsourced accounting services. 

4. CONSIDER DATA SECURITY AND CONFIDENTIALITY

When sensitive financial information is involved, it is vital to prioritize data security and confidentiality. Ensure the outsourced accounting partner you choose adheres to stringent security protocols, including encryption, secure file transfer, and firewall systems.

Ask questions about their data handling procedures, compliance with relevant regulations like GDPR or HIPAA, and contingency plans for data breaches. 

5. CHOOSE A PARTNER AND MOVE FORWARD

Select the outsourced accounting firm that aligns most closely with your business goals, values, and needs. Collaborate with all stakeholders to establish clear expectations, service level agreements, and reporting guidelines. A well-defined outsourcing contract should outline all roles, responsibilities, fees, and any clauses necessary to ensure a transparent and beneficial partnership.

MERCADIEN: OUTSOURCED ACCOUNTING SERVICES IN NEW JERSEY, NEW YORK, AND PENNSYLVANIA

Finding a local accounting partner to keep your New Jersey, New York, or Pennsylvania-based business financially healthy is your next smart business decision. Mercadien’s outsourced accounting services offer a cost-effective, flexible, expertise-driven solution for high-growth companies in the tri-state area.

By tapping into our vast knowledge base and decades of experience in outsourced accounting, you can focus on your core business operations without being buried in your books.

Contact us today for a consultation on our outsourced accounting services.

DISCLAIMER: This advisory resource is for general information purposes only. It does not constitute business or tax advice and may not be used and relied upon as a substitute for business or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified accountant, tax practitioner or attorney licensed to practice in the jurisdiction where that advice is sought.