7 Ways Outsourced Accounting Services Can Transform Your Business Finances

Keeping track of money in your business can get messy fast. I tried juggling spreadsheets and apps until I nearly lost my mind. Thats where outsourced accounting services step inusing tools like QuickBooks Online, Xero, Bill.com, Expensify, Gusto, Hubdoc, and Fathom Analytics to take the load off. In this article, Ill show you seven ways these services can tidy up your books and give you more time for the work you actually enjoy.

Key Takeaways

• QuickBooks Online cuts down bookkeeping time and makes it easy to work with your team.
• Xero and Bill.com run in the cloud so you can check finances anytime and pay bills on schedule.
• Expensify and Gusto handle expense reports and payroll without the paperwork headache.
• Hubdoc grabs receipts and invoices for you, so youre not hunting down lost documents.
• Fathom Analytics turns your numbers into clear reports, helping you spot issues and plan ahead.

1. QuickBooks Online

Okay, let's talk about QuickBooks Online. It's pretty much the go-to for a lot of small businesses, and for good reason. It's not just about tracking income and expenses; it's a whole ecosystem that can seriously streamline your financial processes. Outsourced accounting services often start here because it's so versatile.

QuickBooks Online can be a game-changer for managing your business finances.

Think about it: you can send invoices, receive payments, track inventory (depending on the plan you choose), and generate reports all in one place. Plus, it integrates with a ton of other apps, which is super handy. Need to connect your bank accounts? Easy. Want to use a separate payroll system? No problem. It plays well with others.

One of the biggest benefits I've seen is how it simplifies tax time. Having all your financial data organized in QuickBooks makes it way easier to prepare your returns. No more scrambling for receipts at the last minute!

Here's a quick rundown of some of the things you can do with QuickBooks Online:

• Track income and expenses.
• Create and send invoices.
• Manage your bills and pay vendors.
• Run financial reports.
• Track sales tax.

And if you're working with an outsourced accounting team, QuickBooks Online ProAdvisors makes collaboration a breeze. They can access your books remotely, provide support, and help you make sense of your financial data. It's all about making things easier and more efficient.

2. Xero

Xero is another big player in the cloud accounting world. It's similar to QuickBooks Online, but it has its own unique interface and features that some businesses might prefer. I know a lot of people who swear by it, and others who can't stand it it really comes down to personal preference and what you need it to do.

One of the biggest advantages of using Xero is its focus on collaboration. It's designed to make it easy for multiple users to access and work on the same financial data at the same time. This can be a huge time-saver if you have a team working on your finances, or if you want to give your accountant direct access to your books.

Here's a quick rundown of some of the things Xero can do:

• Invoicing: Create and send professional-looking invoices, and track payments.
• Bank Reconciliation: Connect your bank accounts and automatically reconcile transactions.
• Reporting: Generate a variety of financial reports, including profit and loss statements, balance sheets, and cash flow statements.
• Inventory Management: Track your inventory levels and costs.

Xero also integrates with a ton of other business apps, so you can connect it to your CRM, your e-commerce platform, or whatever else you're using to run your business. This can help you automate a lot of your financial processes and get a more complete picture of your business's performance. If you're looking to cut overhead, outsourced accounting services can help you manage Xero effectively.

Ultimately, whether Xero is the right choice for your business depends on your specific needs and preferences. It's worth taking the time to explore the platform and see if it's a good fit for you.

3. Bill.com

Okay, so Bill.com. I remember when my friend Sarah told me about it. She was drowning in invoices and payments, and then she started using Bill.com. It was like a lightbulb went off.

Bill.com is all about automating your accounts payable (AP) and accounts receivable (AR) processes. It's not just about paying bills online; it's about creating a whole system that saves you time and reduces errors. Think of it as a digital filing cabinet, payment processor, and approval workflow tool all rolled into one.

Here's why it's a game-changer:

• Automation: It automates invoice processing, payment approvals, and reconciliation. No more manual data entry!
• Centralization: All your bills and payments are in one place, making it easy to track everything.
• Workflow: You can set up approval workflows to ensure that the right people are reviewing and approving payments.
• Integration: It integrates with accounting software like QuickBooks and Xero, so your financial data stays synchronized. This is a big deal, trust me.

I've seen firsthand how much time and stress Bill.com can save a business. It's not just about the software itself, but also about the peace of mind that comes with knowing your finances are organized and under control. It really helps with business budgeting.

It's not perfect, of course. There's a learning curve, and it can be a bit pricey depending on your needs. But if you're struggling with manual AP and AR processes, it's definitely worth checking out. It can really help with mass payments.

4. Expensify

Expensify is all about simplifying expense reports. I mean, who actually likes doing those? It's designed to automate the whole process, from tracking expenses to submitting them for approval. It's pretty popular with businesses of all sizes, especially those with employees who travel a lot or have frequent out-of-pocket expenses.

One of the biggest advantages is its mobile app. You can just snap a photo of your receipt, and Expensify automatically pulls the data. No more manually entering everything! It also integrates with a bunch of other accounting software, which makes things way easier when it comes time to reconcile your accounts. Think of it as a way to streamline your expense management and save everyone a ton of time.

Using Expensify can really cut down on the time spent on expense reports, freeing up your employees to focus on more important tasks. Plus, it gives you better visibility into your spending, so you can make smarter decisions about where your money is going.

Here's a quick look at some of the key features:

• Automated Expense Tracking: Automatically record expenses by connecting bank accounts and credit cards.
• Receipt Scanning: Use your phone to scan receipts, and Expensify will extract the relevant information.
• Approval Workflows: Set up custom approval processes to ensure expenses are reviewed and approved by the right people.
• Integration with Accounting Software: Connect Expensify with QuickBooks, Xero, and other accounting platforms for seamless data transfer.

It's not a perfect solution for everyone, but if you're struggling with expense reports, it's definitely worth checking out. Outsourcing accounting services can also help you manage these tools, saving on employee benefits, space, and technology.

5. Gusto

Gusto is more than just a payroll processor; it's a full-fledged HR platform designed with small businesses in mind. It handles everything from payroll and taxes to benefits administration and even some basic HR functions. I've seen a lot of small businesses struggle with managing these things separately, and Gusto really does bring it all together in one place. It's not perfect, but it's a solid option, especially if you're just starting out and need something relatively easy to use.

One of the biggest advantages of using Gusto is its ability to automate many of the tedious HR tasks that can eat up your time. Think about it: payroll, tax filings, employee onboarding all of that can be streamlined with Gusto. This frees you up to focus on actually growing your business, instead of getting bogged down in paperwork. Plus, it integrates with a bunch of other accounting software, like QuickBooks and Xero, which makes things even easier.

Here's a quick look at some of the key features:

• Payroll processing (including automatic tax calculations and filings)
• Benefits administration (health insurance, 401(k), etc.)
• Time and attendance tracking
• Hiring and onboarding tools

Using Gusto for small business can really simplify your HR processes. It's not just about paying employees; it's about managing their entire lifecycle within your company. From hiring to benefits to performance reviews, Gusto offers tools to help you every step of the way.

Of course, Gusto isn't the only HR platform out there, but it's definitely one of the more popular ones for a reason. It's user-friendly, relatively affordable, and offers a good range of features for small to medium-sized businesses. If you're looking for a way to streamline your HR tasks and free up your time, Gusto is worth considering.

6. Hubdoc

Okay, so Hubdoc is all about getting rid of that paper pileup. Seriously, who has time to manually enter bills and receipts? Not me, and probably not you either. Hubdoc automates the whole data entry process, pulling information directly from your bills and statements. It's like having a digital filing cabinet that actually makes sense.

Here's the deal: Hubdoc connects to your bank accounts, credit cards, and other financial accounts. When a bill or statement is available, Hubdoc grabs it, extracts the important stuff, and syncs it with QuickBooks Online or Xero. No more manual data entry errors, no more lost receipts, and no more late payments because you forgot about a bill buried under a stack of papers. It's a win-win-win.

Here's what I like about it:

• It saves a ton of time. Seriously, hours each month.
• It reduces errors. Manual data entry is a recipe for mistakes.
• It makes audit prep way easier. Everything is organized and accessible.

Using Hubdoc feels like finally getting your financial house in order. It's not just about automation; it's about gaining control and having a clear picture of your finances. Plus, it's one less thing to stress about, which is always a good thing when you're running a business.

Basically, if you're still drowning in paperwork, Hubdoc is worth checking out. It might just be the thing that saves your sanity.

7. Fathom Analytics

Fathom Analytics is a tool that goes beyond just crunching numbers; it helps turn data into something you can actually use. It's about getting a clear view of where your business stands, so you can make smart choices about where to put your money and how to grow.

Outsourced accounting teams often use tools like Fathom to give you detailed reports and dashboards. These aren't just piles of numbers; they're designed to show you what's really going on with your business finances. You'll get regular updates on how things are performing, which helps you plan for the future with more confidence. Walker Wayland uses Fathom to visualise financial data, automate and template monthly management accounts tailored to each client, and customise KPIs for actionable insights.

With timely and accurate information, you can confidently plan for growth and assurance.

Here's what you can expect:

• Clear Financial Reports: Easy-to-understand reports that highlight key performance indicators (KPIs).
• Custom Dashboards: Tailored dashboards that show you the metrics that matter most to your business.
• Regular Performance Updates: Consistent updates to keep you informed about your financial health.

With Fathom, you can get a better handle on things like:

• Cash flow forecasting
• Budgeting
• Cost control

## Conclusion

In the end, handing off your books to a team of professionals can lighten the load. Instead of wrestling with reports, you get clear, up-to-date numbers and can spot problems before they grow. You also skip the cost and stress of hiring full-time staff. And as your business changes, your service can flex right along. All that frees you up to do what you do bestrun your company. Give outsourced accounting a try, and see how much smoother your finances and your days can feel.