How Outsourced Accounting Can Transform Your Architectural Firm’s Financial Management

As a higher-up at an architectural firm, you know it’s crucial to have accurate and efficient financial management. However, managing your firm’s finances can be a time-consuming and complex task that takes away from your core activities as an architect. 

Accounting outsourcing for your architectural firm can significantly benefit your business by allowing you to focus on designing and building while leaving financial management to experts.

In this article, we will explore the benefits of outsourced accounting for architects and how it can transform your financial management, leading to scalable business growth. We’ll also show you some top companies you can work with to find the right accountant.

Why Is Architectural Accounting Challenging?

Architectural accounting involves managing complex financial aspects that are unique to the architectural industry. These include:

• Project-based accounting: Architects work on multiple projects simultaneously, each with a budget and timeline. Keeping track of project expenses and revenue can be challenging without proper accounting systems in place.
• Time tracking and billing: Architectural firms often bill clients based on time spent on a project. Accurately tracking time and invoicing clients is crucial for maintaining cash flow.
• Cost estimation: Accurate cost estimates are essential for staying within budget and ensuring profitability. They require specialized knowledge of materials, labor costs, and other factors specific to architectural projects.
• Tax compliance: Tax laws for architectural firms can be complex, and noncompliance can result in penalties. Staying up to date with tax regulations is crucial to avoid any legal issues.
• Cash flow management: Architectural firms often experience fluctuations in cash flow due to the nature of their projects. Managing cash flow effectively is crucial for ensuring financial stability and growth. 

Handling these financial aspects correctly is vital in the architectural industry, as it can impact project profitability, client satisfaction, and overall business success. 

Benefits of Outsourced Accounting for Architects

Outsourced accounting is becoming an increasingly popular accounting solution among companies of all kinds, with global spend on accountancy outsourcing increasing by 40% in the past five years. It’s easy to see why—outsourcing accounting functions for your architectural firm can bring numerous benefits, including:

Faster payments 

Outsourced accounting services can help you improve your cash flow by streamlining invoicing and payment processes. 

With dedicated professionals handling your accounts receivable, you can ensure timely payments from clients, leading to improved financial stability for your firm.

Focus on core business activities 

As an architect, your primary focus should be on designing and building exceptional structures for your clients. By outsourcing accounting services, you can free up time and resources that would have been spent on financial management. 

This allows you to concentrate on your core competencies and deliver better results for your clients.

Maintaining financial health 

Outsourcing accounting services can also help you keep track of your firm’s financial health. Experienced professionals can offer valuable insights and analysis of your financial data, allowing you to make informed decisions for the future of your business.

Real-time updates 

With outsourced accounting, you can access real-time updates on your financials. This means you can stay on top of your firm’s finances and make timely adjustments to improve profitability.

Enhanced security

Outsourced accounting providers have advanced security measures in place to protect your financial data. They also stay up to date with changing regulatory requirements and ensure that your firm remains compliant with all relevant laws and standards.

Streamlined workflows 

Outsourcing accounting services can help streamline your firm’s workflows by automating financial processes and implementing efficient systems. This leads to increased efficiency, reduces accounting errors, and ultimately improves financial management.

Scalability 

As your architectural firm grows, so will its financial needs. Outsourced accounting services can easily scale with your business, providing you with the necessary support and resources for continued success.

Factors for Choosing the Right Outsourced Accounting Firm

It is essential to choose the right service provider to help you hire an outsourced accountant for your architecture firm. Here are some key factors to consider:

Industry-specific expertise 

Make sure the outsourced accounting firm you choose has extensive firsthand experience working with architectural firms. This will ensure that they understand the unique financial needs and complex challenges of your industry.

Tech-driven services 

It is crucial to find an outsourced accounting firm that uses cutting-edge technology and software to streamline its services. This will not only increase efficiency but also provide you with real-time access to your financial data.

Deep commitment to clients

Look for an outsourced accounting firm committed to building a long-term relationship with your business. It should be invested in your success and have a deep understanding of your company’s financial and business goals.

Expansive service offerings

Choose an outsourced accounting firm that offers a wide range of services, including bookkeeping, tax preparation, payroll management, and financial analysis. This will ensure that all your financial needs are taken care of under one roof.

Results-oriented approach 

The outsourced accounting firm you choose should have a results-oriented approach, meaning it will work toward improving your financial management and help you achieve scalable growth.

Top 8 Companies for Outsourcing Accounting Services for Architectural Firms

In no particular order, here is our curated list of the top eight companies for outsourcing accounting services for architectural firms. Some are accounting firms that have worked with architectural companies, while others are general recruitment companies that have helped pair accountants with architectural organizations.

1. Near

Near is a leading recruitment firm specializing in helping businesses scale their teams quickly and efficiently. Our pool of qualified candidates understand the unique needs of architectural firms when it comes to financial management.

Our extensive network allows us to connect you with top accounting professionals who have experience working with architectural firms, ensuring a smooth and seamless transition for your business. That’s why we put ourselves at the top!

We can help you find bookkeepers and accountants from Latin America (LatAm) who can perform all kinds of financial tasks for you with the added advantages of being located in US time zones, possessing strong English skills, having work culture compatibility, and offering lower rates.

2. James J. Newhard (JJN) CPA

JJN CPA is a Pennsylvania-based accounting, tax, and advisory firm offering accounting services for architects and engineers. It guarantees that, with its advanced tools, it will help you identify and remove unnecessary expenses, put in place proactive tax planning strategies, and effectively handle cash flow.

The company offers services like small business accounting, cash flow analysis, financial statements, job cost accounting, business tax planning, QuickBooks support, and business incorporation and advisory.

3. GrowthForce

GrowthForce is a non-CPA firm that offers outsourced controller and accounting services for architecture firms. It provides 100% US-based services and has been featured in Fundly, NerdWallet, The New York Times, Inc., and Forbes.

It specializes in helping architectural firms with financial and back-office issues, and its successful work with Tag1 bumped it from breaking even to seven figures of profit in less than a year.

4. The Giersch Group

Based out of Wisconsin, The Giersch Group specializes in providing scalable bookkeeping, accounting, and management consulting services for small to mid-sized businesses.

Some of the accounting services it offers include online bookkeeping, tax filing for employer withholding, setup, training, or cleanup in QuickBooks Online, and more.

5. SVA Certified Public Accountants

SVA Certified Public Accountants is a tax, audit, and business strategy firm based in Wisconsin and Colorado that provides architecture/engineering firm consulting and accounting services.

It provides specialized industry services, including business structuring strategies, ownership planning, client accounting services, and proactive tax planning.

6. Hunter & Associates, P.A.

Hunter & Associates’s CPAs and business development advisors offer accounting for engineering and architecture firms as a part of their services. 

They help with audited, reviewed, or compiled financial statements, cash-flow management, forecasts and projections, management of accounts payable and receivable, and monthly close.

7. Aldrich

Aldrich provides accounting for architects and engineers, among the wide array of industries it serves. The company has over 50 years of experience from its start in Salem, Oregon, and was named as one of the Top 100 Firms of 2024 by Accounting Today.

Its services include tax compliance and financial statement services, overhead rate (FAR 31) audits and compliance, transition planning and ownership succession, implementation of 179D and tax credits, and more.

8. MBE CPAs

MBE CPAs is a top public accounting firm offering financial services to the architecture and engineering industries. It has locations throughout Arizona, Nebraska, and Wisconsin and is one of Inside Public Accounting’s Top 300 Firms for 2023.

Some of the services MBE CPAs offers to architects include accounting and assurance, advisory services, and tax planning and compliance. 

Final Thoughts

Finance and accounting outsourcing can be a game-changer for architectural firms looking to improve their finances and grow.

With the right outsourced accounting firm, you can expect expertise, streamlined accounting processes, dedicated commitment to your business’s success, a wide range of services offered, and tangible results that will drive your firm forward.

At Near, we understand the importance of finding top talent for architectural firms. That’s why we specialize in recruiting from LatAm, where there is a pool of highly skilled accounting professionals with experience in the architectural industry. 

Book a free consultation call today, and let us help you find the perfect outsourced accounting provider for your firm.