Top Benefits and Providers of Outsourced Accounting Services for Wholesale Goods

Managing finances at a wholesale goods business can be complex and time-consuming. From tracking inventory to handling accounts payable and receivable, a lot goes into keeping your business financially stable. 

Outsourced accounting services can take this burden off your shoulders. By outsourcing your accounting needs to specialized firms, you can save time, reduce costs, and gain valuable insights into your financial performance. 

In this article, we will discuss the top benefits of outsourced accounting for wholesale goods employers and the key services offered by specialized wholesale accounting providers. 

We will also present a comprehensive list of the top providers in this industry so that you can find the perfect fit for hiring an outsourced accountant for your business.

Why Is Wholesale Accounting Important?

As a wholesale goods company, you deal with large inventory volumes and financial transactions daily. This can make it challenging to accurately track and manage your business finances. 

Outsourced accounting can provide specialized expertise in managing the financial needs of wholesale businesses. It also allows you to focus on your core business activities, such as sales and product development.

What Essential Accounting Services for Wholesale Goods Can You Outsource?

Outsourced accounting services for wholesale goods businesses can vary depending on the specific needs of your company. Here are some of the key outsourcing services that you can expect from specialized firms:

Record-to-report

Record-to-report (R2R) means aggregating relevant financial data and preparing it for management. This data and the financial reports it creates help with strategic decision-making and are typically managed by a controller.

Procure to pay

This cycle covers the steps from purchasing goods and services to making payments to suppliers, ensuring an efficient and transparent procurement process. 

Order to cash

Order to cash involves everything from receiving an order to collecting payment. It ensures accurate invoicing and prompt receipt of funds. 

CFO advisory

Outsourced CFOs provide strategic financial guidance and expertise to help companies optimize performance, manage risk, and achieve long-term financial goals.

Inventory management

Inventory management involves tracking and controlling stock levels, orders, sales, and deliveries to maintain optimal inventory balances and reduce costs.

Accounts payable and receivable management

Outsourced providers can handle the company’s obligations to pay suppliers and manage incoming payments from customers, ensuring efficient cash flow.

Tax planning and compliance

Outsourced tax services include developing strategies to minimize tax liabilities and ensuring adherence to all tax regulations and deadlines.

Budgeting and forecasting

Outsourced accounting specialists can create financial plans for the future and predict revenues and expenses to guide business decisions.

Financial statement preparation

Outsourcing can ensure the accuracy of financial documents, such as income statements, balance sheets, and cash flow statements, to reflect the company’s financial health.

Internal auditing and controls

An outsourced accounting partner can assess and improve the effectiveness of risk management, control, and governance processes within the organization.

Cost management and analysis

Cost management involves monitoring, analyzing, and controlling costs to improve efficiency and profitability.

Cash flow management

Cash flow management ensures the company has sufficient liquidity to meet its obligations, optimizing the timing and amount of cash inflows and outflows.

7 Benefits of Outsourcing Wholesale Accounting

Outsourcing accounting services for wholesale goods businesses can bring numerous benefits, including:

1. Focus on core activities 

By outsourcing your accounting needs, you can free up valuable time and resources to focus on core operations such as sales and marketing. This can ultimately lead to increased productivity and business growth for your company.

2. Access to expertise

Outsourced accounting firms have specialized financial teams with expertise in managing financials for wholesale goods businesses. This means you can benefit from their knowledge and experience without hiring and training in-house staff.

3. Cost savings

Outsourcing your accounting functions can save you money in the long run, as you do not have to invest in expensive software, equipment, and training for your employees. 

Additionally, you only pay for the services you need when outsourcing rather than a fixed salary for an in-house accountant.

4. Enhanced accuracy and compliance

Specialized accounting providers are well versed in the regulations and compliance requirements specific to the wholesale goods industry. By outsourcing, you can ensure accurate financial reporting and avoid costly mistakes or penalties.

5. Risk mitigation

Outsourcing your accounting needs can also help mitigate the risk of fraud or embezzlement. With an outsourced team of experts overseeing your finances, there is less chance for fraudulent activities to go unnoticed.

6. Scalability and flexibility

Outsourced accounting services can be scaled up or down as per your business needs, providing flexibility during busy seasons or times of growth. This means you do not have to worry about hiring additional internal accounting staff or managing excess capacity.

7. Adoption of advanced technology

Outsourcing firms often have access to the latest accounting software and tools, which can help streamline processes and improve efficiency. By utilizing these cutting-edge technologies, your business can stay ahead of the curve of financial management.

Top 10 Outsourced Accounting Companies for Wholesale Goods

We’ve created a list of 10 companies (in no particular order) that can help you outsource your accounting needs. Some are specialized firms that will handle everything from bookkeeping services to tax filing, while others are recruitment or staffing accounting firms with experience in the wholesale goods industry.

1. Near

Yep, that’s us! Near is a recruitment firm specializing in helping US companies hire Latin American professionals. We offer tailored outsourcing solutions to help wholesale goods employers meet their unique financial management needs. 

Our talent pool of experienced accountants includes candidates with a deep understanding of the wholesale goods industry, and we can provide tailored hiring services that cater to your business.

You can see this in our work with a health and beauty supplement e-commerce company. We found them a bookkeeper five times faster than their normal hiring timeline and saved them 60% on overhead costs—about $26,000 per year. 

2. Vertaccount

Vertaccount is a specialized provider of finance and accounting outsourcing operating from Hawaii, New York, Singapore, Australia, and the Philippines. Founded in 2011 in Honolulu, it is affiliated with PACFIN and Galleros Robinson.

Its retail and wholesale industry services include bookkeeping, purchase order processing, sales orders, invoicing, reconciliation of customer credit card payments, break-even analysis, gross margin analysis, inventory turnover reports, and more.

3. Pugh CPAs

Pugh CPAs is a Knoxville, Tennessee-based accounting and business advisory firm with over 50 years of experience. Since 1969, it has grown into a global firm that has a relationship with RSM’s Professional Service+ Practice.

Its wholesale, retail, and distribution accounting team offers inventory management, financial reconciliations, cash management, cash flow analysis, internal control audits, tax strategies, multi-state tax issues, bookkeeping, outsourced accounting, and more.

4. Cogneesol

Global professional services firm Cogneesol has over 16 years of experience in over 15 countries. It is GDPR- and HIPAA-compliant and ISO certified, with a robust profile of accounting software and programs.

Cogneesol’s retail and wholesale accounting services include inventory management, tax preparation services, payroll processing services, benefits management, transactional reporting, daily cash flow analysis, bookkeeping activities, budget creation, and more.

5. Fisher, P.A.

Fisher, P.A. is an accounting firm founded 30 years ago and based in Charlotte, North Carolina. It provides financial services for businesses in many industries, including retail and wholesale.

These include business advisory services, business improvement services, business accounting services, tax compliance, and financial planning.

6. Windes

California-based Windes is an audit, tax, and advisory firm with almost 100 years of experience. The Orange County Business Journal named it a “Company that Cares” and a “Medium OC Workforce Award Winner” in 2019.

Windes has honed its wholesale and distribution finance services based on its experience with Los Angeles and Orange County distributors. They include business plan development, cash flow management, evaluation of transportation modes, overhead containment, and more.

7. United Accounting Services

United Accounting Services is a nationwide CPA and tax accounting firm with offices in New Jersey and Florida. It has worked since 1999 to provide accounting and financial services to clients in a variety of industries, including wholesalers.

The firm offers importers, wholesalers, and distributors a variety of financial services, including bookkeeping, tax preparation, tax returns, payroll, billing support, fee schedule negotiations with payers, financial control development, and more.

8. MeredithCPAs

MeredithCPAs has served its community since 1986, having since grown its business operations to serve all fifty states. It offers manufacturing, wholesale, and other businesses accounting, tax, and advisory services.

More specifically, its manufacturing and wholesale assistance includes inventory capitalization, profit contribution analysis, cost reduction, budgets/variance analysis, cash flow management, financial projections, assistance with financing relationships, and more.

9. Carney Consulting Group

Carney Consulting Group offers business and accounting solutions from headquarters in Anchorage, Alaska. Since 2004, it has helped small to medium-sized businesses with their financial needs.

Its accounting services for wholesalers and distributors include all stages of accounting software support, financial report preparation, chart of accounts design, shipping integration, payroll management, benchmarking, sales tax reporting, and more.

10. Doshi & Associates

Michigan’s own Doshi & Associates has a committed team of certified public accountants and financial planners operating from Bloomfield Hills. They offer complimentary consultations and financial resources to help your business succeed.

For retail and wholesale businesses, they provide services like financial statement preparation, outsourced accounting, tax strategies, support services for QuickBooks POS, inventory management, tip allocation, cash flow management, and more.

Final Thoughts

Outsourced accounting is a valuable solution for wholesale goods employers looking to streamline their financial management processes. By partnering with the right outsourcing partner, you can benefit from external expertise and advanced accounting technology while saving time and money. 

At Near, we understand the importance of finding the right accounting talent for your business. Our team can help you find the perfect match for your business needs 30–70% faster than traditional hiring methods, ensuring that you have access to the best outsourced accounting services available. 

To learn more about how we can help your business grow, book a free consultation call with us today!