How Outsourced Accounting Could Benefit Your Business in the Age of COVID-19

by | Aug 28, 2020

Authored by: Cindy Grieco, CPA, Tax and Lead Business Services Partner

The economic shifts over the last several months have been nothing short of earth-shattering. As businesses picked up the pieces, many were forced to make changes of their own. Service models were revamped. Staffing rosters were reduced. Internal processes were reworked. Now, without an end to the coronavirus pandemic in sight, it’s hard to imagine when, if ever, operations can return to normal.

If you’re a business owner grappling with the impacts of COVID-19, you should know this: There are actions you can take today to position your business for a better future. One such action is to consider outsourcing your accounting.

Here are four ways outsourced accounting could benefit your business in the age of COVID-19:

 

  1. Reduce payroll costs.

Outsourcing your accounting allows you to pay for only what you need (i.e., an expert accountant) without the cost of a full-time employee. At a time when every dollar counts, being able to limit your payroll costs can be beneficial. In addition, an outsourced accountant already works remotely, you don’t have to provide a physical space or work-from-home setup.

 

  1. Avoid surprises.

One of the most significant benefits of outsourced accounting is the ability to achieve consistency in your staffing and your internal processes. By hiring an established CPA firm as your outsourced accountant, you won’t have to worry about staff turnover or potential layoffs disrupting your business’ accounting. You’ll be able to keep your accounting processes intact, regardless of how the COVID-19 situation unfolds.

 

  1. Enhance your technology.

One of the challenges presented by COVID-19 is remote work. Many businesses had to quickly shift gears to accommodate the need to operate within a virtual space. Outsourcing your accounting gives you peace of mind that your accounting technology is up to speed. From your accounting system to accounting processapplications, your outsourced accountant can ensure you’re leveraging the right technology for your business.

Outsourcing accounting platforms can deliver real-time reporting with metrics that matter to a business’s key stakeholders while keeping its leaders in constant position to make the best financial decisions.

 

  1. Get access to accounting expertise.

No one can say what the future will hold. Now, more than ever, it’s critical to fully understand your business’ financial state. Working with an outsourced accountant gives you access to accurate financial information and an expert who can advise you on what it means today—and tomorrow. From keeping up with CARES Act developments to planning for 2021, your outsourced accountant can help you prepare for what’s next.

 

Explore your options for outsourced accounting

In a time of heightened uncertainty, outsourced accounting could give your business an invaluable measure of stability. To learn how KHA’s outsourced accounting team could support your business, contact us today.

These sources are simply included for informational purposes. KHA Accountants, PLLC, its partners and others do not provide any assurance as to the accuracy of these items or the information included therein. As such, KHA Accountants, PLLC cannot be held liable for any information derived from referenced sources. There are many unknowns at this time regarding what other stimulus (grants or other loan options) may become available with pending and future bills, executive orders, or emergency declarations to follow, that may become laws. Consult your legal and business advisors prior to making financing decisions. This is intended for illustrative and discussion purposes only.

 

The IRS and Your Partnership: What a Landmark Court Ruling Means for Your Tax Bill

A federal appeals court just rewrote the self-employment tax rules for limited partnerships — and if your business operates in Texas, Louisiana, or Mississippi, the change applies to you now. The Fifth Circuit’s landmark decision in K Alain, L.L.L.P. v. Commissioner replaced two competing legal standards with a brand-new test: does the partner play a significant role in managing or running the business? The answer could mean tens of thousands of dollars in SE tax savings — or an unexpected IRS bill.

The Great Wealth Transfer: How Real Estate Owners Can Protect and Pass On Their Legacy

Trillions of dollars in real estate assets are set to change hands as baby boomers pass wealth to the next generation, and how that transition is handled will determine whether families thrive or struggle. Whether you own a single investment property or a complex real estate portfolio, understanding your options for ownership structure, tax planning, and succession is not just smart, it’s essential. This article breaks down the strategies every real estate owner should have on their radar.

Your Corporate Tax Rate Is Only Half the Story

A lower tax rate feels like a win — but it may only be telling half the story. New research reveals that cost recovery provisions, system complexity, and investment incentives often drive more value than the rate alone. Is your tax strategy built around the full picture?

Is Your Dental Practice Growing or Just Getting Busier? The Financial Blind Spots Costing You More Than You Think

Dental practice owners are working harder than ever, yet many are finding it increasingly difficult to predict where their finances will land at the end of the month. The culprit is not a lack of patients or revenue — it is the gap between what the numbers show and what they actually mean. From escalating overhead to operational inefficiencies hiding in plain sight, the forces quietly undermining profitability deserve a closer look. This article breaks down what is really happening inside dental practices today and what it takes to build a financial foundation that can keep pace with growth.

Building a Stronger Financial Foundation: How Outsourced Accounting Helps Construction Companies Scale

Growth is the goal for every construction contractor, but scaling a business means more than winning bigger projects. As companies move through each stage of development, the financial complexity grows right along with the revenue. Without the right accounting infrastructure in place, that growth can quickly become a liability. Outsourced accounting offers construction companies a smarter path forward, delivering clear visibility into project performance, tighter financial controls, and the strategic insight needed to grow with confidence.