As a business owner, having accurate and timely financial information will help you make informed decisions and stay compliant. However, managing your own accounting and bookkeeping can be time-consuming, costly, and complex, especially as your business grows and changes.
For these reasons, many businesses choose to outsource their accounting and bookkeeping functions to a professional service provider. Outsourcing via a software solution can help you save time and money, improve efficiency and quality, and access expert advice and support.
But how do you choose the right outsourced accounting software solution for your business? There are many options available in the market, each with its own features, benefits, and drawbacks. Here we look at two options, Xero and Microsoft Business Central, and the factors to consider when comparing different outsourced accounting solutions:
Business size and complexity
If you have a small or medium-sized family-owned business, you may need a simple and affordable cloud accounting solution that can handle your basic accounting and bookkeeping needs. However, if you have a larger or more complex business, you may need a more comprehensive and tailored solution that can handle your advanced accounting and reporting needs, as well as integrate with your other business systems and processes.
Level of service and support needed
Some outsourced accounting solutions, such as Xero, offer a self-service model, where you can access and use the accounting software on your own, with minimal guidance and assistance. Other solutions offer a full-service model, where you can rely on a dedicated team of accountants and advisers to handle your accounting and bookkeeping tasks, as well as provide you with strategic insights and recommendations.
Type and quality of the accounting software and platform
The accounting software and platform you use can have a significant impact on your accounting and bookkeeping efficiency, accuracy and security. You should look for a solution that offers a reliable, secure and user-friendly accounting software and platform that can meet your specific accounting and reporting needs, as well as comply with the relevant accounting standards and regulations.
At Armstrong Watson, we offer two distinct outsourced accounting solutions that can suit different types of businesses:
Xero Cloud Accounting
This is a simple and affordable solution for small and medium-sized family-owned businesses that need a basic accounting and bookkeeping service. We use Xero, a leading cloud accounting software, to help you manage your finances online, anytime, anywhere. You can access and update your financial data, generate invoices and reports and connect with your bank and other apps. We also provide ongoing support and advice to help you get the most out of Xero and your financial data.
Microsoft Business Central Virtual Finance Department
This is a comprehensive and tailored solution for larger and more complex businesses that need a full-service accounting and bookkeeping service. We use Microsoft Business Central, a powerful business management software, to help you manage your finances, operations, and projects.
You can access and analyse your financial data, automate and streamline your workflows, and integrate with your other business systems and processes. We also provide you with a dedicated team of accountants and advisers who can handle your accounting and bookkeeping tasks, as well as provide you with strategic insights and recommendations.
Whether you need a simple or comprehensive outsourced accounting solution Armstrong Watson can help you find the best fit for your business. To find out more about outsourced accounting services and how we can help you achieve your business goals please contact 0808 144 5575 or email help@armstrongwatson.co.uk.
