Frequently Asked Questions (FAQs)
Q. What do you mean by “outsourcing”?
A. Outsourcing is when you take internal company functions and pay an outside firm to handle them. The most common functions to outsource are services such as accounting departments, payroll, information systems, sales, marketing and human resources. More recently, outsourcing has been used to describe sending work overseas. At BBBS, Inc., we handle all of the work here in the United States .
A. Although outsource companies are sometimes confused with temporary employment services, true outsourcing services maintain regular full-time professionals that develop working relationships with their clients. They operate as an extension of their client companies. The rapport and commitment developed between clients and outsourced professionals are difficult to find with traditional part-time or temporary agencies.
A. Successful outsourcing relationships enable business owners/CEOs to focus on their own core competencies, eliminating the daily tactical to-do lists (working in the business) that keep them from spending time on the big picture and strategic initiatives (working on the business). Businesses find that they save money, improve quality of work, and free up resources when they outsource the right functions.
A. Not more…LESS ! BBBS, Inc. provides a professional, single-source accounting department that is convenient and responsive at a lower cost than an in-house staff or third party providers. We create a “pod” of professionals to service your account based on your specific needs. Our approach ensures that you pay only for the level of expertise and skill that you need, when you need it – therefore saving you money. On top of that, you do not have to hire, train or manage another bookkeeper, accountant, etc. again!
A. At BBBS, Inc. we have the streamlined the accounting function. We know what you need, and we deliver it consistently on time and on budget. We maximize the use of the talent and knowledge of our staff across all of our clients. The end result is the delivery of timely financial statements and comprehensive analysis reports which enable you to use your financial information as a tool to run your business more profitably, not just to capture history. Under our management, costly mistakes are avoided, appropriate skill levels are applied when needed, and your accounting is ALWAYS our number one priority.
A. All companies need relevant, timely and accurate financial reports and analyses. Whether Fortune 500 or a smaller emerging business, the needs are very similar. Unlike their large corporate counterparts, small and mid-size businesses cannot afford to hire an accounting department with specialists in each area. Many companies over or under utilize the accounting employees they do hire – perhaps expecting a controller to perform bookkeeping functions or an accounting clerk to provide financial analyses. An outsourced accounting services provider, like BBBS, Inc., can provide the right services and skill at the right time. A company’s requirements may be for a CFO/controller a few hours each month for planning; a bookkeeper a couple of hours daily to maintain data entry; and an accounting clerk a few hours weekly to review the data, prepare reports and make collection calls. The key is the company only pays for the professional level it needs for the time it is needed. In this scenario, the company secures access to the high-level strategic financial expertise that will propel its growth while maintaining its day-to-day accounting needs with the most cost-effective mix of talent.
A. If you’re a growing company, your needs are constantly changing so having a flexible support team that can quickly refine its talent mix to support your needs will give you the edge you need to keep your momentum going. If you’re a small to mid-size business, chances are you cannot afford to hire the breadth of expertise you may require in any given functional area. With few exceptions, outsourcing is a viable option for you in many areas that can result in operating cost reductions and better strategic insight. If you’re a company that is seeking change, an outsourcing team can bring an outsider’s perspective and the ability to see past the way things are done to the possibilities of how they could and should be done.
A. Like most business owners you may have already lost control with inaccurate accounting data or on-going staff turnover. How carefully are you reviewing the work of the staff that you have now and what safeguards do you have in place to ensure your books are accurate? Outsourcing provides a natural check and balance system. BBBS, Inc. does not sign the checks generated for you, you do that. BBBS does not deposit the actual money, again that remains in your control. BBBS does do all the entry and processing to ensure compliance with the appropriate check and balance systems as outlined by GAAP (Generally Accepted Accounting Principles).
A. Current technology allows us to operate as if we are in your office, keeping us transparent to your clients, customers and vendors. We can truly be YOUR accounting department. This makes the integration and acceptance of outsourcing more practical for any size business.
A. BBBS, Inc. offers a wide variety of computer and Internet connectivity options in order to provide your company access to your BBBS accounting department “pod” and your financial data quickly and securely. Using a variety of connections, you can review your accounting data and print reports instantly from any location. Multiple departments, such as shipping and receiving, manufacturing floors, and management can also have real-time access to the data they need.
A. No one can have access to your data without your company’s express permission. BBBS, Inc. takes great lengths when it comes to security measures. We have greater security than many companies would have if the software and hardware were located in-house.
A. BBBS, Inc. can work with the software you currently have in place whether it’s industry-specific software, a high-end accounting package or QuickBooks. In addition, BBBS’ network and computer accounting specialists can help you with any accounting software decisions, installations, and conversions you may need.
A. No. BBBS logs into the same accounting system you are using. That means real-time updates so that the data you view is current and there is no need for duplicate entries.
A. Absolutely not, if you don’t want to. Although BBBS has experienced business accountants on staff, we also work hand in hand with many of our clients’ CPAs, and in many cases were actually referred to them by their CPA. CPAs love the accurate and timely financial data we provide. And BBBS is a not a CPA firm. Our company accountants and controllers have accounting degrees and years of experience in business. If your company requires yearly public audits, BBBS will work with a CPA of your choice or we can refer you to an independent, qualified CPA.