Many businesses find accounting outsourcing companies to be a smarter option in 2024. It helps manage complex financial tasks, save money, and focus on growth. It is an affordable option to get expert aid quickly.
According to the team stage, only one-third of small businesses in the US, with more infrequent than 50 workers, use outsourcing. In contrast, 66% gigantic businesses with more than 50 employees outsource work.
To assist you in choosing the best accounting outsourcing company for your business, below is a list of leading outsourcing partners with their main characteristics.
| Company Name | Services Offered | Experience | Industry Focus | Location |
| Bookkeeper360 | Bookkeeping, payroll analytics. | Many years in business, with certifications. | Small and medium-sized business. | Wood bury, NY. |
| Maxim Liberty | Accounting, tax preparation. | Experienced | Real estate, health care, and construction. | San Juan, US |
| Expertise Accelerated | Bookkeeping, tax services. | Experienced | CPG manufacturing & retail companies. | Greenwich, USA. |
| Deloitte | Consulting, audit. | Global Leader | Technology, Education. | NY, USA. |
| PwC (PricewaterhouseCoopers) | Audit, consulting. | Global Leader | Financial services, manufacturing, and retail. | Madison Avenue, NY. |
| The Great Game of Business | Business management. | Experienced | Business management. | Springfield, US. |
| IBN Bookkeeping Services | Tax preparation. | Experienced | Small and medium-sized business. | Miami, USA. |
| TOA Global | Accounting services. | Global Leader | Accounting and bookkeeping. | The Philippines. |
| Marcum | Accounting consulting, advisory. | Experienced | Real estate, healthcare. | New York. |
Before we discuss the differences between the 10 best accounting outsourcing companies in the US, let’s cover the basics.
Table of Contents
What is Accounting Outsourcing?
Accounting outsourcing means employing outside professionals to handle your company’s accounting tasks. This approach helps businesses improve accuracy and follow financial rules. It also makes use of advanced technology. Outsourcing lets companies focus on their main goals while experts handle their accounting.
Businesses often outsource the following accounting tasks:
1. Accounts Receivable/Accounts Payable Management
Accounts payable is the money the firm indebted to retailers. Whereas, AR is the money the company gets from the customers.
Outsourcing (AR) and (AP) involve employing professionals. These professionals handle your payments and invoices. AR ensures customers pay on time, keeping your cash flow steady. AP handles bills, orders, and vendor communication.
By outsourcing AR/AP, you save time and get help from skilled professionals, allowing you to focus on other business tasks.
Case study of Outsourcing Accounts Receivable
An international corporation in the healthcare and beauty industry, generating approximately $6 billion annually. Established in 1932, it employs over 7,000 people and distributes products through mass vendors, beauty salons, convenience stores, department stores, and drugstores.
The company merged several units and teamed up with an outsourcing company. This partnership revealed major AR issues, such as outdated credit limits, poor collections, and payment errors. These problems led to revenue issues and payment backlogs.
The company quickly stepped in to fix the problems. They corrected payment errors, cleared up old billing issues, and improved AR reporting. They also made long-term improvements, like better cash handling, automating processes, and checking customer credit limits.
The AR team stabilized the function, reduced unprocessed billing issues to less than $150,000, and resolved all the problems within 90 days. The company can now focus on improving its financial processes.
2. Record Management
Outsourcing record management and bookkeeping handles tasks like financial records and cash management. Modern firms use advanced tools and cloud technology for accurate results.
Key outsourced bookkeeping services include:
- Payroll management
- Maintaining ledgers
- Cash management
- Handling subscriptions
- Processing invoices
Outsourcing these services means you get professional help and up-to-date technology for managing your finances.
3. Preparing Financial Reports
Creating financial reports is a key task for any business. Sometimes, you need outside help to review your finances and produce clear, accurate reports. Outsourcing this task to an accounting firm ensures precise and timely results. You’ll also acquire expert guidance to assist control cash flow and keep your business running smoothly.
4. Controller Services
Outsourcing controller services means handing over tasks to an expert team such as audit reporting and compliance. It also covers cash flow communication and management with vendors, workers, and clients. This enables a transparent view of the company’s financial position, authorizing useful decision-making.
5. Financial Planning and Analysis
Outsource a professional accounting firm to manage your planning needs and financial analysis. They will evaluate your company’s finances, deliver professional guidance, and provide cash flow forecasts. This helps you plan for growth and make informed decisions for your business.
Key Accounts Receivable Services
- Collection Services:
Managing overdue accounts, sending reminders, and negotiating payment terms to improve cash flow and reduce days sales outstanding (DSO).
- Invoice Processing:
Preparing, distributing, and updating invoices to ensure accuracy and timeliness, enhancing cash flow.
- Payment Processing:
Handling payment receipts, account reconciliation, and fund deposits to maintain optimal cash flow.
- Credit and Risk Assessment:
Setting credit limits and monitoring payment patterns to reduce the risk of non-payment.
- Reporting and Analytics:
Providing insights into aging reports, collection rates, and payment trends for informed decision-making.
- Customer Service:
Helping with outstanding balances, settling payment conflicts, and handling inquiries to simplify the billing process and enhance consumer satisfaction.
Benefits of Outsourcing Companies
Lowering Costs
Every business desires to keep operating costs low. Outsourcing is a certified way to execute this aim. You might think employing an outside company is more expensive, but it can save you money.
Outsourcing lets you employ experienced workers at a lower cost than hiring them. For example, outsourcing companies often use experienced workers from areas with lower wages. This means you pay less than if you hired professionals in your own country.
Focus on What You Do Best
Running a business means handling many tasks, some of which aren’t important to your main purpose. For example, if you run a hospital, you’ll require IT services, but IT isn’t related to healthcare.
Outsourcing these non-core tasks lets you focus on your primary business. This shift in focus helps you serve your clients better. Additionally, it allows you to grow your business more successfully.
Access to Top Talent Worldwide
Outsourcing connects you with top talent worldwide, expanding your access to skilled workers. Finding such talent usually requires a significant investment of time and money. But, outsourcing simplifies this process. It connects you with a provider who can identify the right people for your needs.
Access to Advanced Resources and Technology
Outsourcing gives you access to top talent and advanced resources. For example, if you outsource your website development, you enjoy the latest technology. You don’t need to finance this technology yourself.
Outsourcing IT services lets you utilize innovative technology without a big investment, even if IT isn’t your main priority.
Innovate Without the High Costs
You save time and money by not having to find new solutions yourself. Outsourcing lets you benefit from these innovations without covering the full cost.
Enjoy Time Zone Differences
Outsourcing can keep your business running 24/7 by using different time zones. You can employ workers from other parts of the world who can continue working on important tasks while your local team is off the clock.
Flexibility in Services
Sometimes, there are tasks that you don’t require to manage all the time, but keeping them in-house can be a barrier. Outsourcing provides flexibility, you can hire services only when you require them. When you no longer need them, you can control them without the hassle of managing permanent staff.
Top 10 Best Accounting Outsourcing Companies in the USA for 2024
1. Bookkeeper360
Best for bookkeeping and accounting services, Bookkeeper360 uses technology to simplify back-office work, reporting, payroll, and taxes.
Bookkeeper is a wide accounting service for small businesses. Choose from various plans and services, such as monthly or weekly bank reconciliations and cash or accrual accounting.
Bookkeeper360 integrates with Shopify, QuickBooks, and more. They offer flexible bank reconciliation schedules, which can be set either weekly or monthly. They also provide extra services like CFO advice, tax help, payroll, and HR, all managed by U.S.-based professionals.
Pricing options include monthly rates starting at $399 for cash accounting. For accrual accounting, the monthly rates begin at $549, with weekly rates higher. You can also choose a pay-as-you-go plan for $49 per month plus $125 per hour for extra help. While Bookkeeper360 offers many features, it might be pricier than some alternatives like Maxim Liberty.
2. Maxim Liberty
Maxim Liberty has been in business since 2005 by Mr. S Prabhukumar. The company provides affordable virtual bookkeeping services with a range of options. They handle financial reporting, account reconciliations, and payroll, and they guarantee their prices and services. This company has 11 reviews on Clutch.
Their features include catch-up and ongoing data entry. They have expertise in QuickBooks but work with any software. They offer flexible update schedules, whether it’s monthly, weekly, or daily. Maxim Liberty does not provide year-end tax filing due to non-compete agreements. Yet, they can collaborate with your tax preparer.
Pricing starts at $50 per month for up to 5 hours of updates. For up to 10 hours of updates, the cost is $100 per month. For daily updates and extra services, the price is $200 per month. Their CPA plan costs $225 per month for 30 hours and covers unlimited clients.
3. Expertise Accelerated
Expertise Accelerated is a well-established accounting outsourcing company, functional since 2021, that benefits businesses of all kinds. They deliver services like tax services, payroll processing, bookkeeping, and financial reporting. The company focuses on customer satisfaction and delivering accurate, and reliable accounting services.
At EA, our skilled team simplifies accounting, speeding up month-end, quarterly, and annual closings. We offer affordable, professional services to help your team focus on key tasks.
4. Deloitte
Launched in 1845 by William Welch Deloitte, Deloitte is amongst the biggest companies in the US. It works in over 150 nations and hires approx. 457,000 people, and has about an experience of 175 years.
The firm specializes in accounting and business services, primarily in financial, tax, and audit assistance. Also, it provides services to satisfy each consumer’s demands.
5. PwC (PricewaterhouseCoopers)
F. Ferguson & Co. established PwC in 1998. The company is a prominent player in outsourcing and accounting services for international organizations. They work with top companies, hiring skilled professionals and partnering with global firms. PwC’s focus on delivering affordable, excellent services using technology and global standards is one of reasons behind their efficient services.
Services include preparation of financial statements, managing payroll, and handling tax preparation.
6. The Great Game of Business
Jack Stack started TGG in 1983. TGG supplies outsourced accounting services, including financial reporting, AP, AR, bookkeeping, and payroll. They have a loyal team and adjustable plans that can either sustain or substitute your in-house staff. TGG might not be ideal for very large businesses. They customize their pricing based on your accounting needs.
7. IBN Bookkeeping Services
Founded in 1999, works in the UK and the US. The company carries extensive experience across diverse industries, including logistics, transport, and hospitality. Their A/P and A/R outsourcing services enhance efficiency, help cut costs and improve operations. This makes them a strong option for businesses looking to ease their financial processes.
Ideal for growing businesses with annual revenues of around $0.75 million, IBN helps companies move away from manual processes. They offer P2P, O2C, R2R, and custom Aged Debtors Reports (ADR) for specific client needs.
8. TOA Global
TOA Global has evolved from a local service provider to a multinational accounting solutions company. They founded the company over the past more than 10 years, in 2013, and now employ over 3,700 accountants and bookkeepers in the Philippines. They serve more than 1,180 international clients. It offers strong support and ongoing training for its staff.
The company provides bookkeeping, tax preparation, and payroll. Their solutions are cost-effective, with staff trained in U.S. accounting practices. While their services are affordable, challenges such as language barriers and time zone differences may arise. Pricing details are not available to the people, but they suggest you can save staffing costs up to 66%.
9. Marcum
A national advisory and accounting firm founded by Edwin Marcum in 1951. They help high-net-worth individuals and middle-market companies achieve their objectives. The company offers a variety of services, including tax, and assurance, and has specialized knowledge in different industries. They also provide technology, wealth management, and executive search services. Marcum, based in New York City, manages offices across the U.S. and in some multinational sites.
10. BDO USA LLP
Hans Otte started the company in 1963. BDO Alliance USA is among the industry’s largest associations of accounting and professional service firms. The BDO Alliance has over 800 independent firms in the U.S. Members get access to BDO’s global resources and network of 92,000 professionals. They receive support in tax, assurance, and industry-specific needs.
They also get help with marketing, training, and networking opportunities. BDO maintains high standards by screening its services. They focus on providing personalized solutions that match each client’s needs.
Conclusion
Accounting Outsourcing Companies help in handling accounting tasks without expending much. It’s usually cheaper than employing full-time staff and gives you access to skilled experts.
You get quality service that matches your needs. Compare different options and use free consultations to choose the best provider.
Among the above-listed companies Expertise Accelerated attracts clients by offering excellent, unique services. They help you save money and time, letting you concentrate on expanding your business. Why wait? Trust us to handle the outsourcing, and we’ll manage everything to increase your firm’s growth.
