Top 6 Outsourced Accounting Services for Professional Service Companies in 2024

Outsourcing has become a popular and cost-effective solution for businesses looking to streamline their operations. Professional service companies, particularly, can benefit greatly from outsourced accounting services. 

Not only do outsourced accounting services for professional service companies allow the latter to focus on their core operations, but they also ensure that their financial processes are handled by experts. 

We’ve compiled a list of the top accounting outsourcing companies for 2024, along with practical advice on how to select and use these services effectively. By adopting these strategies, you can optimize your operations and achieve financial growth.

What Kinds of Professional Service Companies Can Outsource Accounting?

Some of the main types of professional service companies that can benefit from outsourced accounting services include:

• Law firms
• Accounting firms
• Consulting firms
• Advertising agencies
• Architecture and engineering companies
• IT service providers
• Marketing agencies

Hiring outsourced accountants can benefit these companies in a variety of ways, such as by reducing overhead costs, freeing up time for core tasks, and providing access to specialized expertise.

Outsourced Accounting Functions for Professional Service Companies

Are you wondering when to outsource accounting and what tasks to outsource? Outsourced accounting services for professional service companies typically include the following finance functions:

Bookkeeping 

Bookkeeping involves recording financial transactions, including sales, purchases, receipts, and payments. It forms the foundation for all other accounting tasks and must be accurate and up to date.

Payroll management 

Payroll management involves calculating and processing employee wages, taxes, and benefits. This can be a time-consuming task for businesses with many employees, making it an ideal function to outsource.

Accounts payable and receivable 

Managing accounts payable and receivable involves tracking and paying bills, as well as invoicing and collecting payments from customers. Outsourcing this function can help you stay on top of your cash flow and avoid late fees or missed payments.

Financial reporting and analysis 

Financial reporting and analysis involves preparing financial statements, such as income statements and balance sheets, to assess the financial health of a company. This function can provide valuable insights for informed decision-making but requires expertise in accounting principles.

Tax preparation and filing 

Tax preparation and filing involves calculating and submitting business taxes accurately and on time. This can be a complex task, especially for professional service companies with multiple revenue streams. Outsourcing this function can help ensure compliance with tax laws while minimizing the risk of errors.

Virtual CFO services 

Virtual CFO services provide businesses with financial leadership and strategic advice. This can be beneficial for professional service companies that may not have the budget for a full-time CFO but still need expert guidance in making important financial decisions.

Compliance and regulatory reporting 

Compliance and regulatory reporting involves staying up to date with financial regulations and laws, such as GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). Outsourcing this function can help you avoid penalties for noncompliance.

Top 6 Companies for Outsourcing Accounting Services for Professional Service Companies

In no particular order, here are six of the best outsourced accounting services for professional service companies in 2024, including both general recruitment firms and specialized accounting companies.

1. Near

Near is a leading recruitment firm specializing in recruiting from Latin America (LatAm). Our dedicated team of expert recruiters is well versed in the accounting industry and can provide tailored solutions for professional service companies. 

With our extensive network and expertise, we can help businesses find top talent to handle their accounting processes efficiently. You can see this for yourself from our work with Vanreusel Ventures, a corporate finance and CFO advisory firm that we helped save $161K annually and cut hiring time by 73%.

2. AccountingDepartment.com

AccountingDepartment.com has been handling bookkeeping, controller, and advisory services for its clients for over 20 years. It provides outsourced accounting services for professional service companies earning between $2 million and $100 million in annual revenue.

The firm offers a wide range of services, but its professional service clients often benefit from daily financials, accrual accounting, comprehensive financial statements, time tracking, expense management, budgets, forecasts, and more.

2. Signature Analytics

Started in 2008 in San Diego, California, Signature Analytics has since become an Inc. 5000 firm and one of the San Diego Business Journal’s Best Places to Work in 2022. The virtual company has expanded its services throughout the US.

Among its offerings are outsourced accounting and CFO advisory for professional services, including consulting and marketing firms, advertising agencies, engineering and architecture firms, HR and PR companies, and more.

3. Compass East

Compass East is a Nashville, Tennessee-based team of certified public accountants (CPAs) and professionals who use cloud-based technology to help professional service companies with their financial operations.

The services it offers to professional companies include KPI dashboard management, cash forecasting, controller review, financial statement preparation, accounts payable and receivable management, payroll administration, and fundraising advisory.

4. 415 Group

The Ohio-based company 415 Group was founded in 1981 and has grown from three founders into a CPAmerica member and QuickBooks-certified firm. It provides accounting for professional service firms, as well as business consulting and IT services.

415 Group offers several outsourced accounting solutions for professional service firms, including business accounting services, succession planning, IT consulting, buy-sell agreements, outsourced accounting, and more.

5. Windes

Windes is a professional accounting firm based in California offering audit, tax, and advisory services. It has almost 100 years of experience, boasting multiple Best Places to Work awards and a spot among Accounting Today’s Top 100 Firms of 2024.

Some of its professional service offerings include analysis of trust account activity for compliance with state bar rules, budgeting, cash flow analysis, compensation strategies, development of partner accountability criteria, and more.

6. Kreischer Miller

Since 1975, Kreischer Miller has worked to provide advisory, audit, accounting, and tax services from its base in Pennsylvania. The company is among Accounting Today’s 2024 Regional Leaders and Firms to Watch and has high ratings on Glassdoor and Indeed.

Kreischer Miller’s specialized services for professional service organizations include operations benchmarking and industry metric comparisons, entity/organizational structure, financial planning and analysis, overhead (FAR) rate audits, and business succession planning.

How Outsourced Accounting Services Optimize Business Growth

Outsourcing accounting services can bring numerous benefits to professional service companies, including:

Leveraging best-in-class ERP technologies 

Outsourced accounting services use the latest and most advanced ERP technologies, which can greatly enhance your company’s finance processes. These include automated systems for invoicing, payroll processing, and other important financial tasks that can save time and reduce accounting errors.

Cost savings 

By outsourcing accounting services, you can save on the costs associated with hiring and training an in-house accounting team. You also avoid expenses related to maintaining an internal accounting department, such as office space and equipment.

Furthermore, wage expectations are often lower in outsourcing regions like LatAm than in the US.

Improved accuracy and compliance 

Outsourced accounting services are handled by experts who have the necessary knowledge and experience to ensure accuracy and compliance with financial regulations. This can help prevent costly mistakes and penalties.

Scalability 

Outsourcing accounting services allows for flexibility and scalability as your company grows. The accounting service provider can easily adjust their services to meet the changing needs of your business without incurring additional costs.

Ability to focus on core business activities 

By outsourcing accounting services, your professional service company can free up time and resources to focus on core business functions. This allows for improved efficiency and productivity, leading to business growth.

Final Thoughts

Outsourcing accounting services can be a game-changer for professional service companies. It allows you to focus on your core competencies while ensuring that your accounting processes are handled efficiently and accurately. 

By choosing the right outsourced accounting services tailored to your specific needs, you can optimize your accounting operations and achieve growth in 2024. 

At Near, we specialize in recruiting top talent from LatAm for a wide range of businesses, including professional service companies. Our expertise and resources can help you find the best outsourced accounting services for your business. 

Contact us today to learn more about how we can support your company’s growth and success with our recruitment services. Book a free consultation call or fill out this form to get started!