It's More Than Counting Beans
If bookkeeping is primarily about counting the proverbial beans, outsourced accounting is more about paying the right amount of beans at the right time to the right parties and making sure the folks who owe you beans give you the correct amount of beans timely. How beans became legal tender in this metaphor is a separate conversation.
With outsourced accounting from Dark Horse, you'll get a turnkey accounting function for your business that can scale as you do and can supplement in-house personnel as well. Whether it's paying bills, invoicing customers, managing cashflow, creating internal controls, building management financial reports, or anything else you'd expect from an in-house controller or accounting manager, we can do it and we'll build the systems and processes to make sure it's done right consistently.
When Do You Need More Than Bookkeeping?
Generally, as your business begins to employ people, when you have increasingly more dollars going to more outside parties or you have more revenue and receivables from an increasing customer base, it's time to build an accounting function within your business so it's not being managed by you or staff who should be spending their time doing more valuable work for the business. Our Dark Horse CPAs provide services ranging from AP/AR clerk to controllership-level, aiding you with the needed financial data to make informed decisions.
Fractional CFO
strategic support, financial planning, and analysis to take your business to the next level
Outsourced Accounting
full-service accounting to help you manage the back office.
Bookkeeping
timely and accurate recordkeeping
Outsourced Accounting 3-Step Process
1. Initial Discovery. We'll develop a working understanding of your business and accounting function, along with current and future needs.
2. Accounting Assessment. We'll take the info from the Initial Discovery to create a proposal and roadmap for building out your accounting function along with a list of recommendations and areas to investigate further.
3. Ongoing Accounting. We'll build systems and processes, utilizing the right accounting app stack, to get your accounting department firing on all cylinders. As your circumstances change, we'll add or subtract services to make sure your accounting operations continue to meet your needs.
The Accounting Assessment
Your People, Process and Platform Roadmap
We'll evaluate how your accounting function currently operates, identify which changes are needed, and establish who should do what on what cadence. We'll identify where we can leverage technology to reduce the manual processes and inputs as much as possible. We'll ensure that we have a deep understanding of your industry so that our solutions take into account the reality of the context in which your business operates. This includes performing a Bookkeeping Assessment.
$3,500
Rightsourcing Lowers Cost, Improves Outcomes
Developing an accounting team requires expertise, management and accountability. How do you know if your hire understands the tools available to streamline efficiencies? What happens if they have questions? Who is ultimately responsible to ensure they are doing what you need, when you need it? What happens if you grow faster than expected and your needs outgrow the skillset of your team? Dark Horse removes these concerns through ensuring the right talent, tools and resources are implemented to meet your business where it is today. We intentionally structure our engagements to be a cost-effective alternative to bringing the work in-house. You get all the talent, all the best practices and all the knowledge of an entire team of accountants without the in-house price tag.
The ROI On An Accounting Process
Improving your accounting processes almost always results in substantial cost savings and a deeper understanding of your business, leading to informed strategies and better overall decision making. We'll help you get your numbers right so you can move your business forward.
Without Dark Horse
A medium-sized manufacturing company with five subsidiary units was struggling with its outdated accounting system, which led to inefficient financial reporting and lack of real-time data access. The existing system required manual entry for many processes, leading to data errors and inconsistencies, particularly in intercompany transactions.
#1
Inaccurate financial reporting due to manual data entry and lack of integration between the subsidiaries.
#2
Delayed financial decision-making due to the absence of real-time financial data.
#3
Increased operational costs due to inefficiencies and redundancies in financial processes.
#4
Difficulty in tracking and reconciling intercompany transactions.
Client was operating their business completely in the dark, overspending on headcount to backfill for inefficient processes.
With Dark Horse
Our accounting firm was approached to assess and revamp the client’s financial management processes. Our evaluation focused on three key areas: People, Process, and Platform.
#1
Provided training and support to the finance teams, ensuring a smooth transition to the new system.
#2
Automated intercompany transactions and reconciliations, significantly reducing errors and manual labor.
#3
Achieved a more streamlined financial reporting process, enabling timely and informed decision-making.
#4
Reduced operational costs by eliminating redundancies and improving process efficiencies.
The successful evaluation and implementation of a new accounting platform transformed the client’s financial management capabilities, resulting in actionable reporting each month, and a reduction in accounting related costs of 33%.
Outsourced Accounting FAQs
Outsourced Accounting is a step up from basic Bookkeeping services. We start by analyzing the People involved in your accounting function, the Process they go through each month and the technology/tools (also called Platforms) they used to get the job done. If these are not well defined or in place, then we work with you to get the entire accounting function operating at a standard you should expect as a business owner. In most of our engagements, Dark Horse operates as their entire outsourced accounting function.
Think of bookkeeping as the foundation – the accurate recording of your financial transactions (payments, invoices, etc.). It's essential for capturing your financial history.
Outsourced accounting builds upon that foundation. We take over the ongoing tasks and processes involved in managing your finances, including:
Accounts Payable & Receivable: We handle paying your bills, collecting payments from customers, and managing outstanding balances.
Payroll Processing: We ensure your employees are paid accurately and on time, handling payroll taxes and filings.
Systems Integration: We connect your accounting software to other applications and systems you use in your business for seamless data flow and efficiency.
Credit Card & Expense Management: We streamline expense tracking with credit card integrations and clear expense reporting procedures.
Dark Horse CPAs act as your virtual accounting department, but with a distinct advantage: we're technology experts. We stay current on the latest accounting software and tools, constantly evaluating the market for the best solutions to fit your needs.
Our strong relationships with leading technology providers give you direct access to their support, ensuring any questions or issues are addressed quickly.
This combined expertise in accounting processes and technology allows us to not only manage your day-to-day finances but also optimize your systems and processes for superior efficiency and financial insights.
- Scalable Expertise: An in-house accountant might have a strong grasp of bookkeeping but may lack expertise in areas like complex tax situations or advanced reporting. With Dark Horse, you tap into a team of CPAs with diverse specializations and experience across various industries. Our support can scale as your business needs evolve.
- Technology Advantage: We act as your virtual accounting department AND your technology advisors.We're constantly evaluating the best accounting software and tools for your specific business, ensuring optimal efficiency and automation. Our close relationships with industry-leading tech providers give you direct access to their expertise and support.
- Cost-Efficiency: When you factor in salary, benefits, software licenses, and the potential for turnover, hiring an in-house accountant can be significantly more expensive. Outsourcing offers a predictable monthly cost and eliminates additional overhead burdens.
Payroll can be a complex, but very necessary, part of business.
We offer comprehensive payroll solutions designed to simplify the process and keep your business compliant with ever-changing regulations.
We work closely with Gusto, a top-rated payroll provider known for its user-friendly interface, exceptional support, and proactive compliance monitoring. They offer resources to help you stay informed about regulatory changes that may affect your payroll.
While Gusto is our preferred solution, we're also experienced in supporting clients using other major payroll providers like ADP, Paychex, and more.
As experienced accountants, we have access to a wide network of payroll and HR providers, including PEOs. This allows us to find the best solution for your business's specific needs, ensuring your employees are paid accurately and in compliance with all applicable regulations.
To help you stay on top of your business's financial performance, we'll provide you with the core financial statements – a Profit and Loss (Income Statement), Balance Sheet, and Statement of Cash Flows – on a monthly basis. These reports will give you a clear picture of your revenue, expenses, profitability, assets, liabilities, and cash flow.
If you need a deeper level of analysis, that's where we can really add value! We can customize reports that are specific to your business and industry. We're happy to discuss what kind of reporting schedule would best support your decision-making, whether it's monthly or something more frequent.
Our priority isn't just handing you reports, but helping you understand the trends they reveal. We'll partner with you to analyze your financial data, identify areas for improvement, and provide actionable recommendations to help you make strategic adjustments within your business.
Our outsourced accounting services go beyond basic bookkeeping to provide you with deeper insights and support for strategic growth:
- Back-office Essentials: Bank and credit card reconciliations, accounts receivable and payable management, payroll processing, and preparation of core financial statements.
- Tax Readiness: We'll handle your month-end and year-end closing processes, generate accurate financial reports, and ensure your books are ready for tax filing (including necessary 1099s).
- Insightful Guidance: Our CPAs will analyze your data, providing clarity on trends, profitability, and areas for potential improvement.
- Technology Integration: We'll work seamlessly with your existing accounting software or assist you in transitioning to a preferred cloud-based solution.
- Team Coaching & Oversight: We can help coaching and guide your internal accounting team and be a reliable resource in the close process while training them on accounting process and technology improvements we mutually agree on for your business.
We understand that change can be a concern but rest assured – we specialize in making transitions smooth and successful. Here's our proven approach:
- Collaborative Assessment: We start by thoroughly understanding your current accounting setup, identifying any key processes and potential challenges. Take an Assessment!
- Customized Plan: We'll work with you to design a transition strategy tailored to your business. This ensures minimal disruption to your daily operations.
- Clear Communication: Transparency is key! We maintain open communication throughout the process, providing regular updates and addressing any questions you may have.
- Ongoing Support: Our commitment doesn't end with the transition. You'll have a dedicated team from Dark Horse providing continuous support, ensuring a seamless and successful experience long term.
We've guided countless businesses through similar transitions.
Scalability is a core benefit of outsourced accounting. As your business evolves, we'll adapt our services to continue providing seamless support:
- Flexible Packages: Adjust service levels based on increased transaction volumes or new requirements.
- Specialized Expertise: If needed, we can tap into additional resources within our team, who possess industry-specific or advanced accounting knowledge.
- CFO-Level Guidance: A smooth transition to our Fractional CFO services for strategic financial insights and decision-making support.
Find Your Dark Horse CPA
When you work with Dark Horse, you're actually working with your very own Dark Horse CPA, instead of a rotating roster of staff like you get with the traditional CPA firm. Select a specialty below to get matched with the right CPA.
Nancy R.
I have used James Larsen as my CPA for many years and am confident in his work ethic and tax knowledge.
Locations
Because we're entirely cloud-based, we can work with you from anywhere. If you prefer to work with a local CPA, check out our quickly growing list of locations.
Get a personable & experienced CPA who will partner with you to achieve unparalleled results.
