Outsourced accounting services have become increasingly popular for businesses looking to streamline their financial operations. This practice involves hiring external CPA firms or individuals to manage various accounting functions, including bookkeeping, payroll processing, tax preparation, and financial reporting.
One specific area where outsourced accounting services can be particularly beneficial is performing historical cleanups, which involve rectifying and organizing past financial records.
This article explores the following:
- What are outsourced accounting services?
- Why should you use an outsourced accounting service?
- Common pitfalls your accounting department may encounter
- Benefits of an outsourced accounting service for historical cleanups
- Timing of a historical cleanup
- What recommendations can an outsourced accounting service provide?
- Methods of conducting a historical cleanup
By leveraging third-party expertise in accounting and financial reporting, organizations can achieve a clean and accurate financial picture and mitigate the risk of non-compliance or financial misstatements.
What are outsourced accounting services?
Outsourced accounting is the practice of hiring an external CPA firm or individual to manage and perform your business' accounting functions.
This can include tasks such as:
- Bookkeeping
- Payroll processing
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.

